Rhino Products Limited
Annual Report and Financial Statements
For the year ended 30 April 2023
Company Registration No. 04734369 (England and Wales)
Rhino Products Limited
Company Information
Directors
Mr S. Egerton
Ms V. Davies
Mr D. Williams
Mr J. Prince
Ms M James
Mr D Johnson
Company number
04734369
Registered office
Rhino House
Deans Road
Ellesmere Port
Cheshire
CH65 4DR
Auditor
Moore Kingston Smith LLP
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Rhino Products Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
Rhino Products Limited
Strategic Report
For the year ended 30 April 2023
Page 1
The directors present the strategic report for the year ended 30 April 2023.
Review of the business
The principal business activity of the company throughout the year was that of a manufacturer of vehicle accessory equipment for light commercial vehicles. The business has traded well throughout the financial year and has managed to report Turnover at a similar level to the 2022 financial year. This is despite Light Commercial Vehicle (LCV) Registrations showing a decline on the previous financial year of 8.5%. (data from SMMT). The Operating Profit has been negatively impacted in the year by significant increases in worldwide commodity prices with various commodities including Steel, Aluminium, Plastics and cardboard all increasing. This has negatively impacted the gross profits of the company and was initially caused by the Covid-19 pandemic and has been exasperated further by the war in Ukraine from February 2022 onwards. In addition to increases in direct manufacturing costs, the company has also incurred additional distribution costs due to fuel surcharges along with indirect cost increases in the year, with UK inflation running at over 10% for the majority of the financial year. This has led to increased costs in various services and increased staff costs with labour shortages across the UK economy having an adverse effect. |
Key performance indicators
The key performance indicators for Rhino Products Limited for the year ended 30 April 2023 were as follows:
2023 2022 % Growth
Turnover £17.45 m £17.59 m -0.1%
Operating Profit £1.74 m £3.00 m -41.9%
Operating Profit Margin 10.0% 17.1%
Turnover of £17.45 million for the year ended 30 April 2023 is directly in line with the year ended 30 April 2022. This is despite new LCV registrations in the UK decreasing by 8.5% compared to the period ending 30 April 2022 (data from SMMT). Market share for our products in the UK has been retained with sales slightly decreasing in other markets across the Rest of the World, in the year ended 30 April 2023.
Operating Profit of £1.74m has been achieved in the year ended 30 April 2023. This is 41.9% below the £3.00m achieved in the prior year. The directors are not concerned by the significant decrease in operating profit as the challenging economic conditions have made it a very difficult trading year. The expectation is that profitability will improve in the coming year with commodity prices stabilising and New LCV registrations steadily increasing.
Future developments and strategy
The Directors continue to re-invest revenues into Research & Development to ensure that Rhino Products remains a market leader in the UK and Europe for the manufacture of accessories for commercial vehicles. The company will continue to bring high-quality products to market through innovative designs led by its in-house design team with various new product releases expected in the next financial year.
The business intends to use its strong brand name and high-quality product portfolio to continue growing market share in its Domestic and European markets over the coming years along with seizing opportunities to increase its Rest of World customer base.
Rhino Products Limited
Strategic Report (Continued)
For the year ended 30 April 2023
Page 2
Principal risks and uncertainties
The management of the business and execution of the company’s strategy are subject to a number of risks. Economic Risk The key risks and uncertainties that the business faces are linked to the ongoing economic impacts of the coronavirus pandemic and the Ukraine war such as inflationary pressures from rising energy and commodity prices along with the supply shortages in new Light commercial vehicle (LCV) production and the wider implications this will have on the UK and worldwide economies. The company has managed to mitigate these issues as much as possible by having strong partnerships with its suppliers and forward pricing agreements in place where possible along with holding sufficient stock of both raw and finished products to prevent stock outs. This also positions the company well to deal with an uptick in sales activity when new LCV registrations return to more “normal” historic levels. We are also well protected from the rising energy costs in the short to medium term with fixed energy contracts in place until 2025 across both manufacturing sites in the UK. Business & Financial Risk One of the key business risks for the company is the risk of competition in both its Domestic and European markets. The company mitigates the risk of competition by supplying a wide range of high-quality products to various markets, catering to a number of different types of customers with bespoke fittings on a wide range of commercial vehicles. Rhino Products Limited predominantly conducts most of its trade in either GBP or Euros. This exposes the company up to an exchange rate risk when converting Euros into GBP. This exchange rate risk is offset by other entities in the Rhino group holding Euro bank accounts and using Euros to support their ongoing business operations. The company also purchases a proportion of its raw materials from Europe in Euros which also offsets this risk. Credit Risk As with any trading entity, the business is exposed to the risk of bad debts and potential recoverability issues from customers. The company mitigates this risk by credit checking customers, having credit limits in place along with having its exposure spread over a wide range of customers without an over reliance on any one customer in particular. |
Mr S. Egerton
Director
29 September 2023
Rhino Products Limited
Directors' Report
For the year ended 30 April 2023
Page 3
The directors present their report and financial statements for the year ended 30 April 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S. Egerton
Ms V. Davies
Mr D. Williams
Mr J. Prince
Ms M James
Mr D Johnson
Results and dividends
The results for the year are set out on page 10.
During the year the company declared ordinary dividends amounting to £100,280 (2022: £215,420).
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of research and development and future developments.
On behalf of the board
Mr S. Egerton
Director
29 September 2023
Rhino Products Limited
Directors' Responsibilities Statement
For the year ended 30 April 2023
Page 4
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.
Rhino Products Limited
Independent Auditor's Report
To the Members of Rhino Products Limited
Page 5
Opinion
We have audited the financial statements of Rhino Products Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, 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 FRS 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 30 April 2023 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.
Rhino Products Limited
Independent Auditor's Report (Continued)
To the Members of Rhino Products Limited
Page 6
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.
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 set out on page 4, 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.
Rhino Products Limited
Independent Auditor's Report (Continued)
To the Members of Rhino Products Limited
Page 7
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.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Rhino Products Limited
Independent Auditor's Report (Continued)
To the Members of Rhino Products Limited
Page 8
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Rhino Products Limited
Independent Auditor's Report (Continued)
To the Members of Rhino Products Limited
Page 9
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.
Jeremy Read
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
29 September 2023
Chartered Accountants
Statutory Auditor
The Shipping Building
The Old Vinyl Factory
Blyth Road
Hayes
London
UB3 1HA
Rhino Products Limited
Statement of Comprehensive Income
For the year ended 30 April 2023
Page 10
2023
2022
Notes
£
£
Turnover
3
17,445,343
17,598,058
Cost of sales
(9,378,678)
(8,742,068)
Gross profit
8,066,665
8,855,990
Distribution costs
(1,797,504)
(1,682,175)
Administrative expenses
(4,525,062)
(4,170,028)
Operating profit
4
1,744,099
3,003,787
Interest payable and similar expenses
7
(2,983)
(2,718)
Profit before taxation
1,741,116
3,001,069
Taxation
8
(100,292)
(362,957)
Profit for the financial year
1,640,824
2,638,112
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing.
Rhino Products Limited
Balance Sheet
As at 30 April 2023
Page 11
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
301,297
282,266
Tangible assets
11
1,644,951
1,982,088
1,946,248
2,264,354
Current assets
Stock
13
2,780,642
3,046,172
Debtors
14
7,637,194
6,012,202
Cash at bank and in hand
2,824,081
1,626,359
13,241,917
10,684,733
Creditors: amounts falling due within one year
15
(3,009,709)
(2,343,260)
Net current assets
10,232,208
8,341,473
Total assets less current liabilities
12,178,456
10,605,827
Creditors: amounts falling due after more than one year
16
(34,592)
(39,959)
Provisions for liabilities
Deferred tax liability
18
(235,256)
(197,804)
(235,256)
(197,804)
Net assets
11,908,608
10,368,064
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
11,907,608
10,367,064
Total equity
11,908,608
10,368,064
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr S. Egerton
Mr J. Prince
Director
Director
Company Registration No. 04734369
Rhino Products Limited
Statement of Changes in Equity
For the year ended 30 April 2023
Page 12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
1,000
7,944,372
7,945,372
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
2,638,112
2,638,112
Dividends
9
-
(215,420)
(215,420)
Balance at 30 April 2022
1,000
10,367,064
10,368,064
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
1,640,824
1,640,824
Dividends
9
-
(100,280)
(100,280)
Balance at 30 April 2023
1,000
11,907,608
11,908,608
Rhino Products Limited
Statement of Cash Flows
For the year ended 30 April 2023
Page 13
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
3,358,072
1,464,854
Interest paid
(2,983)
(2,718)
Income taxes refunded
28,622
32,637
Net cash inflow from operating activities
3,383,711
1,494,773
Investing activities
Purchase of intangible assets
(199,218)
(177,105)
Purchase of tangible fixed assets
(423,275)
(597,269)
Proceeds from disposal of tangible fixed assets
70,768
Loans made to other entities
(1,433,662)
(2,970,999)
Net cash used in investing activities
(2,056,155)
(3,674,605)
Financing activities
Net (payments)/ proceeds from borrowings
(29,554)
(5,707)
Dividends paid
(100,280)
(215,420)
Net cash used in financing activities
(129,834)
(221,127)
Net increase/(decrease) in cash and cash equivalents
1,197,722
(2,400,959)
Cash and cash equivalents at beginning of year
1,626,359
4,027,318
Cash and cash equivalents at end of year
2,824,081
1,626,359
Rhino Products Limited
Notes to the Financial Statements
For the year ended 30 April 2023
Page 14
1
Accounting policies
Company information
Rhino Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rhino House, Deans Road, Ellesmere Port, Cheshire, CH65 4DR.
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.
This 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:
The financial statements of the company are consolidated in the financial statements of Kruger Bidco Limited. These consolidated financial statements are available from its registered office, Rhino House, Deans Road, Ellesmere Port, United Kingdom, CH65 4DR.
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. The company generated a profit of £1,640,824 and had net assets of £11,908,608 and net current assets of £10,232,208 at the balance sheet date. The company has traded positively since the year-end. The directors have produced forecasts which take account of the current economic climate and as a result, they have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
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.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 15
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.
Assets under construction represent costs incurred in relation to developing software. These costs are not depreciated until the accounting period in which the software is brought into use.
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.
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:
Trademarks and patents
4 - 5 years
Development Costs
4 years
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
25% Reducing balance
Plant and machinery
20% Reducing balance & 20% straight line
Fixtures, fittings & computer equipment
20-25% Reducing balance & 20-33% straight line
Motor vehicles
25% Reducing balance
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 the profit or loss.
1.6
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Raw material costs are comprised of the direct cost of material.
Work in progress and finished goods are comprised of unit cost plus labour costs absorbed in machinery/manufacturing.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss. Reversals of impairment losses are also recognised in the profit or loss.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 16
1.7
Cash and cash equivalents
Cash and cash equivalents 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.
1.8
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.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 17
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, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate 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.
1.9
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.
1.10
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.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
1
Accounting policies
(Continued)
Page 18
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.14
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.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 19
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.
Critical judgements
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
Depreciation/amortisation
The annual depreciation and amortisation charges in respect of tangible and intangible fixed assets are based on the directors' best estimate of the useful economic lives and residual values of each asset class. The useful economic lives and residual values of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate.
Stock provisions
The company makes an estimate of the value of obsolete and slow moving stock lines based on the ageing of the stock in hand. Provisions are made where the estimated selling price less is less than the original cost.
Debtor provisions
The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors the directors consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Provisions are made when there is significant uncertainty over the timing or likelihood of the recovery of debts.
