Company registration number 03807320 (England and Wales)
RPG CONSULTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
RPG CONSULTING LIMITED
COMPANY INFORMATION
Directors
P.R. Owen
J.S. Brownson
A.V. O'Connor
J.G. Sangster
J.J. Redmond
Company number
03807320
Registered office
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
Auditor
Chadwick and Company (Manchester) Limited
272 Manchester Road
Droylsden
Manchester
M43 6PW
Bankers
Barclays Bank plc
1st Floor
3 Hardman Street
Spinningfields
Manchester
M3 3HF
National Westminister Bank plc
5 Queen Street
Rhyl
Denbighshire
LL18 1RS
RPG CONSULTING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
RPG CONSULTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The directors are pleased with the results for the year and the state of the company's affairs at the balance sheet date.
The board are confident that both turnover and profitability will be improved in the current year.
Development and performance
The company continues to develop its relationships with new clients as well as building on our existing services provided to current clients.
The Board has made significant investment in order to ensure the Company possesses the necessary expertise to further refine our investment strategy to meet the continuing economic challenges that face many of our clients as well as to provide a sound basis for continued expansion of the company in 2022.
J.J. Redmond
Director
6 September 2022
RPG CONSULTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of independent financial advisors and fee based management consultants.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £270,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P.R. Owen
J.S. Brownson
M.A. Chatten
(Resigned 31 March 2021)
A.V. O'Connor
J.G. Sangster
J.J. Redmond
Auditor
In accordance with the company's articles, a resolution proposing that Chadwick and Company (Manchester) Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
J.J. Redmond
Director
6 September 2022
RPG CONSULTING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RPG CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RPG CONSULTING LIMITED
- 4 -
Opinion
We have audited the financial statements of RPG Consulting Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RPG CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RPG CONSULTING LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how management seek to comply with them. This helps us to make appropriate risk assessments.
During the audit we focus on relevant risk areas and review compliance with laws and regulations through making relevant enquiries and corroboration by, for example, reviewing Board Minutes and other documentation.
We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:
Review of controls set in place by management
Enquiry of management as to whether they consider fraud or other irregularities may have occurred or where such opportunity might exist
Challenge of management assumptions with regard to accounting estimates
Identification and testing of journal entries, particularly those which may appear to be unusual by size or nature.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
RPG CONSULTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RPG CONSULTING LIMITED
- 6 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Royle BA (Hons) FCA (Senior Statutory Auditor)
For and on behalf of Chadwick and Company (Manchester) Limited
Chartered Accountants
Statutory Auditor
272 Manchester Road
Droylsden
Manchester
M43 6PW
6 September 2022
RPG CONSULTING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
1,334,825
1,174,264
Administrative expenses
(983,386)
(910,187)
Other operating income
11,873
Operating profit
4
351,439
275,950
Interest payable and similar expenses
7
(1,676)
(2,565)
Profit before taxation
349,763
273,385
Tax on profit
8
(66,803)
(50,645)
Profit for the financial year
282,960
222,740
Retained earnings brought forward
105,755
83,015
Dividends
9
(270,000)
(200,000)
Retained earnings carried forward
118,715
105,755
The profit and loss account has been prepared on the basis that all operations are continuing operations.
RPG CONSULTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
10
15,245
16,937
Current assets
Debtors
11
329,476
332,030
Cash at bank and in hand
39,907
22,814
369,383
354,844
Creditors: amounts falling due within one year
12
(250,666)
(250,779)
Net current assets
118,717
104,065
Total assets less current liabilities
133,962
121,002
Provisions for liabilities
Deferred tax liability
13
1,747
1,747
(1,747)
(1,747)
Net assets
132,215
119,255
Capital and reserves
Called up share capital
15
13,500
13,500
Profit and loss reserves
118,715
105,755
Total equity
132,215
119,255
The financial statements were approved by the board of directors and authorised for issue on 6 September 2022 and are signed on its behalf by:
J.S. Brownson
Director
Company Registration No. 03807320
RPG CONSULTING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
340,894
265,515
Interest paid
(1,676)
(2,565)
Income taxes paid
(45,622)
(44,935)
Net cash inflow from operating activities
293,596
218,015
Investing activities
Purchase of tangible fixed assets
(6,503)
(12,431)
Net cash used in investing activities
(6,503)
(12,431)
Financing activities
Dividends paid
(270,000)
(200,000)
Net cash used in financing activities
(270,000)
(200,000)
Net increase in cash and cash equivalents
17,093
5,584
Cash and cash equivalents at beginning of year
22,814
17,230
Cash and cash equivalents at end of year
39,907
22,814
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information
RPG Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Copper Room, Deva City Office Park, Trinity Way, Manchester, M3 7BG.
1.1
Accounting convention
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.
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 immediate parent company is RPG Holdings Limited. The ultimate parent and the largest and smallest group financial statements that consolidate this company is RPG Group Limited.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
Fee income represents revenue earned under a wide variety of contracts to provide professional services.
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
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 bases:
Leasehold improvements
12.5% straight line
Computer equipment
25% straight line
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.
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.5
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.
1.6
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 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
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 classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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.
1.8
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
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 the 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 at 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 profit and loss account, 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
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.
