Company registration number 02833782 (England and Wales)
REYDON SPORTS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
REYDON SPORTS PLC
COMPANY INFORMATION
Directors
P Brookes
F W Doherty
J McGovern
A Griffin
Secretary
P Brookes
Company number
02833782
Registered office
Unit 2 Birch Park
Giltbrook
Nottingham
NG16 2AR
Auditor
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
REYDON SPORTS PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
REYDON SPORTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
The Company performed very strongly again during 2023. New exclusive distribution agreements were signed with several major brands including Shock Doctor, Nerf, Opro, Franklin, Grangers and Murphy’s. In late 2023 Reydon Sports PLC was chosen to be the Exclusive Wholesale Distributor for Sports Retail UK and Ireland for SKECHERS with supply to commence to our customers in late Q1. Profits remained stable and a lot of effort was made to support the customer base during what was another challenging year for many retailers. Several product ranges performed exceptionally, in particular our Six Peaks outdoor brand and Precision training brand. During 2023 there was significant growth in the toy and leisure side of the business. The company remains totally dedicated to B2B sales and has firmly stated that it will not follow other brands into a B2C model.
The company's key financial and other performance indicators during the year were as follows:
Principal risks and uncertainties
Currency risk:
As a wholesaler highly reliant on imported goods, currency fluctuation remains a matter of risk for the Company. The Company continues to forward buy currency to minimise risk of currency loss.
Future developments
The Company will continue to develop its B2B offering to strive to be the easiest source of sports, toy and leisure goods to retailers in the UK, ROI, Europe and across the world. The board is acutely aware of the need to focus its activities on the needs of its customers and to continue to offer unrivalled service levels.
Financial KPIs
Unit 2023 2022
Turnover £ 14,959,696 15,585,558
Turnover growth % -5 15
Profit before tax £ 727,057 800,472
The board are pleased with the position at the year end, with particular reference to net current assets and net assets which have both increased by £446,688 and £364,222 respectively.
Section 172(1) statement
During the year ended 31 December 2023, the Board of Reydon Sports PLC considers, as individuals and collectively, that it has acted in a way it considers, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, and by having regard to stakeholders and matters set out in s172(1) (a-f) of the Act, in the decisions taken during the year.
It is important to the Board that we develop strong and positive relationships with our employees, customers, suppliers and investors, as well as government and regulators. We also strive to make a positive contribution to the environment and local communities in which we operate.
The following paragraphs summarise how the Directors’ fulfil their duties:
Likely consequences of long term decisions
The directors understand the business must continue to adapt to the evolving environment in which we operate, to continue to supply Sports Equipment, Toys and Leisure Products to the general public via retailers all over the world. As outlined in the Reydon Story, the rising standard of living of a growing global population is likely to continue to drive demand for Sports, Toy and Leisure Equipment for many years to come.
The interest of company employees
The directors recognise that Reydon’s employees are fundamental and core to our business and delivery of strategic ambitions. The success of our business depends on attracting, retaining, and motivating employees. From ensuring that we remain a positive employer, from pay and benefits to health, safety and workplace environment, the Directors factor the implications of decisions on employees and the wider workplace, where relevant and feasible. More information on this can be found within our report on Workforce Engagement.
REYDON SPORTS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Impact on the community and the environment
This aspect is inherent in our strategic ambitions, most notably in our ambitions to provide sports equipment at a grass roots level including clubs, schools, colleges, and universities. The Board also take reasonable steps to minimise any detrimental impact the Company’s operations may have on the environment.
Business relationships
Delivering our strategy requires strong mutually beneficial relationships with suppliers and customers. Reydon seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this alongside other standards are described in The Reydon General Business Principles, which are reviewed and approved by the board periodically. The Board also reviews and approves Reydon’s approach to suppliers which is set out in Reydon’s Supplier Principles. The business continuously assesses the priorities related to customers and those with whom we do business on these topics, for example, within the context of business strategy updates and investment proposals.
