Company Registration No. 11052029 (England and Wales)
RATTAY HOLDING LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
RATTAY HOLDING LIMITED
CONTENTS
Page
Group statement of comprehensive income
1
Group balance sheet
2 - 3
Company balance sheet
4
Group statement of changes in equity
5
Company statement of changes in equity
6
Notes to the financial statements
7 - 19
RATTAY HOLDING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
2021
2020
£
£
Loss for the year
(234,777)
(203,232)
Other comprehensive income
Tax relating to other comprehensive income
(202)
Total comprehensive income for the year
(234,777)
(203,434)
Total comprehensive income for the year is all attributable to the owners of the parent company.
RATTAY HOLDING LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
810,601
948,788
Tangible assets
5
719,934
1,123,387
1,530,535
2,072,175
Current assets
Stocks
1,517,930
1,286,813
Debtors
8
958,886
1,029,937
Cash at bank and in hand
10,770
26,942
2,487,586
2,343,692
Creditors: amounts falling due within one year
9
(3,570,067)
(3,156,251)
Net current liabilities
(1,082,481)
(812,559)
Total assets less current liabilities
448,054
1,259,616
Creditors: amounts falling due after more than one year
10
(194,444)
(770,000)
Provisions for liabilities
12
(64,917)
(66,146)
Net assets
188,693
423,470
Capital and reserves
Called up share capital
10
10
Share premium account
499,991
499,991
Revaluation reserve
(58,302)
Profit and loss reserves
(311,308)
(18,229)
Total equity
188,693
423,470
The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
RATTAY HOLDING LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 March 2022 and are signed on its behalf by:
08 March 2022
Mr I Scutt
Director
RATTAY HOLDING LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 4 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
6
3,715,218
3,997,218
Current assets
Debtors
8
75,991
97,934
Cash at bank and in hand
211
1,882
76,202
99,816
Creditors: amounts falling due within one year
9
(2,058,075)
(1,617,936)
Net current liabilities
(1,981,873)
(1,518,120)
Total assets less current liabilities
1,733,345
2,479,098
Creditors: amounts falling due after more than one year
10
-
(420,000)
Net assets
1,733,345
2,059,098
Capital and reserves
Called up share capital
10
10
Share premium account
499,991
499,991
Profit and loss reserves
1,233,344
1,559,097
Total equity
1,733,345
2,059,098
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £325,753 (2020: £116,295 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2022 and are signed on its behalf by:
08 March 2022
Mr I Scutt
Director
Company Registration No. 11052029
RATTAY HOLDING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2020
10
499,991
(58,100)
185,003
626,904
Year ended 31 December 2020:
Loss for the year
-
-
-
(203,232)
(203,232)
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(202)
(202)
Total comprehensive income for the year
-
-
(202)
(203,232)
(203,434)
Balance at 31 December 2020
10
499,991
(58,302)
(18,229)
423,470
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
-
(234,777)
(234,777)
Transfers
-
-
58,302
(58,302)
-
Balance at 31 December 2021
10
499,991
(311,308)
188,693
RATTAY HOLDING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
10
499,991
1,442,802
1,942,803
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
116,295
116,295
Balance at 31 December 2020
10
499,991
1,559,097
2,059,098
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(325,753)
(325,753)
Balance at 31 December 2021
10
499,991
1,233,344
1,733,345
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
1
Accounting policies
Company information
Rattay Holding Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales, registration number 11052029. The registered office is 9th Floor, 107 Cheapside, London, EC2V 6DN.
The group consists of Rattay Holding Limited and all of its subsidiaries: Arctrend Limited, Artifex Flexible Tubes Limited and Arcflex Limited.
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 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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
The consolidated group financial statements consist of the financial statements of the parent company Rattay Holding Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
Following the declaration of a worldwide COVID-19 pandemic by the World Health Organisation in March 2020, the impact of the virus has continued dominating the world social and economic climate presenting all businesses with a unique set of circumstances increasing the unpredictability of future trading conditions and threatening the global economy.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the director has considered trading levels since the year end and has prepared budgets to March 2023. There is an expectation that whilst social restrictions are unlikely to be re-introduced some economic uncertainties will continue but trade is likely to recover, revenues will continue to grow and the company will return to profit. Further, the director has received a letter of support from the company's ultimate parent company, Rattay Group GmbH, that it intends to continue to support the company for the foreseeable future. However, there is no legally binding agreement that guarantees that support.
Thus, the director continues to adopt the going concern basis of accounting in preparing these financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 9 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website development costs
5 years straight line
Development costs
10 years straight line
1.8
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:
Freehold buildings
2% reducing balance
Leasehold improvements
10% straight line basis
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
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 recognised in the profit and loss account.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.11
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
Stock is calculated using the first in first out method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.12
Cash at bank and in hand
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.
1.13
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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 group 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.
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 group after deducting all of its liabilities.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
Equity instruments
Equity instruments issued by the group 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 group.
1.15
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 if, and only if, there is 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.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.16
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
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 leased asset are consumed.
