Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false2023-04-01falseNo description of principal activity6050trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04519562 2023-04-01 2024-03-31 04519562 2022-04-01 2023-03-31 04519562 2024-03-31 04519562 2023-03-31 04519562 c:Director1 2023-04-01 2024-03-31 04519562 d:Buildings 2023-04-01 2024-03-31 04519562 d:Buildings 2024-03-31 04519562 d:Buildings 2023-03-31 04519562 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04519562 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04519562 d:LandBuildings 2024-03-31 04519562 d:LandBuildings 2023-03-31 04519562 d:PlantMachinery 2023-04-01 2024-03-31 04519562 d:PlantMachinery 2024-03-31 04519562 d:PlantMachinery 2023-03-31 04519562 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04519562 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04519562 d:MotorVehicles 2023-04-01 2024-03-31 04519562 d:MotorVehicles 2024-03-31 04519562 d:MotorVehicles 2023-03-31 04519562 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04519562 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04519562 d:FurnitureFittings 2023-04-01 2024-03-31 04519562 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04519562 d:OtherPropertyPlantEquipment 2024-03-31 04519562 d:OtherPropertyPlantEquipment 2023-03-31 04519562 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04519562 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04519562 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04519562 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 04519562 d:CurrentFinancialInstruments 2024-03-31 04519562 d:CurrentFinancialInstruments 2023-03-31 04519562 d:Non-currentFinancialInstruments 2024-03-31 04519562 d:Non-currentFinancialInstruments 2023-03-31 04519562 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04519562 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04519562 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04519562 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04519562 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 04519562 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04519562 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 04519562 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04519562 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 04519562 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 04519562 d:ShareCapital 2024-03-31 04519562 d:ShareCapital 2023-03-31 04519562 d:SharePremium 2024-03-31 04519562 d:SharePremium 2023-03-31 04519562 d:RevaluationReserve 2024-03-31 04519562 d:RevaluationReserve 2023-03-31 04519562 d:RetainedEarningsAccumulatedLosses 2024-03-31 04519562 d:RetainedEarningsAccumulatedLosses 2023-03-31 04519562 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 04519562 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 04519562 c:FRS102 2023-04-01 2024-03-31 04519562 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04519562 c:FullAccounts 2023-04-01 2024-03-31 04519562 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04519562 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-03-31 04519562 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-03-31 04519562 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 04519562 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 04519562 d:HirePurchaseContracts d:MoreThanFiveYears 2024-03-31 04519562 d:HirePurchaseContracts d:MoreThanFiveYears 2023-03-31 04519562 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 04519562 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 04519562 5 2023-04-01 2024-03-31 04519562 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04519562 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04519562 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 04519562 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 04519562 d:LeasedAssetsHeldAsLessee 2024-03-31 04519562 d:LeasedAssetsHeldAsLessee 2023-03-31 04519562 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number:  04519562














RECOVERY NORTH WEST LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


 
RECOVERY NORTH WEST LIMITED
REGISTERED NUMBER: 04519562

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,789,108
4,983,287

  
5,789,108
4,983,287

Current assets
  

Debtors: amounts falling due within one year
 5 
1,771,816
1,528,812

Cash at bank and in hand
 6 
590,487
752,975

  
2,362,303
2,281,787

Creditors: amounts falling due within one year
 7 
(1,279,723)
(1,376,287)

Net current assets
  
 
 
1,082,580
 
 
905,500

Total assets less current liabilities
  
6,871,688
5,888,787

Creditors: amounts falling due after more than one year
 8 
(2,413,282)
(1,940,160)

Provisions for liabilities
  

Deferred tax
 12 
(1,131,600)
(964,600)

  
 
 
(1,131,600)
 
 
(964,600)

Net assets
  
3,326,806
2,984,027


Capital and reserves
  

Called up share capital 
  
110
110

Share premium account
  
20,993
20,993

Revaluation reserve
  
555,439
555,439

Profit and loss account
  
2,750,264
2,407,485

  
3,326,806
2,984,027


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

Page 1

 
RECOVERY NORTH WEST LIMITED
REGISTERED NUMBER: 04519562
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has opted not to file the statement of comprehensive income 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 16 January 2025.




