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Registration number: 11369357

Reliance Worldwide Finance Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Reliance Worldwide Finance Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 18

 

Reliance Worldwide Finance Limited

Company Information

Directors

S J Brook

S J Curry

A Rayat

Registered office

Horton Road
Yiewsley
West Drayton
UB7 8JL

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Reliance Worldwide Finance Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is business support services.

Fair review of the business

The company does not trade. The Company has one significant asset being a loan of $350m to a fellow Reliance Worldwide Corporation Limited subsidiary based in the USA, which bears interest at 6%. The interest income, after deducting expenses and tax, is paid as a dividend to the Company’s immediate parent company Reliance Worldwide Holdings (UK) Limited.

At the end of the year, the net assets were US$350m in total.

Principal risks and uncertainties

The company’s main risk is the recovery of a loan from a fellow subsidiary in the US and therefore the company is exposed to some extent to the risks of the wider Group’s trading and cashflow.

Section 172(1) statement

The Directors are committed to complying with their obligations under section 172 of the UK Companies Act 2006 as detailed below:

“A Director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to—

a) the likely consequences of any decision in the long term,

b) the interests of the company's employees,

c) the need to foster the company's business relationships with suppliers, customers and others,

d) the impact of the company's operations on the community and the environment,

e) the desirability of the company maintaining a reputation for high standards of business conduct, and

f) the need to act fairly as between members of the company.”

Decisions regarding the investments made by the company are supported by appropriate financial modelling.

Engagement with employees

The Company does not have any employees, however the interests of the employees in the wider RWC group are considered when making business decisions.

Engagement with suppliers, customers and other relationships

 

Reliance Worldwide Finance Limited

Strategic Report for the Year Ended 30 June 2024

The Company’s key business relationships are with fellow Group companies and it is committed to dealing with these in a fair manner.

The Company also considers its local community, environmental obligations and need to avoid reputational risk when making key decisions.

The Company only has a single shareholder.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
S J Curry
Director

 

Reliance Worldwide Finance Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

S J Brook

S J Curry

A Rayat (appointed 18 December 2023)

T Van De Wiel (resigned 18 December 2023)

Financial instruments

The Company does not use derivatives or other financial instruments to manage financial risk. The financial risks the Company is exposed to are those of its subsidiaries, which are discussed in the Strategic Report.

Going concern

The Directors have reviewed the Company’s financial position and future trading plans and concluded that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of this report. The Company has prepared budgets covering the subsequent financial year (ending 30 June 2025), forecasts covering the period to 31 December 2025 and has wider strategic plans in place beyond that date that demonstrate the ability of the Company to deliver cash-backed profits for the foreseeable future.

The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The Directors’ report further describes the financial position of the company.

The Directors have considered the impact of a long economic recession caused by the Cost of Living crisis. This would have a significant impact on sales but the business would remain profitable. The Directors have also considered ongoing material cost price pressures, and they concluded that although margin may reduce the business would remain profitable. The business could also remain profitable if faced with a combination of economic recession and material cost price pressures.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

 

Reliance Worldwide Finance Limited

Directors' Report for the Year Ended 30 June 2024

.........................................
S J Curry
Director

 

Reliance Worldwide Finance Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Reliance Worldwide Finance Limited

Independent Auditor's Report to the Members of Reliance Worldwide Finance Limited

Opinion

We have audited the financial statements of Reliance Worldwide Finance Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

Reliance Worldwide Finance Limited

Independent Auditor's Report to the Members of Reliance Worldwide Finance Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management, those charged with governance around actual and potential litigation and claims.

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

Reviewing minutes of meetings of those charged with governance.

 

Reliance Worldwide Finance Limited

Independent Auditor's Report to the Members of Reliance Worldwide Finance Limited

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor
 111/113 High Street
Evesham
Worcestershire
WR11 4XP

28 March 2025

 

Reliance Worldwide Finance Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
US$ 000

2023
US$ 000

Turnover

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(58)

(47)

Operating loss

(58)

(47)

Other interest receivable and similar income

3

22,222

22,479

Profit before tax

 

22,164

22,432

Tax on profit

5

(5,541)

(4,599)

Profit for the financial year

 

16,623

17,833

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Reliance Worldwide Finance Limited

(Registration number: 11369357)
Balance Sheet as at 30 June 2024

Note

2024
US$ 000

2023
US$ 000

Fixed assets

 

Debtors

6

-

374,506

Current assets

 

Debtors

6

349,548

-

Cash at bank and in hand

 

342

462

 

349,890

462

Creditors: Amounts falling due within one year

8

(6)

(50)

Net current assets

 

349,884

412

Net assets

 

349,884

374,918

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

10

324,406

374,406

Retained earnings

10

25,378

412

Shareholders' funds

 

349,884

374,918

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:
 

.........................................
S J Curry
Director

 

Reliance Worldwide Finance Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
US$ 000

Share premium
US$ 000

Retained earnings
US$ 000

Total
US$ 000

At 1 July 2023

100

374,406

412

374,918

Profit for the year

-

-

16,623

16,623

Dividends

-

-

(41,657)

(41,657)

Other share premium reserve movements

-

(50,000)

50,000

-

At 30 June 2024

100

324,406

25,378

349,884

Share capital
US$ 000

Share premium
US$ 000

Retained earnings
US$ 000

Total
US$ 000

At 1 July 2022

100

374,406

332

374,838

Profit for the year

-

-

17,833

17,833

Dividends

-

-

(17,753)

(17,753)

At 30 June 2023

100

374,406

412

374,918

 

Reliance Worldwide Finance Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, UK.

