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Registration number: 10050409

Reliance Worldwide Holdings (UK) Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Reliance Worldwide Holdings (UK) 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 20

 

Reliance Worldwide Holdings (UK) 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 Holdings (UK) 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 to conduct strategic activities in the areas of innovation and manufacturing oversight, sales and marketing, procurement and regional management and to act as the holding company of Reliance Worldwide Finance Limited. Reliance Worldwide Holdings (UK) Limited (“the Company”) is an intermediate holding company in the Reliance Worldwide Corporation Limited group ("the Group").

Fair review of the business

During the financial year, the company entered into services agreements with Reliance Worldwide Corporation (UK) Limited (Company Number 01442922), a related entity. The services agreements resulted from the realignment of management and the leadership of key functions between the Company and Reliance Worldwide Corporation (UK) Limited. At the end of financial year, the net assets totalled £278 million.

Principal risks and uncertainties

The company’s main risk is the performance of its obligations under the services agreements it has entered with Reliance Worldwide Corporation (UK) Limited and recovery of the investment in its subsidiary, Reliance Worldwide Finance Limited, which is turn is dependent on 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.

 

Reliance Worldwide Holdings (UK) Limited

Strategic Report for the Year Ended 30 June 2024

Engagement with employees

From 1 September 2023 the Company commenced employment of management and the leadership of key functions in connection with the realignment between the Company and Reliance Worldwide Corporation (UK) Limited. The interests of these employees and employees in the wider RWC group are considered when making business decisions.

Engagement with suppliers, customers and other relationships

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 Holdings (UK) 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 Holdings (UK) Limited

Directors' Report for the Year Ended 30 June 2024

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

 

Reliance Worldwide Holdings (UK) 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 Holdings (UK) Limited

Independent Auditor's Report to the Members of Reliance Worldwide Holdings (UK) Limited

Opinion

We have audited the financial statements of Reliance Worldwide Holdings (UK) 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 Holdings (UK) Limited

Independent Auditor's Report to the Members of Reliance Worldwide Holdings (UK) 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 Holdings (UK) Limited

Independent Auditor's Report to the Members of Reliance Worldwide Holdings (UK) 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 Holdings (UK) Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£ 000

2023
£ 000

Turnover

3

27,972

-

Gross profit

 

27,972

-

Administrative expenses

 

(6,318)

-

Operating profit

4

21,654

-

Income from shares in group undertakings

 

33,167

14,793

Profit before tax

 

54,821

14,793

Tax on profit

7

(5,665)

-

Profit for the financial year

 

49,156

14,793

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 Holdings (UK) Limited

(Registration number: 10050409)
Balance Sheet as at 30 June 2024

Note

2024
£ 000

2023
£ 000

Fixed assets

 

Investments

8

279,492

279,492

Current assets

 

Debtors

9

5,838

-

Cash at bank and in hand

 

16

-

 

5,854

-

Creditors: Amounts falling due within one year

11

(6,865)

-

Net current liabilities

 

(1,011)

-

Net assets

 

278,481

279,492

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

14

239,392

279,392

Retained earnings

14

38,989

-

Shareholders' funds

 

278,481

279,492

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

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

 

Reliance Worldwide Holdings (UK) Limited

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

Share capital
£ 000

Share premium
£ 000

Retained earnings
£ 000

Total
£ 000

At 1 July 2023

100

279,392

-

279,492

Profit for the year

-

-

49,156

49,156

Dividends

-

-

(50,167)

(50,167)

Other share premium reserve movements

-

(40,000)

40,000

-

At 30 June 2024

100

239,392

38,989

278,481

Share capital
£ 000

Share premium
£ 000

Retained earnings
£ 000

Total
£ 000

At 1 July 2022

100

279,392

-

279,492

Profit for the year

-

-

14,793

14,793

Dividends

-

-

(14,793)

(14,793)

At 30 June 2023

100

279,392

-

279,492

 

Reliance Worldwide Holdings (UK) 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.

These financial statements are presented in Pound Sterling being the company's functional currency.

Summary of disclosure exemptions

Reliance Worldwide Holdings (UK) 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.

