Financial Recoveries Ltd 31/12/2024 iXBRL

Company registration number: 04697524

Financial Recoveries Ltd

Unaudited filleted abridged financial statements

31 December 2024

Financial Recoveries Ltd

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Notes to the financial statements

Financial Recoveries Ltd

Directors and other information


	Directors	Mr Gary Brown
		Mrs Catherine Brown


	Company number	04697524


	Registered office	59 East Street
		Epsom
		KT17 1BP


	Accountants	Alan James & Associates
		1 Shepperton Marina
		Felix Lane
		Shepperton
		Middlesex
		TW17 8NS

Financial Recoveries Ltd

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Financial Recoveries Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Financial Recoveries Ltd for the year ended 31 December 2024 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Financial Recoveries Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Financial Recoveries Ltd and state those matters that we have agreed to state to the board of directors of Financial Recoveries Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Financial Recoveries Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Financial Recoveries Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Financial Recoveries Ltd. You consider that Financial Recoveries Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Financial Recoveries Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alan James & Associates

Chartered Accountants

1 Shepperton Marina

Felix Lane

Shepperton

Middlesex

TW17 8NS

25 September 2025

Financial Recoveries Ltd

Abridged statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	21,822		27,278
Tangible assets	6	261,132		274,667
Investments	7	386,764		385,965
		_______		_______
			669,718		687,910

Current assets
Debtors		847,722		746,213
Cash at bank and in hand		121,514		87,240
		_______		_______
		969,236		833,453
Creditors: amounts falling due
within one year		( 1,164,667)		( 844,148)
		_______		_______
Net current liabilities			( 195,431)		( 10,695)
			_______		_______
Total assets less current liabilities			474,287		677,215

Creditors: amounts falling due
after more than one year	8		( 259,938)		( 411,027)

Provisions for liabilities			( 6,982)		( 18,176)

			_______		_______
Net assets			207,367		248,012
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			207,267		247,912
			_______		_______
Shareholders funds			207,367		248,012
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr Gary Brown

Director

Company registration number: 04697524

Financial Recoveries Ltd

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 59 East Street, Epsom, KT17 1BP.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Development costs	-	20 %	reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	2 %	straight line
Plant and machinery	-	25 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2023: 15 ).

5. Intangible assets


		£
	Cost
	At 1 January 2024 and 31 December 2024	209,309
		_______
	Amortisation
	At 1 January 2024	182,031
	Charge for the year	5,456
		_______
	At 31 December 2024	187,487
		_______
	Carrying amount
	At 31 December 2024	21,822
		_______
	At 31 December 2023	27,278
		_______

6. Tangible assets


		£
	Cost
	At 1 January 2024	400,307
	Additions	3,173
		_______
	At 31 December 2024	403,480
		_______
	Depreciation
	At 1 January 2024	125,640
	Charge for the year	16,708
		_______
	At 31 December 2024	142,348
		_______
	Carrying amount
	At 31 December 2024	261,132
		_______
	At 31 December 2023	274,667
		_______

7. Investments


		£
	Cost
	At 1 January 2024	385,965
	Additions	799
		_______
	At 31 December 2024	386,764
		_______
	Impairment
	At 1 January 2024 and 31 December 2024	(-)
		_______
	Carrying amount
	At 31 December 2024	386,764
		_______
	At 31 December 2023	385,965
		_______

8. Creditors: amounts falling due after more than one year

Included within creditors: amounts falling due after more than one year is an amount of £ 62,489 (2023 £ 62,489 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Various loans have been advanced by the company's bank, they are repayable monthly, interest is charged to the company on a quarterly basis and the last loan will mature in 2030.

9. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Gary Brown	243,194	216,765	( 459,959)	-
	Mrs Catherine Brown	-	356,943	( 356,943)	-
		_______	_______	_______	_______
		243,194	573,708	( 816,902)	-
		_______	_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Gary Brown	351,870	171,824	( 280,500)	243,194
	Mrs Catherine Brown	-	269,500	( 269,500)	-
		_______	_______	_______	_______
		351,870	441,324	( 550,000)	243,194
		_______	_______	_______	_______

10. Related party transactions

During the year under review the company lent funds and traded with Debt Register Ltd, a company under common control. At the balance sheet date the company was owed £265,140 by Debt Register Ltd.