Company registration number 09439289 (England and Wales)
RELECY INVESTMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RELECY INVESTMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
RELECY INVESTMENT LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
795
1,571
Investment property
4
3,060,000
3,060,000
3,060,795
3,061,571
Current assets
Debtors
5
256,091
268,586
Cash at bank and in hand
21,564
16,996
277,655
285,582
Creditors: amounts falling due within one year
6
(422,390)
(489,453)
Net current liabilities
(144,735)
(203,871)
Total assets less current liabilities
2,916,060
2,857,700
Creditors: amounts falling due after more than one year
7
(5,630,116)
(5,537,545)
Net liabilities
(2,714,056)
(2,679,845)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(2,714,156)
(2,679,945)
Total equity
(2,714,056)
(2,679,845)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RELECY INVESTMENT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr H Huang
Director
Company Registration No. 09439289
RELECY INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Relecy Investment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 25 Reid Park Road, Newcastle upon Tyne, NE2 2ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company reported an excess of liabilities over assets totalling £2,714,056 (2023: £2,679,845). However, liabilities include £4,929,898 (2023: £4,682,060 ) owed to related parties who have confirmed their willingness to finance any shortages in the company's day to day finances and for such an arrangement to continue for a period of not less than one year from the date the financial statements were approved by the Board.
In the circumstances, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly it continues to adopt the going concern basis in preparing the annual reports and accounts.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for further liabilities that might arise.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the provision of property rental services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
1.4
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:
Fixtures and fittings
25% straight line
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
RELECY INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
86,484
12,192
98,676
Depreciation and impairment
At 1 April 2023
85,387
11,718
97,105
Depreciation charged in the year
576
200
776
At 31 March 2024
85,963
11,918
97,881
Carrying amount
At 31 March 2024
521
274
795
At 31 March 2023
1,097
474
1,571
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
3,060,000
The last independent valuation was completed on 31st January 2022 by Lambert Smith Hampton. The director has confirmed there has been no change to this valuation.
RELECY INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
29,585
38,984
Other debtors
183,440
192,518
Prepayments and accrued income
43,066
37,084
256,091
268,586
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
169,124
178,214
Trade creditors
50,509
41,694
Corporation tax
3,150
Other taxation and social security
28,804
13,080
Other creditors
141,025
227,517
Accruals and deferred income
32,928
25,798
422,390
489,453
Creditors include loans of £169,124 (2023 - £178,214) which are secured against the assets of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
700,218
855,485
Other creditors
4,929,898
4,682,060
5,630,116
5,537,545
Creditors include loans totalling £700,218 (2023 - £855,485) which are secured against the assets of the company.
8
Related party transactions
Included in creditors due after more than one year is a loan of £4,929,898 (2023: £4,682,060) received from the parents of Mr H Huang. Interest, payable at 3% pa, was added to this loan during the period.
Mr H Huang and Mrs Y Chen have provided a personal guarantee up to the sum of £100,000 in respect of the company's bank loans. Mr H Huang and Mrs Y Chen are directors and shareholders of the company.