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Company No: 12617716 (England and Wales)

RECOM TECHNOLOGIES UK LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RECOM TECHNOLOGIES UK LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RECOM TECHNOLOGIES UK LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RECOM TECHNOLOGIES UK LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 2,936 934
2,936 934
Current assets
Debtors 4 12,696 376
Cash at bank and in hand 66,719 357
79,415 733
Creditors: amounts falling due within one year 5 ( 417,134) ( 18,423)
Net current liabilities (337,719) (17,690)
Total assets less current liabilities (334,783) (16,756)
Net liabilities ( 334,783) ( 16,756)
Capital and reserves
Called-up share capital 6 200 200
Profit and loss account ( 334,983 ) ( 16,956 )
Total shareholders' deficit ( 334,783) ( 16,756)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Recom Technologies UK Ltd (registered number: 12617716) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Levey
Director

27 August 2024

RECOM TECHNOLOGIES UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RECOM TECHNOLOGIES UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Recom Technologies UK Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 3+5 Hospital Approach, Broomfield, Chelmsford, CM1 7FA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

2. Employees

Year ended
31.03.2024
Period from
01.06.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,401 1,401
Additions 2,780 2,780
At 31 March 2024 4,181 4,181
Accumulated depreciation
At 01 April 2023 467 467
Charge for the financial year 778 778
At 31 March 2024 1,245 1,245
Net book value
At 31 March 2024 2,936 2,936
At 31 March 2023 934 934

4. Debtors

31.03.2024 31.03.2023
£ £
Other debtors 12,696 376

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Trade creditors 31,703 576
Other taxation and social security 3,903 0
Other creditors 381,528 17,847
417,134 18,423

6. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each 200 200