Reputation for high standards of business conduct
Reydon aims to meet the worlds growing need for sports equipment which are economically, environmentally, and socially responsible. The Board periodically reviews and approves clear frameworks, such as The Reydon General Business Principles, Reydon’s Code of Conduct, specific Ethics & Compliance manuals, and its Modern Slavery Statements, to ensure that its high standards are maintained both within Reydon businesses and the business relationships we maintain. This, complemented by the ways the Board is informed and monitors compliance with relevant governance standards help assure its decisions are taken and that Reydon companies act in ways that promote high standards of business conduct.
Acting fairly between members of the company
After weighing up all relevant factors, the Directors consider which course of action best enables delivery of our strategy through the long-term, taking into consideration the impact on stakeholders. In doing so, our Directors act fairly as between the Company’s members but are not required to balance the Company’s interest with those of other stakeholders, and this can sometimes mean that certain stakeholder interests may not be fully aligned.
Culture
The Board recognises that it has an important role in assessing and monitoring that our desired culture is embedded in the values, attitudes and behaviours we demonstrate, including in our activities and stakeholder relationships. The Board has established honesty, integrity and respect for people as Reydon’s core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone at Reydon act in line with these values and comply with relevant laws and regulations. The Reydon Commitment and Policy on Health, Safety, Security, Environment & Social Performance applies across Reydon and is designed to help protect people and the environment. We relentlessly pursue Goal Zero, our safety goal to achieve no harm and no leaks across all our operations. We also strive to maintain a diverse and inclusive culture.
The Board considers the Reydon People Survey to be one of its principal tools to measure employee engagement, motivation, affiliation and commitment to Reydon. It provides insights into employee views and has a consistently high response rate. The Board also utilises this engagement to understand how survey outcomes are being leveraged to strengthen Reydon culture and values.
F W Doherty
Director
28 March 2024
REYDON SPORTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the wholesale and distribution of sports goods.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £190,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Brookes
F W Doherty
S F Doherty
(Resigned 12 May 2023)
J McGovern
A Griffin
Financial instruments
Objectives and policies
The Company is exposed to the following risks from its use of financial instruments:
- Credit risk
- Liquidity risk:
- Currency risk:
The Directors have overall responsibility for the establishment and oversight of the Company's risk management framework.
The Company does not have a formal risk management policy program. The exposure to the above risks are monitored by the Board of Directors as part of its daily management of the Company activities.
Liquidity risk:
Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Company has procedures with the object of minimising such losses such as maintaining sufficient cash and other assets.
Currency risk:
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Company’s functional currency. The Company is exposed to foreign exchange risk rising from various currency exposures primarily with respect to the Euro and US Dollars. The Company’s management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.
Credit risk:
Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The Company has no significant concentration of credit risk. The Company has an insurance policy in place which ensures any failure by a party to discharge their obligations does not result in a significant reduction of cash inflows. In addition to this policy the Company ensures that sales of products and services are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its receivables.
REYDON SPORTS PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities
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.
Statement of disclosure to auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
On behalf of the board
F W Doherty
Director
28 March 2024
REYDON SPORTS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REYDON SPORTS PLC
- 5 -
Opinion
We have audited the financial statements of Reydon Sports PLC (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
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.
