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REGISTERED NUMBER: 01782856 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

REMY'S LIMITED

REMY'S LIMITED (REGISTERED NUMBER: 01782856)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,690,702 3,753,404
Investments 5 24,298 28,120
Investment property 6 31,176,947 31,018,050
34,891,947 34,799,574

CURRENT ASSETS
Stocks 453,042 453,042
Debtors 7 145,978 139,158
Cash at bank 1,018,086 932,515
1,617,106 1,524,715
CREDITORS
Amounts falling due within one year 8 (12,054,752 ) (11,936,456 )
NET CURRENT LIABILITIES (10,437,646 ) (10,411,741 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,454,301

24,387,833

CREDITORS
Amounts falling due after more than one year 9 - (1,500,000 )

PROVISIONS FOR LIABILITIES (776,091 ) (776,091 )
NET ASSETS 23,678,210 22,111,742

CAPITAL AND RESERVES
Called up share capital 10 137,750 137,750
Retained earnings 11 23,540,460 21,973,992
SHAREHOLDERS' FUNDS 23,678,210 22,111,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Balance Sheet - continued
30 April 2024


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





Mr R Shah - Director


REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Remy's Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01782856

Registered office: Unit 10 ZK Park
Commerce Way
Croydon
CR0 4ZS

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings FreeholdStraight line basis over fifty years
Fixture, fittings & equipment15% per annum on reducing balance basis
Motor vehicles25% per annum on reducing balance basis

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

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 current liabilities.

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets
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.

Classification of financial liabilities
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
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
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 20 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 4,677,134 94,556 10,000 4,781,690
Additions 27,473 - - 27,473
At 30 April 2024 4,704,607 94,556 10,000 4,809,163
DEPRECIATION
At 1 May 2023 944,900 82,154 1,232 1,028,286
Charge for year 86,121 1,862 2,192 90,175
At 30 April 2024 1,031,021 84,016 3,424 1,118,461
NET BOOK VALUE
At 30 April 2024 3,673,586 10,540 6,576 3,690,702
At 30 April 2023 3,732,234 12,402 8,768 3,753,404

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 May 2023 28,120
Revaluations (3,822 )
At 30 April 2024 24,298
NET BOOK VALUE
At 30 April 2024 24,298
At 30 April 2023 28,120

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 April 2024 is represented by:

Other
investments
£   
Valuation in 2024 24,298

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 31,018,050
Additions 36,087
Reclassification/transfer 122,810
At 30 April 2024 31,176,947
NET BOOK VALUE
At 30 April 2024 31,176,947
At 30 April 2023 31,018,050

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 31,176,947

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 115,077 95,904
Other debtors 30,901 43,254
145,978 139,158

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts - 425,000
Trade creditors 73,161 131,829
Taxation and social security 615,013 514,204
Other creditors 11,366,578 10,865,423
12,054,752 11,936,456

The bank loans and overdrafts are secured by fixed charges over the company's properties.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1,500,000

The bank loans and overdrafts are secured by fixed charges over the company's properties.

REMY'S LIMITED (REGISTERED NUMBER: 01782856)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
551,000 Ordinary £0.25 137,750 137,750

11. RESERVES

Included within profit and loss reserves are non-distributable reserves amounting to £3,486,368 (2023: £3,486,368) which relate to the revaluation of investment property and listed investments.

12. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

At the year end, the company owed the Directors and their families, jointly and equally £11,056,479 (2023: £10,007,403). These sums are interest free and repayable on demand.

At the year end, the Remys Pension Scheme was owed £Nil (2023: £548,815). During the year end, the company paid interest at the open market rate in the sum of £11,018 (2023: £49,075).