Group accounts not prepared

The consolidated financial statements of Reliance Worldwide Corporation Limited are prepared in accordance with Tier 1: Australian Accounting Standards, which incorporate International Financial Reporting Standards and are available to the public.

Going concern

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

 

Reliance Worldwide Holdings (UK) Limited

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

Exemption from preparing group accounts

The financial statements contain information about Reliance Worldwide Holdings (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Reliance Worldwide Corporation Limited, a company incorporated in Australia.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Reliance Worldwide Holdings (UK) Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£ 000

2023
£ 000

Rendering of services

27,972

-

 

Reliance Worldwide Holdings (UK) Limited

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

The analysis of the company's Turnover for the year by class of business is as follows:

2024
£ 000

2023
£ 000

Management charges

27,972

-

The analysis of the company's Turnover for the year by market is as follows:

2024
£ 000

2023
£ 000

UK

27,972

-

4

Operating profit

Arrived at after charging/(crediting)

2024
£ 000

2023
£ 000

Foreign exchange losses

2

-

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£ 000

2023
£ 000

Wages and salaries

4,445

-

Social security costs

375

-

Other short-term employee benefits

22

-

Pension costs, defined contribution scheme

197

-

Other employee expense

2

-

5,041

-

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

22

3

22

3

6

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Reliance Worldwide Holdings (UK) Limited

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

2024
£ 000

2023
£ 000

Remuneration

438

-

Contributions paid to money purchase schemes

34

-

472

-

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

4

-

In respect of the highest paid director:

2024
£ 000

2023
£ 000

Remuneration

137

-

Company contributions to money purchase pension schemes

10

-

7

Taxation

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

2024
£ 000

2023
£ 000

Current taxation

UK corporation tax

5,665

-

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

The differences are reconciled below:

2024
£ 000

2023
£ 000

Profit before tax

54,821

14,793

Corporation tax at standard rate

13,705

3,033

Effect of expense not deductible in determining taxable profit (tax loss)

252

-

Tax decrease from effect of dividends from UK companies

(8,292)

(3,033)

Total tax charge

5,665

-

8

Investments

2024
£ 000

2023
£ 000

Investments in subsidiaries

279,492

279,492

 

Reliance Worldwide Holdings (UK) Limited

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

Subsidiaries

£ 000

Cost or valuation

At 1 July 2023

279,492

Provision

Carrying amount

At 30 June 2024

279,492

At 30 June 2023

279,492

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Reliance Worldwide Finance Limited

Horton Road, Yiewsley, West Drayton, UN7 8JL

United Kingdom

Ordinary

100%

100%

Subsidiary undertakings

Reliance Worldwide Finance Limited

The principal activity of Reliance Worldwide Finance Limited is business support services.

9

Debtors

Current

Note

2024
£ 000

2023
£ 000

Amounts owed by related parties

16

5,737

-

Other debtors

 

101

-

   

5,838

-

10

Cash and cash equivalents

2024
£ 000

2023
£ 000

Cash at bank

16

-

 

Reliance Worldwide Holdings (UK) Limited

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

11

Creditors

Note

2024
£ 000

2023
£ 000

Due within one year

 

Trade creditors

 

4

-

Amounts due to related parties

16

4,147

-

Social security and other taxes

 

231

-

Outstanding defined contribution pension costs

 

31

-

Other payables

 

581

-

Accruals

 

206

-

Income tax liability

7

1,665

-

 

6,865

-

12

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £196,807 (2023 - £Nil).

Contributions totalling £30,743 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

13

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No. 000

£ 000

No. 000

£ 000

Ordinary shares of £0.00302 each

33,117

100

33,117

100

         

14

Reserves

Share premium

Premium paid for new shares above their nominal value. A capital reduction took place in September 2023 converting £40m within the share premium reserve to distributable profits.

Retained earnings

Includes all current and prior period retained profits and losses.

 

Reliance Worldwide Holdings (UK) Limited

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

15

Dividends

2024

2023

£ 000

£ 000

Interim dividend of £1.5148 (2023 - £0.4467) per ordinary share

50,167

14,793

 

 

16

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.

17

Parent and ultimate parent undertaking

The company's immediate parent is Reliance Worldwide Group Holdings Pty Limited, incorporated in Australia.

 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.