REYDON SPORTS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REYDON SPORTS PLC
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;
• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
• enquiring of management as to actual and potential fraud, litigation and claims;
• designing our audit procedures to respond to our risk assessment;
• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
• performing analytical procedures to identify any large, unusual or unexpected relationships.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
REYDON SPORTS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REYDON SPORTS PLC
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Gavin Robert Booth (Senior Statutory Auditor)
For and on behalf of Ashgates Corporate Services Limited, Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
DE24 8HG
28 March 2024
REYDON SPORTS PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,959,696
15,585,558
Cost of sales
(10,002,345)
(10,966,557)
Gross profit
4,957,351
4,619,001
Distribution costs
(2,320,959)
(2,269,862)
Administrative expenses
(1,711,263)
(1,433,162)
Operating profit
4
925,129
915,977
Interest payable and similar expenses
8
(198,072)
(115,505)
Profit before taxation
727,057
800,472
Tax on profit
9
(172,835)
(157,296)
Profit for the financial year
554,222
643,176
REYDON SPORTS PLC
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
135,417
226,313
Investments
12
84
84
135,501
226,397
Current assets
Stocks
14
5,309,545
5,489,336
Debtors
15
2,311,577
2,260,547
Cash at bank and in hand
175,541
144,956
7,796,663
7,894,839
Creditors: amounts falling due within one year
16
(2,981,000)
(3,525,864)
Net current assets
4,815,663
4,368,975
Total assets less current liabilities
4,951,164
4,595,372
Provisions for liabilities
Deferred tax liability
19
13,036
21,466
(13,036)
(21,466)
Net assets
4,938,128
4,573,906
Capital and reserves
Called up share capital
21
2,000,000
2,000,000
Profit and loss reserves
2,938,128
2,573,906
Total equity
4,938,128
4,573,906
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
F W Doherty
Director
Company registration number 02833782 (England and Wales)
REYDON SPORTS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2,000,000
2,100,730
4,100,730
Year ended 31 December 2022:
Profit and total comprehensive income
-
643,176
643,176
Dividends
10
-
(170,000)
(170,000)
Balance at 31 December 2022
2,000,000
2,573,906
4,573,906
Year ended 31 December 2023:
Profit and total comprehensive income
-
554,222
554,222
Dividends
10
-
(190,000)
(190,000)
Balance at 31 December 2023
2,000,000
2,938,128
4,938,128
REYDON SPORTS PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,738,314
598,498
Interest paid
(198,072)
(115,505)
Income taxes paid
(162,934)
(162,968)
Net cash inflow from operating activities
1,377,308
320,025
Investing activities
Purchase of tangible fixed assets
(7,881)
(70,368)
Net cash used in investing activities
(7,881)
(70,368)
Financing activities
(Repayment) of/proceeds from bank loans
(379,085)
259,747
Dividends paid
(190,000)
(170,000)
Net cash (used in)/generated from financing activities
(569,085)
89,747
Net increase in cash and cash equivalents
800,342
339,404
Cash and cash equivalents at beginning of year
(819,823)
(1,159,227)
Cash and cash equivalents at end of year
(19,481)
(819,823)
Relating to:
Cash at bank and in hand
175,541
144,956
Bank overdrafts included in creditors payable within one year
(195,022)
(964,779)
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Reydon Sports PLC is a public company limited by shares incorporated in England and Wales. The registered office is Unit 2 Birch Park, Giltbrook, Nottingham, NG16 2AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 405(2) of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes the companytrue will continue to trade.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the bank.
The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current banking facility. This banking facility has been agreed for the following 12 months in Mar-24 with terms which are expected to meet the company's future borrowing needs.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover 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.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Fixtures and fittings
10%, 20% & 25% straight line
Office equipment
10%, 15% & 33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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 (or cash-generating unit) 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 (or cash-generating unit) 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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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.
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.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.
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
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.13
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.
1.14
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.
1.15
Exemption from preparing group accounts
The company is part of a group by virtue of having a wholly owned subsidiary. The company has taken advantage of the exemption provided by Section 405(2) of the Companies Act 2006 and has not prepared group accounts.
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
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Carrying value of stocks
Management review the market value of and demand for its stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable value. Any provision for impairment is recorded against the carrying value of stocks. Management use their knowledge of the market conditions, historical experiences and estimates of future events to assess future demand for the Comapny's products and achievable selling prices.