S A Hall
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Recovery North West Limited is a private limited company, limited by shares, incorporated in England and Wales.  Its registered office is 11th Floor The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ.  The company number is 04519562.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

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.

Page 4

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.


 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant & machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance or if on a finance lease, over the length of the lease
Fixtures & fittings
-
25% 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.

Page 5

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Drivers and Administration
60
50


4.


Tangible fixed assets





Freehold property
Property improve  ments
Plant & machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
650,000
399,032
244,020
5,585,890
6,878,942


Additions
-
-
42,325
1,435,589
1,477,914


Disposals
-
-
-
(255,070)
(255,070)



At 31 March 2024

650,000
399,032
286,345
6,766,409
8,101,786



Depreciation


At 1 April 2023
-
145,504
182,114
1,568,039
1,895,657


Charge for the year on owned assets
-
39,835
17,478
139,620
196,933


Charge for the year on financed assets
-
-
-
252,704
252,704


Disposals
-
-
-
(32,615)
(32,615)



At 31 March 2024

-
185,339
199,592
1,927,748
2,312,679



Net book value



At 31 March 2024
650,000
213,693
86,753
4,838,661
5,789,107



At 31 March 2023
650,000
253,528
61,907
4,017,852
4,983,287

Page 7

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
650,000
650,000

650,000
650,000


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
3,116,685
2,842,281

3,116,685
2,842,281

Cost or valuation at 31 March 2024 is as follows:

Land and buildings
£


At cost
279,263
At valuation:

31 March 2022 - market value
370,737



650,000

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
279,263
279,263

Net book value
279,263
279,263

The 2022 valuations were made by the directors, on an open market value for existing use basis.
The directors confirm that this valuation is considered appropriate at 31 March 2024.

Page 8

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,240,180
1,023,085

Amounts owed by group undertakings
240,000
240,000

Amounts owed by associated undertakings
165,376
150,000

Other debtors
126,260
115,727

1,771,816
1,528,812



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
590,487
752,975

590,487
752,975



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
112,422
134,356

Trade creditors
329,276
309,278

Corporation tax
75,879
85,527

Other taxation and social security
177,435
299,686

Obligations under finance lease and hire purchase contracts
552,648
502,189

Other creditors
11,879
23,434

Accruals and deferred income
20,184
21,817

1,279,723
1,376,287


Loan and hire purchase liabilities are secured on the assets to which they relate.

Page 9

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
356,263
428,818

Net obligations under finance leases and hire purchase contracts
2,057,019
1,511,342

2,413,282
1,940,160


Loan and hire purchase liabilities are secured on the assets to which they relate.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
112,422
134,356

Amounts falling due 1-2 years

Bank loans
117,058
139,175

Amounts falling due 2-5 years

Bank loans
169,083
289,644

Amounts falling due after more than 5 years

Bank loans
70,122
-

468,685
563,175



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
688,000
503,000

Between 1-5 years
2,316,000
1,590,000

Over 5 years
270,000
380,000

3,274,000
2,473,000

Page 10

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
590,487
752,975

Financial assets that are debt instruments measured at amortised cost
1,597,276
1,416,086

2,187,763
2,169,061


Financial liabilities


Financial liabilities measured at amortised cost
(1,063,685)
(917,703)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Financial assets that are debt instruments measured at amortised cost comprise of trade and other debtors.
Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, bank loans and accruals.


12.


Deferred taxation




2024


£






At beginning of year
(964,600)


Charged to profit or loss
(167,000)



At end of year
(1,131,600)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,131,600)
(964,600)

(1,131,600)
(964,600)

Page 11

 
RECOVERY NORTH WEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Ultimate parent company and controlling party

The ultimate parent company is Recovery North West Holdings Limited, a company registered in England and Wales.
The company is controlled by Mr S A Hall, who is the majority shareholder of the parent Recovery North West Holdings Limited.

 
Page 12