Relex Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07979321 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RELEX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Haataja

T S Pesonen

T J Sirkka

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

07979321 (England and Wales)

AUDITORS:

Shaw Gibbs Limited

Chartered Certified Accountants

Statutory Auditor

264 Banbury Road

Oxford

OX2 7DY

FIXED ASSETS

Tangible assets

4

24,555

43,440

CURRENT ASSETS

Debtors

5

2,505,793

1,519,419

Cash at bank

138,739

278,096

2,644,532

1,797,515

CREDITORS

Amounts falling due within one year

6

1,226,847

776,316

NET CURRENT ASSETS

1,417,685

1,021,199

TOTAL ASSETS LESS CURRENT LIABILITIES

1,442,240

1,064,639

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

9

1,441,240

1,063,639

SHAREHOLDERS' FUNDS

1,442,240

1,064,639

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2023 and were signed on its behalf by:

J Haataja - Director

1.	STATUTORY INFORMATION

Relex Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is St Clements House, 27-28 St Clements Lane, London, EC4N 7AE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts are presented in Pounds Sterling (£) and rounded to the nearest £1.

Going concern

The directors of the company have received assurances from the directors of Relex Oy, the parent company, that they will continue to utilise the services of the company for the foreseeable future. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

The directors of Relex Limited have assessed the impact of the Covid-19 pandemic and are satisfied that there has been no significant impact on the business.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

over remaining term of lease

Financial instruments

Basic Financial Instruments, as covered by Section 11 of FRS102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS102.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2020 - 61 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

93,119

DEPRECIATION

At 1 January 2021

49,679

Charge for year

18,885

At 31 December 2021

68,564

NET BOOK VALUE

At 31 December 2021

24,555

At 31 December 2020

43,440

5.

DEBTORS

31.12.21

31.12.20

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

2,286,455

1,410,794

Other debtors

219,338

106,491

2,505,793

1,517,285

31.12.21

31.12.20

£

£

Amounts falling due after more than one year:

Other debtors & prepayments

-

2,134

Aggregate amounts

2,505,793

1,519,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

76,588

19,414

Taxation and social security

243,769

233,324

Other creditors & accruals

906,490

523,578

1,226,847

776,316

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

29,125

109,575

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.

RESERVES

Retained

earnings

£

At 1 January 2021

1,063,639

Profit for the year

367,601

Dividends

10,000

At 31 December 2021

1,441,240

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha Daniels (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs Limited

As the income statement has been omitted from the filing copy of the financial statements, the above information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

11.	ULTIMATE PARENT COMPANY

Relex Oy (incorporated in Finland) is regarded by the directors as being the company's ultimate parent company. Copies of the parent company accounts are available from Postintaival 7, 00230 Helsinki, FInland.