1.20
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.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
2
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Total
39
50
4
5
3
Interest payable and similar expenses
2021
2020
£
£
Interest payable to parent undertaking
36,196
71,000
4
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2021
1,289,941
88,094
1,378,035
Disposals
(7,000)
(7,000)
At 31 December 2021
1,282,941
88,094
1,371,035
Amortisation and impairment
At 1 January 2021
402,173
27,074
429,247
Amortisation charged for the year
128,994
9,193
138,187
Disposals
(7,000)
(7,000)
At 31 December 2021
524,167
36,267
560,434
Carrying amount
At 31 December 2021
758,774
51,827
810,601
At 31 December 2020
887,768
61,020
948,788
The company had no intangible fixed assets at 31 December 2021 or 31 December 2020.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
5
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2021
841,060
516,178
1,357,238
Additions
28,661
13,875
42,536
Disposals
(352,500)
(352,500)
At 31 December 2021
517,221
530,053
1,047,274
Depreciation and impairment
At 1 January 2021
73,903
159,948
233,851
Depreciation charged in the year
44,886
53,770
98,656
Eliminated in respect of disposals
(5,167)
(5,167)
At 31 December 2021
113,622
213,718
327,340
Carrying amount
At 31 December 2021
403,599
316,335
719,934
At 31 December 2020
767,157
356,230
1,123,387
The company had no tangible fixed assets at 31 December 2021 or 31 December 2020.
Land and buildings with a carrying amount of £350,000 were revalued in January 2017 by independent valuers not connected with the group on the basis of market value, and subsequently by the directors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Included within land and buildings is freehold land of £100,000 which is not depreciated.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been approximately £161,493 (2019 - £161,493), being cost £161,493 (2019 - £161,493) and depreciation £nil (2019 - £nil). The company owns no land or buildings.
The group disposed of its freehold land and building in the year.
2021
2020
£
£
Group
Cost
-
161,493
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 16 -
6
Fixed asset investments
Group
Company
2021
2020
2021
2020
£
£
£
£
Investments
-
-
3,715,218
3,997,218
Movements in fixed asset investments
Company
Shares in subsidiary undertakings
£
Cost or valuation
At 1 January 2021 and 31 December 2021
3,997,218
Impairment
At 1 January 2021
-
Impairment losses
282,000
At 31 December 2021
282,000
Carrying amount
At 31 December 2021
3,715,218
At 31 December 2020
3,997,218
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Arcflex Limited
3 Tower Road, Meaford Business Park, Stone, Staffordshire ST15 0WQ
Ordinary
0
100.00
Arctrend Limited
As above
Ordinary
100.00
0
Artifex Flexible Tubes Limited
As above
Ordinary
100.00
0
Dormant subsidiaries Flexitubes Limited and Tofle Co Limited were dissolved in the year.
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
8
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
715,638
666,459
Corporation tax recoverable
90,653
149,007
Amounts owed by group undertakings
37,443
108,001
75,991
97,847
Other debtors
8,269
11,054
Prepayments and accrued income
106,883
95,416
87
958,886
1,029,937
75,991
97,934
9
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
11
171,626
359,552
Other borrowings
11
703,524
501,954
Loan from parent company
11
429,551
420,000
420,000
420,000
Trade creditors
545,833
418,092
99
99
Amounts owed to group undertakings
1,280,488
804,657
1,609,641
1,167,657
Other taxation and social security
237,042
367,275
23,018
24,838
Deferred income
65,000
Other creditors
13,217
12,798
317
209
Accruals and deferred income
188,786
206,923
5,000
5,133
3,570,067
3,156,251
2,058,075
1,617,936
Included within other borrowings is an amount of £703,524 (2020: £501,954) due in respect of an invoice discounting facility. The amount has been secured against the book debts of the group.
Bank overdrafts and loans are secured by way of a fixed and floating charge over all assets of the group.
Included within accruals is an amount of £112,781 (2020: £112,781) which has been provided for in order to spread a lease incentive over the term of the lease on a straight line basis.
10
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
11
194,444
350,000
Loan from parent company
11
420,000
420,000
194,444
770,000
-
420,000
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Creditors: amounts falling due after more than one year
(Continued)
- 18 -
Bank overdrafts and loans are secured by way of a fixed and floating charge over all assets of the group.
11
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
194,444
500,000
Bank overdrafts
171,626
209,552
Loans from parent company
420,000
840,000
420,000
840,000
Other borrowings
703,524
501,954
Other loans
9,551
-
-
-
1,499,145
2,051,506
420,000
840,000
Payable within one year
1,304,701
1,281,506
420,000
420,000
Payable after one year
194,444
770,000
420,000
Bank loans and borrowings are secured by way of a fixed and floating charge over all assets of the group.
The other borrowings relate to an invoice discounting facility.
12
Provisions for liabilities
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Dilapidations
20,000
20,000
-
-
Deferred tax liabilities
44,917
46,146
64,917
66,146
13
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2021
2020
2021
2020
£
£
£
£
Total commitments
1,433,373
1,623,525
-
-
RATTAY HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
14
Controlling party
The company's ultimate controlling entity is Rattay Group GmbH, a company incorporated in Germany. The registered office of Rattay Group GmbH is In der Beckuhl 20, 46569 Hünxe, Germany.
The smallest and largest group within which this group's financial statements are consolidated are those of Rattay Group GmbH.
15
Audit report information
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 20062022-03-08:
The auditor's report was unqualified.
The senior statutory auditor was Paul Maberly FCA and the auditor was Mercer & Hole.
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