IRIS Accounts Productionv24.3.2.4609004715Board of DirectorsBoard of Directors1.4.2331.3.2431.3.24falsetruefalsefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh090047152023-03-31090047152024-03-31090047152023-04-012024-03-31090047152022-03-31090047152022-04-012023-03-31090047152023-03-3109004715ns15:EnglandWales2023-04-012024-03-3109004715ns14:PoundSterling2023-04-012024-03-3109004715ns10:Director12023-04-012024-03-3109004715ns10:Director22023-04-012024-03-3109004715ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3109004715ns10:SmallEntities2023-04-012024-03-3109004715ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3109004715ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3109004715ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109004715ns10:FullAccounts2023-04-012024-03-310900471512023-04-012024-03-3109004715ns10:Director42023-04-012024-03-3109004715ns10:CompanySecretary12023-04-012024-03-3109004715ns10:RegisteredOffice2023-04-012024-03-3109004715ns5:CurrentFinancialInstruments2024-03-3109004715ns5:CurrentFinancialInstruments2023-03-3109004715ns5:ShareCapital2024-03-3109004715ns5:ShareCapital2023-03-3109004715ns5:RetainedEarningsAccumulatedLosses2024-03-3109004715ns5:RetainedEarningsAccumulatedLosses2023-03-3109004715ns5:NetGoodwill2023-04-012024-03-3109004715ns5:NetGoodwill2023-03-3109004715ns5:NetGoodwill2024-03-3109004715ns5:NetGoodwill2023-03-3109004715ns5:LeaseholdImprovements2023-03-3109004715ns5:FurnitureFittings2023-03-3109004715ns5:MotorVehicles2023-03-3109004715ns5:ComputerEquipment2023-03-3109004715ns5:LeaseholdImprovements2023-04-012024-03-3109004715ns5:FurnitureFittings2023-04-012024-03-3109004715ns5:MotorVehicles2023-04-012024-03-3109004715ns5:ComputerEquipment2023-04-012024-03-3109004715ns5:LeaseholdImprovements2024-03-3109004715ns5:FurnitureFittings2024-03-3109004715ns5:MotorVehicles2024-03-3109004715ns5:ComputerEquipment2024-03-3109004715ns5:LeaseholdImprovements2023-03-3109004715ns5:FurnitureFittings2023-03-3109004715ns5:MotorVehicles2023-03-3109004715ns5:ComputerEquipment2023-03-3109004715ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3109004715ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3109004715ns5:CurrentFinancialInstruments2023-04-012024-03-310900471512023-04-012024-03-31

REGISTERED NUMBER: 09004715 (England and Wales)















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:

Mr. S Thompson


Mr R F Colwell


Mr C P O'Reilly







SECRETARY:

Mr C P O'Reilly







REGISTERED OFFICE:

Kings Lodge


London Road


West Kingsdown


Kent


TN15 6AR







REGISTERED NUMBER:

09004715 (England and Wales)







ACCOUNTANTS:

Ernst & Young


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

34,440


43,617



34,440


43,617




CURRENT ASSETS

Debtors

7

587,440


703,726



Cash at bank and in hand

471,350


587,791



1,058,790


1,291,517



CREDITORS

Amounts falling due within one year

8

470,940


762,031



NET CURRENT ASSETS

587,850


529,486



TOTAL ASSETS LESS CURRENT

LIABILITIES

622,290


573,103




PROVISIONS FOR LIABILITIES

5,277


7,058



NET ASSETS

617,013


566,045




CAPITAL AND RESERVES

Called up share capital

9

100


100



Retained earnings

616,913


565,945



SHAREHOLDERS' FUNDS

617,013


566,045




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. However, as an audit has taken place, the nature and outcome of the audit including the auditors details have been disclosed appropriately.  


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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


The notes on pages 4 to 12 form an intergral part of these financial statemetns.


Members have not required the company to obtain an audit. However, as an audit has taken place, the nature and outcome of the audit including the auditors details have been disclosed appropriately


The financial statements were approved by the Board of Directors and authorised for issue on 10th March 2025  and were signed on its behalf by:





Mr C P O'Reilly - Director




Mr R F Colwell - Director



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


The financial statements have been prepared under the historical cost convention.



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 21 (2023 - 22 ) .


5.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1st April 2023


and 31st March 2024

1,046,945




AMORTISATION


At 1st April 2023


and 31st March 2024

1,046,945




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

50,870


112,032


14,294


79,918


257,114




Additions

-


168


-


1,290


1,458




At 31st March 2024

50,870


112,200


14,294


81,208


258,572




DEPRECIATION


At 1st April 2023

50,454


80,478


11,526


71,039


213,497




Charge for year

138


4,758


692


5,047


10,635




At 31st March 2024

50,592


85,236


12,218


76,086


224,132




NET BOOK VALUE


At 31st March 2024

278


26,964


2,076


5,122


34,440




At 31st March 2023

416


31,554


2,768


8,879


43,617




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2024

2023


£   

£   



Trade debtors

460,720


539,423




Prepayments and accrued income

126,720


164,303



587,440


703,726




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

84,982


95,696




Amounts owed to group undertakings

-


190,157




Tax

34,070


85,690




Social security and other taxes

45,459


44,372




VAT

71,495


61,093




Credit card

1,185


2,936




Directors' current accounts

-


2,356




Accruals and deferred income

233,749


279,731



470,940


762,031




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