RELIANCE_ADVANCED_COMPUTE - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered for the year in question, in accordance with the provisions applicable to companies subject to the small companies' regime.

Reliance Advanced Computer Systems and Networks Limited (04924135) is a private company limited by shares, incorporated in England and Wales. The registered office is 19-21 Catherine Place, London, SW1E 6DX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK 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 1A of FRS 102 have been applied, other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence, and will be able to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of the financial statements.true

In concluding that it is appropriate to adopt the going concern basis in preparing the financial statements, the directors have had regard to the support received from its ultimate parent company, Reliance Trust Limited and ultimate owner Mr. B. Kingham. This is provided to finance the future growth plans for its investment company, including the future repayment of the loan made by Reliance Advanced Computer Systems and Networks Limited.

The directors have continued to review the impact of COVID-19 on the operations and financial position of the company and its investments and have a reasonable expectation that the company has adequate resources to continue to adopt the going concern basis of accounting in preparing the financial statements.

Should the assumptions referred to in the directors assessment of the going concern basis above, prove to be invalid, the going concern basis may also be invalid and accordingly, adjustments may have to be made to reduce the value of the assets to their realisable amounts, to provide for any further liabilities which might arise and to reclassify all there fixed assets and long term liabilities as current assets and liabilities respectively.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 balance sheet 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 and liabilities, debtors and creditors, are measured at transaction price and all amounts receivable or payable within one year are not amortised.

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.

Details of the company's subsidiaries at 30 June 2021 are as follows:

All Shares rank pari-passu in terms of voting. All Ordinary Shares are entitled to receive dividends or other distributions of profit, but only once preference shares have been redeemed.

On 30 June 2017 the company issued 6,219, fully paid £0.05 Preference Shares, to its parent company. These Shares were issued at a premium of £393.88 per share, and are classified as equity in accordance with FRS 102 as the preference shares are non redeemable on demand and have no set dividend rights attached.

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.

On 20 July 2021 the company capitalised debt of £14,704,208 into 14,704,208 £1 fully paid, redeemable preference shares.

The preference shares are redeemable at the option of the holder, hold no voting rights and have a coupon rate of 0.001%.

The transaction represents the support for the long term going concern status of its investment.

The company has taken advantage of the exemption available under FRS 102 section 33.1a "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

During the year the company provided working capital of £2,876,600 (2020: £1,181,800) to a subsidiary. At the year end the company was owed £14,704,208 (2020: £11,827,608)

The ultimate parent company is Reliance Trust Limited, a company incorporated in the United Kingdom and registered in England & Wales.

Mr. B. Kingham, has a beneficial interest in the majority of the ordinary issued share capital of Reliance Trust Limited and is the ultimate controlling party of the company.