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
14,959,696
15,585,558
2023
2022
£
£
Turnover analysed by geographical market
UK
10,202,319
10,347,824
Europe
4,630,886
5,086,536
Rest of world
126,491
151,198
14,959,696
15,585,558
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
67,419
(80,212)
Depreciation of owned tangible fixed assets
58,428
93,605
Loss on disposal of tangible fixed assets
40,349
-
Operating lease charges
148,596
148,596
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,100
11,185
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration and support
23
24
Distribution
21
22
Total
44
46
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,417,226
1,371,217
Social security costs
116,404
122,335
Pension costs
53,484
63,405
1,587,114
1,556,957
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
275,606
294,065
Company pension contributions to defined contribution schemes
17,226
32,185
292,832
326,250
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
104,100
100,953
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
100,806
81,953
Other interest on financial liabilities
97,266
33,552
198,072
115,505
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
181,244
162,852
Adjustments in respect of prior periods
21
(1,587)
Total current tax
181,265
161,265
Deferred tax
Origination and reversal of timing differences
(8,430)
(3,969)
Total tax charge
172,835
157,296
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
727,057
800,472
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
170,858
152,090
Tax effect of expenses that are not deductible in determining taxable profit
1,811
1,435
Adjustments in respect of prior years
21
(1,589)
Tax increase from changes in pension fund prepayment
3
Tax increase from effect of capital allowances and depreciation
8,575
9,324
Other tax effects for reconciliation between accounting profit and tax expense (income)
(8,430)
(3,967)
Taxation charge for the year
172,835
157,296
The amount of net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £12,859 (2022 - £19,706).
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Dividends
2023
2022
£
£
Interim paid
190,000
170,000
11
Tangible fixed assets
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
359,574
221,368
48,987
629,929
Additions
7,881
7,881
Disposals
(46,967)
(46,967)
At 31 December 2023
359,574
182,282
48,987
590,843
Depreciation and impairment
At 1 January 2023
196,578
158,051
48,987
403,616
Depreciation charged in the year
51,069
7,359
58,428
Eliminated in respect of disposals
(6,618)
(6,618)
At 31 December 2023
247,647
158,792
48,987
455,426
Carrying amount
At 31 December 2023
111,927
23,490
135,417
At 31 December 2022
162,996
63,317
226,313
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
84
84
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 & 31 December 2023
84
Carrying amount
At 31 December 2023
84
At 31 December 2022
84
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Reydon Sports Europe B.V.
Barbara Strozzilaan 201, 1083HN, Amsterdam, Netherlands
Dormant company
Ordinary
100.00
The principal activity of Reydon Sports Europe B.V. is that of a dormant company.
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
5,309,545
5,489,336
Impairment of stocks
The amount of impairment loss included in profit or loss is £85,275 (2022 - £9,056).
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,082,096
2,137,335
Other debtors
42,572
30,448
Prepayments and accrued income
186,909
92,764
2,311,577
2,260,547
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Loans and borrowings
17
195,022
1,343,864
Trade creditors
253,249
790,827
Corporation tax
181,244
162,913
Other taxation and social security
312,132
296,167
Other creditors
1,926,584
814,168
Accruals and deferred income
112,769
117,925
2,981,000
3,525,864
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
17
Loans and borrowings
2023
2022
£
£
Bank loans
379,085
Bank overdrafts
195,022
964,779
195,022
1,343,864
Payable within one year
195,022
1,343,864
The bank overdraft balance of £195,022 (2022 - £964,779) is secured by a fixed and floating charge over the assets of the Company.
The bank borrowings balance of £Nil (2022 - £379,085) is secured by a fixed and floating charge over the assets of the Company.
18
Provisions for liabilities
2023
£
At 1 January 2023
21,466
Additional provisions in the year
(8,430)
At 31 December 2023
13,036
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
13,036
21,466
2023
Movements in the year:
£
Liability at 1 January 2023
21,466
Credit to profit or loss
(8,430)
Liability at 31 December 2023
13,036
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,484
63,405
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.
Contributions totaling £867 (2022 - £866) were payable to the scheme at the end of the year and are included in creditors.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
All shares rank equally, each share entitles each holder to 1 vote, entitles the holder to dividend payments or any due distribution the directors declare, each share entitles the holder pari passu to any return of capital on a pro rate basis, and shares are not to be redeemed or liable to be redeemed, whether at the option of the company or shareholders.
22
Reserves
Profit and Loss Account
The Profit and Loss Account represents cumulative profits and losses net of dividends and other adjustments.
23
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
156,927
156,927
Between two and five years
431,549
588,476
588,476
745,403
The amount of non-cancellable operating lease payments recognised as an expense during the year was £148,596 (2022 - £148,596).
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
24
Related party transactions
Transactions with related parties
Entities with common director
The following transactions were made with these related parties:
At the balance sheet date the amount due to other related parties was £8,097 (2022 - £10,000).