Deferred tax
Provisions for deferred tax assets and liabilities are made where the timing differences between the recognition of accounting and taxable profits can be assessed with reasonable certainty. Variances are provided for in full where the recognition criteria of FRS102 section 29 are met.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
17,445,343
17,598,058
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
3
Turnover and other revenue
(Continued)
Page 20
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,271,453
12,271,058
Europe
4,815,325
4,763,840
Rest of the world
358,565
563,160
17,445,343
17,598,058
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
4,494
1,774
Fess payable to the company's auditor for audit services
30,240
27,000
Fees payable to the company's auditor for the provision of non-audit services
4,740
4,250
Depreciation of owned tangible fixed assets
769,258
724,950
Depreciation of tangible fixed assets held under finance leases
23,410
4,752
Profit on disposal of tangible fixed assets
-
(34,088)
Amortisation of intangible assets
180,187
178,713
Cost of stock recognised as an expense
8,999,417
8,449,879
Operating lease charges
600,846
598,425
Included within fees payable to the company’s auditors is an amount of £3,360 (2022: £3,000) which relates to the audit fee relating to Rhino Products Holdings Limited, the immediate parent company.
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Manufacturing and distribution
55
54
Research and development
5
5
Administration and management
36
36
96
95
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
5
Employees
(Continued)
Page 21
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,719,618
2,416,302
Social security costs
272,823
231,455
Pension costs
114,002
102,614
3,106,443
2,750,371
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
521,766
510,855
Company pension contributions to defined contribution schemes
21,000
20,200
542,766
531,055
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
150,691
150,579
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
1,941
Other finance costs:
Interest on finance leases and hire purchase contracts
2,983
777
2,983
2,718
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 22
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
62,840
324,855
Deferred tax
Origination and reversal of timing differences
37,452
38,102
Total tax charge
100,292
362,957
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:
2023
2022
£
£
Profit before taxation
1,741,116
3,001,069
Expected tax charge based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
339,344
570,203
Tax effect of expenses that are not deductible in determining taxable profit
3,139
508
Group relief
(234,876)
(235,522)
Research and development tax credit
(40,383)
(36,557)
Patent box deduction
(30,585)
(11,017)
Other movements
63,653
92,495
Allowable capitalised revenue expenditure
(17,153)
Taxation charge for the year
100,292
362,957
9
Dividends
2023
2022
£
£
Interim paid
100,280
215,420
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 23
10
Intangible fixed assets
Goodwill
Software under construction
Trademarks and patents
Development Costs
Total
£
£
£
£
£
Cost
At 1 May 2022
360,000
301,263
1,645,837
2,307,100
Additions - internally developed
159,359
159,359
Additions - separately acquired
13,118
25,781
960
39,859
At 30 April 2023
360,000
13,118
327,044
1,806,156
2,506,318
Amortisation and impairment
At 1 May 2022
360,000
264,543
1,400,291
2,024,834
Amortisation charged for the year
28,115
152,072
180,187
At 30 April 2023
360,000
292,658
1,552,363
2,205,021
Carrying amount
At 30 April 2023
13,118
34,386
253,793
301,297
At 30 April 2022
36,720
245,546
282,266
11
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
2,295,748
2,554,582
1,279,187
104,420
6,233,937
Additions
53,054
321,305
24,619
56,553
455,531
At 30 April 2023
2,348,802
2,875,887
1,303,806
160,973
6,689,468
Depreciation and impairment
At 1 May 2022
1,399,580
1,861,631
958,883
31,755
4,251,849
Depreciation charged in the year
461,726
191,401
108,775
30,766
792,668
At 30 April 2023
1,861,306
2,053,032
1,067,658
62,521
5,044,517
Carrying amount
At 30 April 2023
487,496
822,855
236,148
98,452
1,644,951
At 30 April 2022
896,168
692,951
320,304
72,665
1,982,088
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
11
Tangible fixed assets
(Continued)
Page 24
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
72,578
63,732
12
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
7,090,875
5,571,629
Carrying amount of financial liabilities
Measured at amortised cost
2,684,620
2,080,156
13
Stock
2023
2022
£
£
Raw materials and consumables
1,579,025
1,768,717
Work in progress
113,075
73,455
Finished goods and goods for resale
1,088,542
1,204,000
2,780,642
3,046,172
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,839,120
1,753,536
Amounts owed by group undertakings
5,251,755
3,818,093
Prepayments and accrued income
546,319
440,573
7,637,194
6,012,202
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 25
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
30,887
22,818
Trade creditors
2,454,165
1,873,345
Amounts owed to group undertakings
18
Corporation tax
155,685
64,223
Other taxation and social security
203,996
238,840
Other creditors
24,571
14,755
Accruals and deferred income
140,387
129,279
3,009,709
2,343,260
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
34,592
39,959
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
34,292
25,139
In two to five years
40,641
41,898
74,933
67,037
Less: future finance charges
(9,454)
(4,260)
65,479
62,777
18
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 for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
235,256
197,804
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
18
Deferred taxation
(Continued)
Page 26
2023
Movements in the year:
£
Liability at 1 May 2022
197,804
Charge to profit or loss
37,452
Liability at 30 April 2023
235,256
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge in respect of defined contribution schemes
114,002
102,614
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.