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Financial and management advisory services
1,334,825
1,174,264
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
1,334,825
1,174,264
2021
2020
£
£
Other revenue
Grants received
11,873
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(11,873)
Fees payable to the company's auditor for the audit of the company's financial statements
3,400
3,350
Depreciation of owned tangible fixed assets
8,195
4,903
Operating lease charges
26,445
26,444
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Management
5
5
Professional services
8
8
Total
13
13
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
538,985
494,181
Social security costs
62,603
58,214
Pension costs
71,735
62,198
673,323
614,593
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
285,633
278,767
Company pension contributions to defined contribution schemes
61,546
53,115
347,179
331,882
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2020 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
123,886
121,710
Company pension contributions to defined contribution schemes
29,730
21,709
7
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,676
2,565
8
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
66,803
50,645
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
349,763
273,385
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
66,455
51,943
Tax effect of expenses that are not deductible in determining taxable profit
243
150
Permanent capital allowances in excess of depreciation
105
(1,448)
Taxation charge for the year
66,803
50,645
9
Dividends
2021
2020
£
£
Interim paid
270,000
200,000
10
Tangible fixed assets
Leasehold improvements
Computer equipment
Total
£
£
£
Cost
At 1 January 2021
6,895
16,873
23,768
Additions
6,503
6,503
At 31 December 2021
6,895
23,376
30,271
Depreciation and impairment
At 1 January 2021
1,437
5,394
6,831
Depreciation charged in the year
862
7,333
8,195
At 31 December 2021
2,299
12,727
15,026
Carrying amount
At 31 December 2021
4,596
10,649
15,245
At 31 December 2020
5,458
11,479
16,937
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
11
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
20,904
7,268
Amounts recoverable on work in progress
157,199
153,658
Amounts owed by group undertakings
136,448
152,716
Prepayments and accrued income
14,925
18,388
329,476
332,030
12
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
12,984
12,356
Corporation tax
87,061
65,880
Other taxation and social security
25,988
60,831
Other creditors
7,443
7,487
Accruals and deferred income
117,190
104,225
250,666
250,779
13
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
1,747
1,747
There were no deferred tax movements in the year.
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
14
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,735
62,198
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
15
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
27,000
27,000
13,500
13,500
16
Operating lease commitments
Lessee
Operating lease payments represent rent payable by the company for its property. Leases are negotiated for an average term of 10 years and rents are fixed for an average of 5 years with an option to extend for a further 5 years at the prevailing market rate.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
21,121
29,069
Between two and five years
21,121
21,121
50,190
17
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
347,178
331,882
RPG CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
18
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
282,960
222,740
Adjustments for:
Taxation charged
66,803
50,645
Finance costs
1,676
2,565
Depreciation and impairment of tangible fixed assets
8,195
4,903
Movements in working capital:
Decrease/(increase) in debtors
2,554
(75,446)
(Decrease)/increase in creditors
(21,294)
60,108
Cash generated from operations
340,894
265,515
19
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
22,814
17,093
39,907
2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2022.200P.R. OwenJ.S. BrownsonM.A. ChattenA.V. O'ConnorJ.G. SangsterJ.J. Redmond038073202021-01-012021-12-3103807320bus:Director12021-01-012021-12-3103807320bus:Director22021-01-012021-12-3103807320bus:Director42021-01-012021-12-3103807320bus:Director52021-01-012021-12-3103807320bus:Director62021-01-012021-12-3103807320bus:Director32021-01-012021-12-3103807320bus:RegisteredOffice2021-01-012021-12-3103807320bus:Agent12021-01-012021-12-3103807320bus:Agent22021-01-012021-12-31038073202021-12-31038073202020-01-012020-12-3103807320core:RetainedEarningsAccumulatedLosses2020-12-3103807320core:RetainedEarningsAccumulatedLosses2019-12-3103807320core:RetainedEarningsAccumulatedLosses2021-12-3103807320core:RetainedEarningsAccumulatedLosses2020-12-3103807320core:ShareCapital2021-12-3103807320core:ShareCapital2020-12-31038073202020-12-3103807320core:RetainedEarningsAccumulatedLosses2020-01-012020-12-3103807320core:LeaseholdImprovements2021-12-3103807320core:ComputerEquipment2021-12-3103807320core:LeaseholdImprovements2020-12-3103807320core:ComputerEquipment2020-12-3103807320core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3103807320core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3103807320core:CurrentFinancialInstruments2021-12-3103807320core:CurrentFinancialInstruments2020-12-31038073202020-12-31038073202019-12-3103807320core:LeaseholdImprovements2021-01-012021-12-3103807320core:ComputerEquipment2021-01-012021-12-3103807320core:UKTax2021-01-012021-12-3103807320core:UKTax2020-01-012020-12-3103807320core:LeaseholdImprovements2020-12-3103807320core:ComputerEquipment2020-12-3103807320core:WithinOneYear2021-12-3103807320core:WithinOneYear2020-12-3103807320core:BetweenTwoFiveYears2021-12-3103807320core:BetweenTwoFiveYears2020-12-3103807320bus:PrivateLimitedCompanyLtd2021-01-012021-12-3103807320bus:FRS1022021-01-012021-12-3103807320bus:Audited2021-01-012021-12-3103807320bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP