REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
for |
Relish Research Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st March 2024 |
for |
Relish Research Ltd |
Relish Research Ltd (Registered number: 09004715) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Relish Research Ltd |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Charterd Accountants |
Harcourt Centre |
Harcourt Street |
Dublin 2 |
Ireland |
Relish Research Ltd (Registered number: 09004715) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors of the company have elected not to include a copy of the income statement within the financial statements. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Relish Research Ltd (Registered number: 09004715) |
Balance Sheet - continued |
31st March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Relish Research Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Kings Lodge, London Road, West Kingsdown, Kent, TN15 GAR. The company's registered number is 09004715. |
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 £. |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the United Kingdom 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 lA of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for the services provided in the normal course of business and is net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates, if applicable. |
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 when specific criteria have been met for each of the company's activities as follows: |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair of the consideration and the nominal amount received is recognised as interest income. |
Revenue arising on contracts for the provision of professional services is recognised by reference to the stage of completion at the reporting date, where the stage of completion can be estimated reliably. |
The stage of completion is derived with reference to recognisable milestones, determined by management towards the delivery and completion of the services which the Company is contracted for. Revenue is allocated proportionately from the value of the contract to such milestones. |
For certain contracts which relate to the delivery of tracker services to customers over a set time frame, revenue is recognised evenly over the life of the project. This is subject to management judgements in circumstances where resources are disproportionately exhausted to deliver aspects of the contracted services, at specific points during the delivery of the project. |
Goodwill |
Goodwill being the amount paid in connection with the purchase of a business is being fully amortised at the rate of 20% on net book value. |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
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 basis: |
Improvements to property over the period of the lease |
Fixtures and fittings 15% on reducing balance |
Motor vehicles 25% on reducing balance |
Computer equipment 25% on cost |
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. |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. |
If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes terns that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates tha thave been enacted or substantively enacted by the reporting end date. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax is calculated al the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity. in Which case the deferred tax is also dealt With in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
The directors have reviewed the company's cashflow forecast for a period of more than twelve months from the date of approval of the financial statements. The company is expected to be profitable and cash generative in both 2025 and 2026. In addition, the company's ultimate parent undertaking has committed to provide funding, to the extent that it is required, to ensure that the company can meet all financial obligations as they fall due for a period of not less than 12 months from the approval of these financial statements. Accordingly, the Directors have concluded that it is appropriate to prepare the Company's financial statements for the year ended 31 March 2024 on a going concern basis. |
Impairment of fixed assets |
At each reporting period end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent or the impairment loss (if any), Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the amount of the cash-generating unit to which the asset belongs. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Accrued Income |
Accrued income for work in progress is recorded as an asset on the balance sheet, representing the rights to consideration for the services provided but not yet invoiced. This asset is assessed for recoverability at each reporting date and is invoiced to clients according to the terms of the contract or agreement. |
Work in progress is measured on the basis of the services performed to date as a proportion of the total services to be performed. The revenue recognised is based on the agreed-upon fees or rates for the services provided, taking into account any performance milestones or deliverables achieved during the period. |
Deferred Revenue |
The company recognises deferred revenue when cash payments are received or due from clients in advance of the performance of services. This occurs when the cash inflow from the client precedes the company's fulfilment of service obligations, creating a liability that represents the company's obligation to perform future services. |
Deferred revenue is measured at the amount of consideration received or receivable that is attributable to the remaining performance obligations. It is recorded as a liability on the balance sheet and is recognised as revenue over time as the company performs the contracted services and deliveries the services. The company reviews its deferred revenue balances at each reporting date to ensure that revenue is recognised appropriately as services are rendered. |
Provisions |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
Judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Revenue recognition |
The key judgement made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer. Management estimate a percentage of the turnover to be deferred over the life of ongoing projects. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
6. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
The directors consider that the carrying value of the debtors approximate fair value and are satisfied that the carrying value is receivable and expected to be realised in the normal course of business. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 71,495 | 61,093 |
Credit card | 1,185 | 2,936 |
Directors' current accounts | - | 2,356 |
Accruals and deferred income |
Amounts owned to group undertakings are unsecured, interest free and repayable on demand. |
Relish Research Ltd (Registered number: 09004715) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
9. | CALLED UP SHARE CAPITAL |
2024 2023 |
£ £ |
Authorised, allotted, called-up and fully paid |
100 ordinary shares at £1 each 100 100 |
==== ===== |
During the year, shares were transferred from the directors to Red C Research Limited as part of the acquisition of the Company from the individual shareholders. The details regarding the number |
10. | COMMITMENTS AND CONTINGENCIES |
The company had no material capital commitments at the year ended 31 March 2024. |
11. | RELATED PARTY TRASACTIONS |
The Company has taken advantage of the disclosure exemption conferred from FRS 102 Section 33, Related Party Disclosures, paragraph 33.1A from disclosing transactions entered into between two or more wholly owned members of a group. |
12. | EVENTS AFTER THE REPORTING DATE |
There are no significant events between the year end and the date of approval of these financial statements affecting the Company, which require adjustment to or disclosure in the financial statements. |
13. | ULTIMATE CONTROLLING PARTY |
In August 2023, the company was acquired by Red C Research Limited, transitioning from a privately held entity owned by individual shareholders to a subsidiary of a larger corporate structure. |
The immediate parent company is Red C Research Limited, a company incorporated in the United Kingdom. The ultimate parent company is Business Post Group Limited, a company incorporated in the Republic of Ireland. The registered office of the ultimate parent company is Post Republications Limited, 2nd Floor Block B The Merrion Shopping Centre, Merrion Road, Dublin 4, D04W8W2. |
The ultimate parent company is the smallest and largest group to consolidate the results of the company, which can be obtained from the registered office above. |
14. | AUDIT REPORT INFORMATION |
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: |
The auditor's report was unqualified. |
Senior Statutory Auditor: Roger Wallace |
Statutory Auditor: Ernst & Young Chartered Accountants and Statutory Audit Firm |