The balance outstanding at the year end in respect of defined contribution schemes was £16,692 (2022: £14,755 ).
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
2,000
2,000
1,000
1,000
21
Operating lease commitments
Lessee
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:
2023
2022
£
£
Within one year
751,812
742,109
Between two and five years
2,274,839
2,515,511
In over five years
674,139
1,121,125
3,700,790
4,378,745
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 27
22
Financial commitments, guarantees and contingent liabilities
The company operates from leased premises and the terms of the lease may require those premises to be returned to the original condition noted on entry. The directors believe that the company has improved and maintained the property to a high standard of repair, and as such there is no significant uncertainty over the amount, if any, that may become payable on termination of the lease.
Rhino Products Limited, Rhino Products Holdings Limited, Kruger Bidco Limited, Rhino Products BV and AVS Steps Limited have given a multilateral guarantee in favour of HSBC bank. A second multilateral guarantee in favour of HSBC bank given by Kruger Bidco Limited, AVS Steps Limited, Rhino Products Holdings Limited, Rhino Products Limited, Hubb Systems Limited and Rhino Products BV. Total borrowings at the year end were £9,637,178.
The debentures held by the group are secured by way of fixed and floating charges in favour of the bank, against the assets of Kruger Bidco Limited, AVS Steps Limited, Rhino Products Holdings Limited, Rhino Products Limited, Hubb Systems Limited and Rhino Products BV.
23
Related party transactions
The company has taken the exemption to not disclose related party transactions with companies under the same control in accordance with FRS 102 - Section 33 "Related Party Disclosures".
The company has taken the exemption to disclose the remuneration of key management personnel as this information is disclosed in the parent company’s financial statements in accordance with FRS 102 - Section 33 "Related Party Disclosures".
24
Ultimate controlling party
The immediate parent company of Rhino Products Limited is Rhino Products Holdings Limited, a company incorporated in the United Kingdom. The ultimate parent company of Rhino Products Limited is Kruger Bidco Limited, a company incorporated in the United Kingdom.
The consolidated financial statements of Kruger Bidco Limited can be obtained from Rhino House, Deans Road, Ellesmere Port, Cheshire, CH65 4DR.
Rhino Products Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2023
Page 28
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,640,824
2,638,112
Adjustments for:
Taxation charged
100,292
362,957
Finance costs
2,983
2,718
Gain on disposal of tangible fixed assets
-
(34,088)
Amortisation and impairment of intangible assets
180,187
178,713
Depreciation and impairment of tangible fixed assets
792,668
729,702
Movements in working capital:
Decrease/(increase) in stock
265,530
(1,116,817)
Increase in debtors
(191,330)
(571,691)
Increase/(decrease) in creditors
566,918
(724,752)
Cash generated from operations
3,358,072
1,464,854
26
Analysis of changes in net funds
1 May 2022
Cash flows
30 April 2023
£
£
£
Cash at bank and in hand
1,626,359
1,197,722
2,824,081
Obligations under finance leases
(62,777)
(2,702)
(65,479)
1,563,582
1,195,020
2,758,602
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