The address of its registered office is:
Horton Road
Yiewsley
West Drayton
UB7 8JL
United Kingdom

These financial statements were authorised for issue by the Board on 28 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Shares have been issued in US Dollars. These financial statements are presented in US Dollars being the company's functional currency.

Summary of disclosure exemptions

Reliance Worldwide Finance Limited meets the definition of a qualifying entity under FRS 102 and is therefore exempt from certain disclosure requirements in respect of its financial statements. Exemptions have been taken in relation to the preparation of a statement of cash flows, financial instruments and key management compensation.

Name of parent of group

These financial statements are consolidated in the financial statements of Reliance Worldwide Corporation Limited.

The financial statements of Reliance Worldwide Corporation Limited may be obtained from 28 Chapman Place, Eagle Farm, Queensland 4009, Australia or from www.rwc.com.

Going concern

The financial statements have been prepared on a going concern basis.

Finance income and costs policy

Finance income comprises interest received on outstanding financial asset balances.

 

Reliance Worldwide Finance Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Reliance Worldwide Finance Limited

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

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables. Where these assets and liabilities are expected to be settled within one year, they are measured at the undiscounted amount of cash or other consideration that is expected to be paid or received. Financial assets or liabilities that are expected to be settled beyond one year are initially and subsequently measured at amortised cost using the effective interest rate method.

Financial assets and liabilities are only set off in the statement of financial position where there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or the asset and liability will be settled simultaneously.

 Recognition and measurement
Debtors are measured at transaction price, less any impairment. Other financial assets, including loans receivable, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using effective interest method.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice.

Short term creditors are measured at transaction price.

 

3

Other interest receivable and similar income

2024
US$ 000

2023
US$ 000

Interest income on bank deposits

12

9

Other finance income

22,210

22,470

22,222

22,479

4

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

3

3

3

3

 

Reliance Worldwide Finance Limited

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

5

Taxation

Tax charged/(credited) in the profit and loss account

2024
US$ 000

2023
US$ 000

Current taxation

UK corporation tax

5,541

4,599

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
US$ 000

2023
US$ 000

Profit before tax

22,164

22,432

Corporation tax at standard rate

5,541

4,599

Total tax charge

5,541

4,599

6

Debtors

Current

Note

2024
US$ 000

2023
US$ 000

Amounts owed by related parties

12

349,506

-

Income tax asset

5

42

-

 

349,548

-

Non-current

Note

2024
US$ 000

2023
US$ 000

Amounts owed by related parties

12

-

374,506

   

-

374,506

Details of non-current trade and other debtors

US$Nil (2023 -US$374,505,540) of Inter-company loan receivable is classified as non current. Inter-company loan receivable is unsecured and repayable in June 2025, the now extended maturity date.

Inter-company interest receivable and trade receivable are unsecured and repayable on demand.

7

Cash and cash equivalents

2024
US$ 000

2023
US$ 000

Cash at bank

342

462

 

Reliance Worldwide Finance Limited

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

8

Creditors

Note

2024
US$ 000

2023
US$ 000

Due within one year

 

Amounts due to related parties

12

5

-

Other payables

 

1

-

Income tax liability

5

-

50

 

6

50

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No. 000

US$ 000

No. 000

US$ 000

Ordinary shares of US$1 each

100

100

100

100

       

10

Reserves

Share premium

Premium paid for new shares above their nominal value. A capital reduction took place in September 2023 converting $50m within the share premium reserve to distributable profits.

Retained earnings

Includes all current and prior period retained profits and losses.

11

Dividends

2024

2023

US$ 000

US$ 000

Interim dividend of US$416.5711 (2023 - US$177.5241) per ordinary share

41,658

17,753

 

 

12

Related party transactions

The Company transacts with other companies in the Reliance Worldwide Corporation Limited Group. The Company has taken advantage of the exemption contained in FRS 102 and so has not disclosed related party transactions between itself and other wholly owned entities of the Reliance Worldwide Corporation Limited Group.

 

Reliance Worldwide Finance Limited

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

13

Parent and ultimate parent undertaking

The company's immediate parent is Reliance Worldwide Holdings (UK) Limited, incorporated in England, UK.

 The ultimate parent is Reliance Worldwide Corporation Limited, incorporated in Australia.

 The most senior parent entity producing publicly available financial statements is Reliance Worldwide Corporation Limited. These financial statements are available upon request from 28 Chapman Place, Eagle Farm, Queensland 4009, Australia or from www.rwc.com.

 The ultimate controlling party is Reliance Worldwide Corporation Limited.