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Registered number: 02997761
WORLDWIDE RECOVERY SYSTEMS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2026
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WORLDWIDE RECOVERY SYSTEMS LIMITED
REGISTERED NUMBER: 02997761
BALANCE SHEET
AS AT 31 MARCH 2026
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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WORLDWIDE RECOVERY SYSTEMS LIMITED
REGISTERED NUMBER: 02997761
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2026.
The notes on pages 3 to 11 form part of these financial statements.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Worldwide Recovery Systems Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is Lantern House, 39 - 41 High Street, Potters Bar, Hertfordshire, EN6 5AJ.
The Company's principal activities continued to be that of the construction and sale of recovery vehicles, vehicle servicing and vehicle hire.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Consolidated financial statements
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The Company is a wholly owned subsidiary company of Lantern Services (Holdings) Limited (incorporated in England and Wales). The Company is included in the consolidated financial statements of Lantern Services (Holdings) Limited which are publicly available.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Lantern Services (Holdings) Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The director has considered the ability of the Company to continue as a Going Concern. In making his assessment the director has prepared and critically reviewed the Company's cash flow forecast for the next 12 months and ensured that this forecast is modelled on a suitably cautious basis.
Based on these assessments the director has concluded that the Company has adequate resources to continue in existence for the foreseeable future as a Going Concern and accordingly these financial statements have been prepared on that basis.
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.
The Company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Company’s sales channels have been met, as described below:
(i) The Company provides services relating to the repair of vehicles. Revenue is recognised in the accounting period in which the services are rendered.
(ii) The Company also recognises revenue on the construction and sale of motor vehicles. Revenue is recognised when the Company has delivered the vehicle to the customer and no other significant obligation remains unfulfilled that may affect the customer’s acceptance of the vehicle. The risk of obsolescence and loss of the vehicles are considered to have been transferred to the customer when the vehicles are delivered to the location specified by the customer and the customer has accepted the vehicle.
For vehicles under construction at the balance sheet date, revenue represents fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of accruals and deferred income due within one year.
All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Where the outcome of a vehicle under construction at the balance sheet date can be estimated reliably, revenue and costs are recognised on a straight line basis by reference to the stage of completion of the contract. This is normally measured as a proportion that vehicle’s costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion.
When it is probable that total costs will exceed contract revenue, the expected loss is recognised as an expense immediately.
Short term debtors are measured at transaction price, less any impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Related party transactions
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The Company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same Group that are wholly owned.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity’s accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Critical accounting estimates and assumptions
Impairment of stock
The Company reviews stock on a continual basis for impairment. The Company services and constructs recovery vehicles and is subject to changing designs and specifications from both customers and manufacturers. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the anticipated usability of the stock and associated obsolescence. See note 7 for the net carrying amount of the stock.
Work in progress
The Company values work in progress on the stage of completion of each vehicle under construction. The stage of completion is based on management’s experience, knowledge of how vehicle construction projects progress, future costs and collectability of billings.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount of the property plant and equipment is shown in note 5 and note 2.6 gives the useful economic lives for each class of assets.
Taxation
The company establishes provisions based on reasonable estimates. Management estimation is required to determine the amount of deferred tax assets/liabilities that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 2.14.
Provisions
Provisions are made for warranty obligations in respect of goods delivered and services rendered. These provisions require management's best estimate of the costs that will be incurred based on their assessment of the probability of obligations arising. The provisions are aggregated within other creditors in note 10.
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The average monthly number of employees, including directors, during the year was 14 (2025 - 16).
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Charge for the year on owned assets
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Raw materials and consumables
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Work in progress (goods to be sold)
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,184 (2025 - £9,390). Contributions totalling £Nil (2025 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.
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WORLDWIDE RECOVERY SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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Ultimate parent undertaking and controlling party
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The immediate and ultimate parent undertaking is Lantern Services (Holdings) Limited. The ultimate controlling party is R M Coleman by virtue of his controlling interest in that company.
The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.
The audit report was signed on 23 September 2026 by Simon Liggins (Senior statutory auditor) on behalf of Barnes Roffe Audit Limited.
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