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REGISTERED NUMBER: 01295803 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

RELIANCE RECOVERY LIMITED

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


RELIANCE RECOVERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mrs A G Harrison
K V Harrison
Ms K L Petts



SECRETARY: Mrs A G Harrison



REGISTERED OFFICE: 13A Benhall Mill Road
TUNBRIDGE WELLS
Kent
TN2 5JH



REGISTERED NUMBER: 01295803 (England and Wales)



ACCOUNTANTS: Raymond Benn & Co Limited
Chartered Certified Accountants
1 Sheffield Road
Southborough
TUNBRIDGE WELLS
Kent
TN4 0PD



BANKERS: Lloyds TSB Bank Plc
130/132 Broadway
Bexleyheath
Kent
DA6 7DP

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

ABRIDGED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,797,430 1,622,022
1,797,430 1,622,022

CURRENT ASSETS
Stocks - 1,100
Debtors 100,518 105,710
Cash at bank and in hand 3,433 263
103,951 107,073
CREDITORS
Amounts falling due within one year (309,024 ) (393,808 )
NET CURRENT LIABILITIES (205,073 ) (286,735 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,592,357

1,335,287

CREDITORS
Amounts falling due after more than one
year

(310,238

)

(145,462

)

PROVISIONS FOR LIABILITIES 8 (194,245 ) (194,245 )
NET ASSETS 1,087,874 995,580

CAPITAL AND RESERVES
Called up share capital 130 130
Share premium 18,985 18,985
Revaluation reserve 9 956,502 956,502
Retained earnings 112,257 19,963
SHAREHOLDERS' FUNDS 1,087,874 995,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

ABRIDGED BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





Mrs A G Harrison - Director


RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Reliance Recovery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies
Following revaluation of the freehold property, this asset is no longer depreciated on an annual basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 48,388
AMORTISATION
At 1 February 2023
and 31 January 2024 48,388
NET BOOK VALUE

At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 February 2023 2,905,501
Additions 414,152
Disposals (447,581 )
At 31 January 2024 2,872,072
DEPRECIATION
At 1 February 2023 1,283,479
Charge for year 130,751
Eliminated on disposal (339,588 )
At 31 January 2024 1,074,642
NET BOOK VALUE
At 31 January 2024 1,797,430
At 31 January 2023 1,622,022

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 January 2024 is represented by:

Totals
£   
Valuation in 2020 1,150,747
Cost 1,721,325
2,872,072

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 377,656 377,656

Freehold property was valued on an open market basis on 26 March 2021 by Batcheller Monkhouse .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 February 2023 407,155
Additions 402,557
Disposals (213,383 )
At 31 January 2024 596,329
DEPRECIATION
At 1 February 2023 281,619
Charge for year 112,135
Eliminated on disposal (133,830 )
At 31 January 2024 259,924
NET BOOK VALUE
At 31 January 2024 336,405
At 31 January 2023 125,536

6. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 81,681 74,703
Between one and five years 279,402 76,286
361,083 150,989

RELIANCE RECOVERY LIMITED (REGISTERED NUMBER: 01295803)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 15,000 15,000

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 44,036 72,376

The bank loan indebtedness represents a loan from Lloyds Bank plc which matures on 9th June 2025.

The indebtedness to Lloyds Bank plc is secured by fixed and floating charges over all of the assets of the company.

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 194,245 194,245

Deferred
tax
£   
Balance at 1 February 2023 194,245
Balance at 31 January 2024 194,245

9. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 956,502

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £4,333 were paid to the directors .