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Registered number: 02997761









WORLDWIDE RECOVERY SYSTEMS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
REGISTERED NUMBER: 02997761

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
                                                              Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
51,212
56,582

  
51,212
56,582

Current assets
  

Stocks
 6 
928,495
445,647

Debtors: amounts falling due within one year
 7 
1,125,126
1,930,641

Cash at bank and in hand
 8 
1,241,680
676,710

  
3,295,301
3,052,998

Creditors: amounts falling due within one year
 9 
(759,617)
(881,999)

Net current assets
  
 
 
2,535,684
 
 
2,170,999

Total assets less current liabilities
  
2,586,896
2,227,581

  

Net assets
  
2,586,896
2,227,581


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,586,796
2,227,481

  
2,586,896
2,227,581


Page 1

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
REGISTERED NUMBER: 02997761
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




R M Coleman
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Worldwide Recovery Systems Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Lantern House, 39 - 41 High Street, Potters Bar, Hertfordshire, EN6 5AJ.
The Company's principal activities continued to be that of the construction and sale of recovery vehicles, vehicle servicing and vehicle hire.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Consolidated financial statements

The Company is a wholly owned subsidiary company of Lantern Services (Holdings) Limited (incorporated in England and Wales). The Company is included in the consolidated financial statements of Lantern Services (Holdings) Limited which are publically available. 

 
2.3

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lantern Services (Holdings) Limited  as at 31 March 2024 and these financial statements may be obtained from Companies House.

Page 3

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Going concern

The directors have considered the ability of the Company to continue as a Going Concern. In making their assessment the directors have prepared and critically reviewed the Company's cash flow forecast for the next 12 months and ensured that this forecast is modelled on a suitably cautious basis.
Based on these assessments the directors have concluded that the Company has adequate resources to continue in existence for the forseeable future as a Going Concern and accordingly these financial statements have been prepared on that basis.

 
2.5

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.
The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below:
(i) The Company provides services relating to the repair of vehicles. Revenue is recognised in the accounting period in which the services are rendered.
(ii) The Company also recognises revenue on the construction and sale of motor vehicles. Revenue is recognised when the Company has delivered the vehicle to the customer and no other significant obligation remains unfulfilled that may affect the customer’s acceptance of the vehicle. The risk of obsolescence and loss of the vehicles are considered to have been transferred to the customer when the vehicles are delivered to the location specified by the customer and the customer has accepted the vehicle.
For vehicles under construction at the balance sheet date, revenue represents fair value of the service provided to date based on the stage completion of the contract activity at the balance sheet date. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of accruals and deferred income due within one year.
All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue. 

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Where the outcome of a vehicle under construction at the balance sheet date can be estimated reliably, revenue and costs are recognised on a straight line basis by reference to the stage of completion of the contract. This is normally measured as a proportion that vehicle’s costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. 
When it is probable that total costs will exceed contract revenue, the expected loss is recognised as an expense immediately.  

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.9

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

  
2.10

Creditors

Short-term creditors are measured at the transaction price.

Page 5

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.15

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same Group that are wholly owned.

Page 7

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
Impairment of stock
The Company reviews stock on a continual basis for impairment. The Company services and constructs recovery vehicles and is subject to changing designs and specifications from both customers and manufacturers. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the anticipated usability of the stock and associated obsolescence. See note 6 for the net carrying amount of the stock.
Work in progress
The Company values work in progress on the stage of completion of each vehicle under construction. The stage of completion is based on management’s experience, knowledge of how vehicle construction projects progress, future costs and collectability of billings.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount of the property plant and equipment is shown in note 5 and note 2.6 gives the useful economic lives for each class of assets.
Taxation
The company establishes provisions based on reasonable estimates. Management estimation is required to determine the amount of deferred tax assets/liabilities that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 2.13.
Provisions
Provisions are made for warranty obligations in respect of goods delivered and services rendered. These provisions require management's best estimate of the costs that will be incurred based on their assessment of the probability of obligations arising. The provisions are aggregated within other creditors in note 9.


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 15).

Page 8

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
76,110
42,040
6,800
9,763
134,713


Additions
5,000
-
-
2,669
7,669


Disposals
(4,000)
-
(1,450)
(6,397)
(11,847)



At 31 March 2024

77,110
42,040
5,350
6,035
130,535



Depreciation


At 1 April 2023
54,334
11,224
4,184
8,389
78,131


Charge for the year on owned assets
5,355
6,163
523
680
12,721


Disposals
(3,910)
-
(1,350)
(6,269)
(11,529)



At 31 March 2024

55,779
17,387
3,357
2,800
79,323



Net book value



At 31 March 2024
21,331
24,653
1,993
3,235
51,212



At 31 March 2023
21,776
30,816
2,616
1,374
56,582


6.


Stocks

2024
2023
£
£

Raw materials and consumables
317,938
307,204

Work in progress (goods to be sold)
610,557
138,443

928,495
445,647


Page 9

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
355,160
533,908

Amounts owed by group undertakings
760,708
1,380,161

Other debtors
434
509

Prepayments and accrued income
8,824
16,063

1,125,126
1,930,641



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,241,680
676,710



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
369,078
319,117

Corporation tax
120,776
98,088

Other taxation and social security
34,100
87,701

Other creditors
65,467
80,401

Accruals and deferred income
170,196
296,692

759,617
881,999



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,158 (2023 - £5,678). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.

Page 10

 
WORLDWIDE RECOVERY SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Ultimate parent undertaking and controlling party

The Company considers R M Coleman to be its ultimate controlling party.
The ultimate parent undertaking is Lantern Services (Holdings) Limited.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 26 September 2024 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 11