Recovery Web Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, 1st Floor, Imperial Place, Maxwell Road, Borehamwood, Hertfordshire, WD6 1JN.
Recovery Web Solutions Limited is a dormant company. It did not trade in the year under review.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the assumption that the Company is a going concern. In the previous financial year, there was a material uncertainty due to the previous parent company, UK Addiction Treatment Group Limited, was placed into administration in 13 July 2023. Subsequent to year end, on 6 September 2024, the Company was acquired by Panacea Bidco Limited which is a going concern.
The company continues to trade profitably, and the directors have reviewed the forecast for the business for at least 12 months from the date of approval of the financial statements. The directors have therefore concluded that the company has adequate resources to continue in operational existence for the foreseeable future and thus, the going concern basis to be appropriate for the preparation of the financial statements for the year ended 31 December 2023.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The audit fee is borne by the company's parent company.
The company had no employees during the year.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The company has given unlimited guarantees in favour of other group companies in support of certain borrowings of those entities. The combined borrowings for those entities amounted to £21,308,437 (2022: £22,486,847) as at the year end. Subsequent to year end, these charges were satisfied.
The company has taken advantage of the exemption in paragraph 1AC.35 within Section 1A of FRS 102 to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transactions is wholly-owned by such a member.