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Registration number: 09283716

Reclaim Tax UK Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Reclaim Tax UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Reclaim Tax UK Limited

Company Information

Director

R W Taylor

Registered office

Brookland House
Yeomanry Road
Battlefield Enterprise Park
Shrewsbury
SY1 3EH

Auditors

CBSL Accountants Limited
Statutory Auditor
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Reclaim Tax UK Limited

(Registration number: 09283716)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

9,600

12,000

Tangible assets

5

8,556

35,572

 

18,156

47,572

Current assets

 

Debtors

6

565,064

294,166

Cash at bank and in hand

 

28,544

4,551

 

593,608

298,717

Creditors: Amounts falling due within one year

7

(1,102,941)

(676,874)

Net current liabilities

 

(509,333)

(378,157)

Total assets less current liabilities

 

(491,177)

(330,585)

Creditors: Amounts falling due after more than one year

7

(11,333)

(19,333)

Provisions for liabilities

-

(6,993)

Net liabilities

 

(502,510)

(356,911)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(502,610)

(357,011)

Shareholders' deficit

 

(502,510)

(356,911)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2025
 


R W Taylor
Director

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Brookland House
Yeomanry Road
Battlefield Enterprise Park
Shrewsbury
SY1 3EH

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

As at 31 December 2023 the company had net liabilities of £502,510. Included within the current liabilities balance of £1,102,941 is £933,834 that is due to fellow group companies at that time.

Subsequent to the year end the company was sold to the director and the company continued to have a referral agreement and loan arrangement with the former group companies to enable the liability to be settled over 6 years and as the company generated income.

Following a detailed review of the financial information, the director has since become aware of issues regarding revenue recognition and the impact of this on the value of the company purchased. The former group have ceased the referral agreement and have indicated that the loan is to be repaid. The company do not have sufficient funds at the current date to do so. The company and director have initiated an ongoing legal process regarding these matters of which the outcome is uncertain at the date of signing these financial statements.

However the director has prepared forecasts for the years ended 31 December 2025 and 2026, which give a reasonable expectation that the company has adequate resources to continue its operational existence for the foreseeable future based on normal trading circumstances and if the terms of the loan arrangement were honoured as originally agreed when the company was sold.

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 28 March 2025 was Louise Osselton FCA, who signed for and on behalf of CBSL Accountants Limited.

Prior period errors

The financial statements have been restated following a review of the accounting treatment of turnover and the recognition basis, whereby commissions income was recognised before it was probable that economic benefits would flow to the entity. The financial statements for the year ended 31 December 2021 overstated turnover by £479,084.

For the year ended 31 December 2022 the impact on the profit and loss accounts totalled £144,613.

The impact of these prior year adjustments reduced the company's profit and loss reserves by £334,471.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Turnover

-

82,104

(479,084)

Administration costs

-

16,058

-

Taxation

-

(78,567)

-

   

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Commission revenues from engagement contracts are generated from service fees based on the success of the lead contracts provided.

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Web domain

5 years straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2022 - 13).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

12,000

12,000

At 31 December 2023

12,000

12,000

Amortisation

Amortisation charge

2,400

2,400

At 31 December 2023

2,400

2,400

Carrying amount

At 31 December 2023

9,600

9,600

At 31 December 2022

12,000

12,000

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

69,089

69,089

Additions

1,274

1,274

Disposals

(51,862)

(51,862)

At 31 December 2023

18,501

18,501

Depreciation

At 1 January 2023

33,517

33,517

Charge for the year

2,798

2,798

Eliminated on disposal

(26,370)

(26,370)

At 31 December 2023

9,945

9,945

Carrying amount

At 31 December 2023

8,556

8,556

At 31 December 2022

35,572

35,572

6

Debtors

Current

2023
£

(As restated)

2022
£

Prepayments

1,427

-

Other debtors

563,637

294,166

 

565,064

294,166

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

9

8,000

8,000

Trade creditors

 

727

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

933,834

371,328

Taxation and social security

 

137,491

239,616

Accruals and deferred income

 

22,749

57,930

Other creditors

 

140

-

 

1,102,941

676,874

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

11,333

19,333

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

11,333

19,333

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,000

8,000

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

12,500

12,500

Later than one year and not later than five years

32,292

44,792

44,792

57,292

11

Related party transactions

At 31 December 2023 there are balances due from companies in the Ryan LLC group totalling £933,834 (2022 (as restated) - £371,328), which are included in creditors.

At 31 December 2023 there was a balance owed by the director to the company of £354,398 (2022 - £291,888), which is included in Other debtors. Interest was charged on this balance at 2% and totalled £6,864 for the year.

 

Reclaim Tax UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Parent and ultimate parent undertaking

At 31 December 2023 the company was controlled by Research and Development Tax Solutions Limited, which is in turn owned by Research and Development Tax Solutions (Holdings) Limited, which is in turn owned by Ryan Tax Services UK Limited, which is in turn owned by Ryan LLC, a company registered in the USA.

In May 2024 the director, Mr R W Taylor, purchased the entire share capital of the company.


 The ultimate controlling party is R W Taylor, director.