Company Registration No. 10468377 (England and Wales)
RHENUS HOME DELIVERY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
RHENUS HOME DELIVERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
RHENUS HOME DELIVERY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,974
987
Tangible assets
5
901,804
968,200
903,778
969,187
Current assets
Debtors
6
2,889,417
1,590,319
Cash at bank and in hand
105,332
321,230
2,994,749
1,911,549
Creditors: amounts falling due within one year
7
(5,770,331)
(4,143,767)
Net current liabilities
(2,775,582)
(2,232,218)
Total assets less current liabilities
(1,871,804)
(1,263,031)
Creditors: amounts falling due after more than one year
8
(1,970,000)
(1,970,000)
Provisions for liabilities
9
(515,427)
(511,913)
Net liabilities
(4,357,231)
(3,744,944)
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
(4,407,231)
(3,794,944)
Total equity
(4,357,231)
(3,744,944)

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 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 9 August 2022 and are signed on its behalf by:
G Hollington
Director
Company Registration No. 10468377
RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Rhenus Home Delivery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Liverpool Road, Eccles, Manchester, United Kingdom, M30 7RF.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The Rhenus group related parties have provided finance facilities to Rhenus Home Delivery Limited to enable the company to meet future liabilities as they fall due. The directors have obtained confirmation from relevant related parties that financial support will not be withdrawn in the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.true

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

1.4
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:

Software
20% straight line
RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
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
10% straight line
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% 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.

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. Financial assets classified as receivable within one year are not amortised.

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 and loans from fellow group, are initially recognised at transaction price. 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.

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.

RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.

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
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

1.10
Employee benefits

The company contributes to 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.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not yet paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately form the company in independently administered funds.

RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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

Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants represent amounts claimed under the Coronavirus Job Retention Scheme.

1.13
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.

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.

Key sources of estimation uncertainty
Provision for doubtful debts

The directors have reviewed trading balances owing to the company from its customers and made adequate provision for any debts where it is considered probable that the amount will not be recovered. The amounts would otherwise have been recognised in trade debtors.

Dilapidation provision

The company recognises dilapidations provisions on the leasehold properties it occupies. The directors assess the level of provision required on a property by property basis based on past experience within the property portfolio along with professional advice from qualified surveyors where appropriate. These provisions are reviewed annually to ensure that they reflect the current best estimate of the provision required.

RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
53
48
4
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2021
1,520,000
1,260
1,521,260
Additions
-
0
1,260
1,260
At 31 December 2021
1,520,000
2,520
1,522,520
Amortisation and impairment
At 1 January 2021
1,520,000
273
1,520,273
Amortisation charged for the year
-
0
273
273
At 31 December 2021
1,520,000
546
1,520,546
Carrying amount
At 31 December 2021
-
0
1,974
1,974
At 31 December 2020
-
0
987
987
RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
967,631
17,518
71,802
64,537
50,460
1,171,948
Additions
33,238
4,046
9,492
75,615
6,302
128,693
Disposals
-
0
-
0
-
0
-
0
(24,345)
(24,345)
Dilapidation provision adjustment
(38,019)
-
0
-
0
-
0
-
0
(38,019)
At 31 December 2021
962,850
21,564
81,294
140,152
32,417
1,238,277
Depreciation and impairment
At 1 January 2021
136,325
912
7,645
25,291
33,575
203,748
Depreciation charged in the year
104,315
4,032
13,246
20,901
8,998
151,492
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(18,767)
(18,767)
At 31 December 2021
240,640
4,944
20,891
46,192
23,806
336,473
Carrying amount
At 31 December 2021
722,210
16,620
60,403
93,960
8,611
901,804
At 31 December 2020
831,306
16,606
64,157
39,246
16,885
968,200
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,226,338
786,835
Amounts owed by group undertakings
625,748
459,126
Other debtors
1,037,331
344,358
2,889,417
1,590,319
RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
369,717
112,687
Amounts owed to group undertakings
4,770,667
3,646,855
Taxation and social security
80,895
44,269
Other creditors
549,052
339,956
5,770,331
4,143,767

Borrowings are secured by way of fixed and floating charges over the assets of the company.

8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Amounts owed to group undertakings
1,970,000
1,970,000
9
Provisions for liabilities
2021
2020
£
£
Dilapidation provision
417,911
455,930
Deferred tax liabilities
97,516
55,983
515,427
511,913
10
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 2006:

The auditor's report was unqualified.

The senior statutory auditor was Graham Rigby and the auditor was Azets Audit Services.
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
2,243,498
2,090,788
RHENUS HOME DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
12
Related party transactions

At the balance sheet date the company owed £2,402,405 (2020: £3,023,327) to Rhenus Logistics Limited In addition the company owed £2,328,493 (2020: £2,584,361) to Rhenus SE & Co. KG. Interest of £87,950 (2020: £108,098) was charged on the above balances in the period.

 

Included within debtors is a balance of £613,540 (2020: £458,897) due from group entities in relation to group relief on corporation tax and a balance of £12,208 (2020: £0) due from Rhenus High Tech.

 

Included within creditors are balances of £7,368 (2020: £5,797) due to Rhenus SN Digital GmbH & Co. KG, £612 (2020: £466) due to Rhenus Warehousing Solutions SE & Co. KG, £2,342 (2020: £1,890) due to Rhenus High Tech Limited and £27,267 (2020: £0) due to Rhenus Home Delivery GmbH.

 

 

13
Ultimate controlling party

At the current year end the company's parent company was Rhenus Beteiligungen International GmbH and its ultimate parent undertaking was Rethmann SE & Co, KG, a private company controlled by its directors. The results of the company are consolidated into Rethmann SE & Co. KG, a company incorporated in Germany.

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