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
237,633
111,969
157,939
178,003
Shareholders of the Company
At the balance sheet date the Company had outstanding unsecured loans with the shareholders totaling £1,929,511 (2022 - £790,297), repayable on demand.
During the year amounts of £930,000 (2022 - £640,000) were introduced and amounts of £66,270 (2022 - £165,530) were repaid.
Interest is charged at 3.5% over the Bank of England base rate and during the year £85,484 (2022 - £33,552) was charged.
25
Ultimate controlling party
The ultimate controlling parties are F E Doherty and F W Doherty.
26
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
554,222
643,176
Adjustments for:
Taxation charged
172,835
157,296
Finance costs
198,072
115,505
Loss on disposal of tangible fixed assets
40,349
-
Depreciation and impairment of tangible fixed assets
58,428
93,605
Movements in working capital:
Decrease/(increase) in stocks
179,791
(1,330,488)
(Increase)/decrease in debtors
(51,030)
386,809
Increase in creditors
585,647
532,595
Cash generated from operations
1,738,314
598,498
REYDON SPORTS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
27
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
144,956
30,585
175,541
Bank overdrafts
(964,779)
769,757
(195,022)
(819,823)
800,342
(19,481)
Borrowings excluding overdrafts
(379,085)
379,085
-
(1,198,908)
1,179,427
(19,481)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300F W DohertyS F DohertyJ McGovernA GriffinA GriffinP Brookesfalse028337822023-01-012023-12-3102833782bus:CompanySecretaryDirector12023-01-012023-12-3102833782bus:Director12023-01-012023-12-3102833782bus:Director32023-01-012023-12-3102833782bus:Director42023-01-012023-12-3102833782bus:CompanySecretary12023-01-012023-12-3102833782bus:Director22023-01-012023-12-3102833782bus:Director52023-01-012023-12-3102833782bus:RegisteredOffice2023-01-012023-12-31028337822023-12-31028337822022-01-012022-12-3102833782core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102833782core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31028337822022-12-3102833782core:FurnitureFittings2023-12-3102833782core:ComputerEquipment2023-12-3102833782core:MotorVehicles2023-12-3102833782core:FurnitureFittings2022-12-3102833782core:ComputerEquipment2022-12-3102833782core:MotorVehicles2022-12-3102833782core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3102833782core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3102833782core:CurrentFinancialInstruments2023-12-3102833782core:CurrentFinancialInstruments2022-12-3102833782core:ShareCapital2023-12-3102833782core:ShareCapital2022-12-3102833782core:RetainedEarningsAccumulatedLosses2023-12-3102833782core:RetainedEarningsAccumulatedLosses2022-12-3102833782core:ShareCapital2021-12-3102833782core:RetainedEarningsAccumulatedLosses2021-12-310283378212023-01-012023-12-310283378212022-01-012022-12-31028337822022-12-31028337822021-12-3102833782core:WithinOneYear2023-12-3102833782core:WithinOneYear2022-12-3102833782core:FurnitureFittings2023-01-012023-12-3102833782core:ComputerEquipment2023-01-012023-12-3102833782core:MotorVehicles2023-01-012023-12-3102833782core:UKTax2023-01-012023-12-3102833782core:UKTax2022-01-012022-12-310283378222023-01-012023-12-310283378222022-01-012022-12-310283378232023-01-012023-12-310283378232022-01-012022-12-3102833782core:FurnitureFittings2022-12-3102833782core:ComputerEquipment2022-12-3102833782core:MotorVehicles2022-12-3102833782core:Non-currentFinancialInstruments2023-12-3102833782core:Non-currentFinancialInstruments2022-12-310283378212023-01-012023-12-3102833782core:BetweenTwoFiveYears2023-12-3102833782core:BetweenTwoFiveYears2022-12-3102833782core:OtherRelatedPartiescore:SaleOrPurchaseGoods2023-01-012023-12-3102833782core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-01-012022-12-3102833782bus:PrivateLimitedCompanyLtd2023-01-012023-12-3102833782bus:FRS1022023-01-012023-12-3102833782bus:Audited2023-01-012023-12-3102833782bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP