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Registered number: 09932240









ROLLCO GROUP HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
G Malhotra 
S K Malhotra 
U Malhotra 




Registered number
09932240



Registered office
22/25 Paycocke Road
Basildon

Essex

SS14 3DR




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
ROLLCO GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 38


 
ROLLCO GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
The principal activity of the Group in the year under review was that of the wholesale of automotive components in the after-market segment in the UK and Europe.

Business review
 
The business delivered a moderately improved performance during 2022-2023 and forecast to achieve upward trend in sales continuing in 2023-24.
2022-23 saw a significant increase in existing product lines range and long-term sales agreement with a major customer demonstrating the Group’s continued ability to introduce and sell the new products in the market.
In 2023-24, the focus shall be the re-balancing of portfolio by expanding brake Discs, Pads & Steering racks including other automotive parts thereby reducing the share of Rotating Electrics (Starter/Alternators) & Brake Calipers.
Further in 2023-24, the Group are taking action to strengthen the sales team & and increase product lines and ranges to deliver better performance.

Principal risks and uncertainties
 
Principle risks affecting the business are operational risk and supply chain disruptions due to geo-political situation in Far east. 
Procurement 
Since more than 90% of purchases are from China, the Group is vulnerable to market fluctuations. To minimise the impact, the Group carries more than 8 months of stock which will help in managing the disruptions in the supply chain. In addition, long term arrangements have been finalised with key suppliers to manage the risk of price changes. 
Currency 
More than 95% of procurement transactions are conducted in USD & RMB; hence, the risk of currency exposure is enhanced. The Group actively manages the currency exposure by hedging through up to 70% through forward contracts. 
Interest risk 
Interest on loans is based on Bank of England's base rate (currently at 5.25%) plus margins and are likely to remain flat next year and forecast to decline marginally towards end of 2023-24. 
The increased sales performance and reduction of loan exposure have reduced this risk and further the interest outlook are also likely to turn favourable in 2023-24. Therefore, the Group do not require any interest hedging at present.
Credit and Liquidity 
Careful screening of new customers and dealing with only established and reputable Motor Factors/wholesalers have mitigates the risk of debtors' default and delays in collection. 


 
Page 1

 
ROLLCO GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Competition Risk 
High competition levels will continue to be a factor in the sector. Competitors are looking to emulate our successful business model in certain areas of our business. The Group seeks and secures long-term supply and pricing arrangements to ensure continuity of sales. 
The Group already have long term agreements with key customers to ameliorate the competition risk.

Financial key performance indicators
 
Turnover and gross profit margin are the key performance indicators. 
During 2022-23, sales increased to £12.2m (2021-2022 £11.5m) due to post Covid recovery & stabilising market demand. 
Profits for the year after tax in 2022-23 was £765.9k (2021-22 £2.54m).

Outlook and Post Balance Sheet Events
 
Post Covid-19, the Group have reverted to normal operations with no disruptions to supply performance. 
2023-24 is expected to grow steadily due to mix of volume/price increases and introduction of new products ranges within Brake Discs & Pads segment.


This report was approved by the board on 22 August 2024 and signed on its behalf.



G Malhotra
Director

Page 2

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Results and dividends

The profit for the year, after taxation, amounted to £765,955 (2022 - £2,538,225).

Directors

The directors who served during the year were:

G Malhotra 
S K Malhotra 
U Malhotra 

Future developments

Business development is the key growth driver for the business.
The Group can see opportunities as the world put COVID-19 lockdown scenario behind. With a lean organisation structure and proactive management, the Group is well equipped to leverage the opportunities into increased sales and profits in 2023-24. 

Financial instruments

The Group's operations expose it to a variety of financial risks that include the effects of changes in foreign currency exchange rates, credit risks, liquidity risk and interest rate risk.
The Group has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the Group by monitoring levels of cash. The monitoring of financial risk management is the responsibility of the director.
Foreign currency risk
The Group's principal foreign currency exposures arise from overseas trade. The Group has hedging arrangements in place.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. The directors maintain tight control over all amounts due to the Group.
Liquidity risk
The Group manages its cash and borrowing requirements to ensure that the Group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The Group has interest bearing assets and liabilities. Interest bearing assets include only cash balances that earn interest at a floating rate. Interest bearing liabilities only include bank borrowings.

Page 3

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no material events affecting the Group since the year end. 
The ultimate impact of Ukraine/Palestine war disruptions, COVID-19 on the UK, the world economies, are largely addressed. In addition, through appropriate consideration of risks as part of its normal risk management processes and mitigating actions both already taken and available to be taken, the directors consider it appropriate for the going concern basis to be adopted for these accounts. 

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





G Malhotra
Director

Page 4

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLCO GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Rollco Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 30 November 2023 and of the Group's 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.


Basis for opinion


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 6

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLCO GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLCO GROUP HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group 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:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented.
 
Page 8

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLCO GROUP HOLDINGS LIMITED (CONTINUED)



• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted with no description.


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.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our 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 2006Our 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 Auditors' 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.





Thomas Rogers BA ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

22 August 2024
Page 9

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,181,980
11,549,000

Cost of sales
  
(8,353,940)
(8,104,265)

Gross profit
  
3,828,040
3,444,735

Distribution costs
  
(609,522)
(484,365)

Administrative expenses
  
(1,949,850)
(1,914,073)

Other operating income
 5 
75,147
64,130

Fair value movements
  
-
2,280,363

Operating profit
 6 
1,343,815
3,390,790

Interest payable and similar expenses
 10 
(346,918)
(195,157)

Profit before taxation
  
996,897
3,195,633

Tax on profit
 11 
(230,942)
(657,408)

Profit for the financial year
  
765,955
2,538,225

Profit for the year attributable to:
  

Owners of the parent Company
  
765,955
2,538,225

  
765,955
2,538,225

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 
ROLLCO GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 09932240

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
205,615
234,308

Investment property
 16 
8,003,002
8,003,002

  
8,208,617
8,237,310

Current assets
  

Stocks
 17 
6,600,585
7,918,536

Debtors: amounts falling due within one year
 18 
3,816,183
3,213,240

Cash at bank and in hand
 19 
310,611
11,871

  
10,727,379
11,143,647

Creditors: amounts falling due within one year
 20 
(2,313,024)
(3,448,616)

Net current assets
  
 
 
8,414,355
 
 
7,695,031

Total assets less current liabilities
  
16,622,972
15,932,341

Creditors: amounts falling due after more than one year
 21 
(3,110,715)
(3,727,515)

Provisions for liabilities
  

Deferred taxation
 24 
(589,731)
(596,255)

  
 
 
(589,731)
 
 
(596,255)

Net assets
  
12,922,526
11,608,571


Capital and reserves
  

Called up share capital 
 25 
663,403
13,403

Capital redemption reserve
 26 
1,039,097
1,039,097

Investment property reserve
 26 
2,101,489
2,101,489

Profit and loss account
 26 
9,118,537
8,454,582

Equity attributable to owners of the parent Company
  
12,922,526
11,608,571


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.


G Malhotra
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 
ROLLCO GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 09932240

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
13,403
13,403

  
13,403
13,403

Current assets
  

Debtors: amounts falling due within one year
 18 
753,805
119,710

  
753,805
119,710

Creditors: amounts falling due within one year
 20 
(102,000)
(25,905)

Net current assets
  
 
 
651,805
 
 
93,805

Total assets less current liabilities
  
665,208
107,208

  

  

Net assets
  
665,208
107,208


Capital and reserves
  

Called up share capital 
 25 
663,403
13,403

Profit and loss account brought forward
  
93,805
99,209

Profit for the year
  
10,000
-

Other changes in the profit and loss account

  

(102,000)
(5,404)

Profit and loss account carried forward
  
1,805
93,805

  
665,208
107,208


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.


G Malhotra
Director

The notes on pages 18 to 38 form part of these financial statements.

Page 12

 
ROLLCO GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 December 2022
13,403
1,039,097
2,101,489
8,454,582
11,608,571


Comprehensive income for the year

Profit for the year
-
-
-
765,955
765,955


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(102,000)
(102,000)

Shares issued during the year
650,000
-
-
-
650,000


At 30 November 2023
663,403
1,039,097
2,101,489
9,118,537
12,922,526



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 December 2021
13,403
1,039,097
391,217
7,632,033
9,075,750


Comprehensive income for the year

Profit for the year
-
-
-
2,538,225
2,538,225

Transfer on revaluation
-
-
1,710,272
(1,710,272)
-


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(5,404)
(5,404)


At 30 November 2022
13,403
1,039,097
2,101,489
8,454,582
11,608,571


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 
ROLLCO GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
13,403
93,805
107,208


Comprehensive income for the year

Profit for the year
-
10,000
10,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(102,000)
(102,000)

Shares issued during the year
650,000
-
650,000


At 30 November 2023
663,403
1,805
665,208



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2021
13,403
99,209
112,612


Contributions by and distributions to owners

Dividends: Equity capital
-
(5,404)
(5,404)


At 30 November 2022
13,403
93,805
107,208


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 
ROLLCO GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
765,955
2,538,225

Adjustments for:

Depreciation of tangible assets
61,125
75,106

Loss on disposal of tangible assets
7,452
100

Interest paid
346,918
195,157

Taxation charge
230,941
657,410

Decrease/(increase) in stocks
1,317,951
(1,083,070)

(Increase)/decrease in debtors
(602,943)
984,213

(Decrease)/increase in creditors
(289,675)
238,212

Net fair value losses/(gains) recognised in P&L
-
(2,280,363)

Corporation tax (paid)
(169,171)
(230,636)

Net cash generated from operating activities

1,668,553
1,094,354


Cash flows from investing activities

Purchase of tangible fixed assets
(39,883)
(66,943)

Sale of tangible fixed assets
-
2,000

Net cash from investing activities

(39,883)
(64,943)

Cash flows from financing activities

Issue of ordinary shares
650,000
-

Repayment of loans
(689,024)
(478,028)

Movements on invoice discounting
(887,162)
(551,310)

Dividends paid
(102,000)
(5,404)

Interest paid
(346,918)
(195,157)

Net cash used in financing activities
(1,375,104)
(1,229,899)

Net increase/(decrease) in cash and cash equivalents
253,566
(200,488)
Page 15

 
ROLLCO GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
(176,925)
23,563

Cash and cash equivalents at the end of year
76,641
(176,925)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
310,611
11,871

Bank overdrafts
(233,970)
(188,796)

76,641
(176,925)


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 
ROLLCO GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

11,871

298,740

310,611

Bank overdrafts

(188,796)

(45,174)

(233,970)

Debt due after 1 year

(2,287,325)

484,028

(1,803,297)

Debt due within 1 year

(446,053)

204,995

(241,058)


(2,910,303)
942,589
(1,967,714)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Rollco Group Holdings Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 09932240. The address of the registered office is 22/25 Paycocke Road, Basildon, Essex, United Kingdom, SS14 3DR. This is a non-trading holding company. The principal activity of the group is disclosed in the notes to the accounts.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 December 2016.

Page 18

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales are recognised on the date of delivery.
Revenue recognised by the company in respect of rent invoiced, exclusive of Value Added Tax.
Rental income is recognised for the period for which it is payable.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 20

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 21

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
straight line
Improvements to the leasehold property
-
over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 22

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.19

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


Page 24

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors consider that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Page 25

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
12,181,980
11,549,000

12,181,980
11,549,000


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,048,170
8,542,457

Rest of Europe
1,133,810
3,006,543

12,181,980
11,549,000



5.


Other operating income

2023
2022
£
£

Ground rent receivable
61,200
60,960

Sundry income
13,947
3,170

75,147
64,130



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
29,500
28,900

Exchange differences
19,843
(29,402)

Depreciation of tangible fixed assets
(61,215)
(75,106)

Page 26

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
5,250
4,750


.


Fees payable to the Group's auditor and its associates in respect of:

2023
2022
£
£



Audit of subsidiaries
24,250
22,750

Taxation compliance services
1,455
1,400

25,705
24,150


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
728,212
661,834
-
-

Social security costs
74,338
65,469
-
-

Cost of defined contribution scheme
12,963
12,262
-
-

815,513
739,565
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
28
28
3
3

The Company has no employees other than the directors, who did not receive any remuneration (2022: £Nil).

Page 27

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Directors' remuneration




During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
174,721
116,299

Other loan interest payable
172,197
78,858

346,918
195,157


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
237,466
169,172

Total current tax
237,466
169,172

Deferred tax


Origination and reversal of timing differences
(6,524)
488,236

Total deferred tax
(6,524)
488,236


Tax on profit
230,942
657,408
Page 28

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
996,897
3,195,633


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
229,286
607,170

Effects of:


Other differences leading to an increase (decrease) in the tax charge
1,656
50,238

Total tax charge for the year
230,942
657,408

The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023 with a marginal rate applicable when taxable profits are between £50,000 to £250,000. This results in the increase in tax rate shown above. 
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£
£


Dividends
102,000
5,404

102,000
5,404

Page 29

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Intangible assets

Group and Company





Goodwill

£





At 1 December 2022
120,000


Disposals
(120,000)



At 30 November 2023

-





At 1 December 2022
120,000


On disposals
(120,000)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 30

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
401,196
122,061
406,889
358,200
1,288,346


Additions
12,030
20,833
7,021
-
39,884


Disposals
-
(17,664)
-
-
(17,664)



At 30 November 2023

413,226
125,230
413,910
358,200
1,310,566



Depreciation


At 1 December 2022
366,730
79,897
249,211
358,200
1,054,038


Charge for the year on owned assets
12,689
13,889
34,547
-
61,125


Disposals
-
(10,212)
-
-
(10,212)



At 30 November 2023

379,419
83,574
283,758
358,200
1,104,951



Net book value



At 30 November 2023
33,807
41,656
130,152
-
205,615



At 30 November 2022
34,466
42,164
157,678
-
234,308

Page 31

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 December 2022
13,403



At 30 November 2023
13,403





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Rolling Components Limited
Ordinary
100%
Rollco Properties Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Rolling Components Limited
8,921,149
490,031

Rollco Properties Limited
3,349,571
275,923

Page 32

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Investment property

Group


Freehold investment property

£



Valuation


At 1 December 2022
8,003,002



At 30 November 2023
8,003,002

The 2023 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
5,247,032
5,247,032

5,247,032
5,247,032



17.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
6,600,585
7,918,536

6,600,585
7,918,536


Page 33

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Factored debts
3,557,354
2,784,544
-
-

Amounts owed by group undertakings
-
-
753,805
119,710

Other debtors
170,430
354,722
-
-

Prepayments and accrued income
88,399
73,974
-
-

3,816,183
3,213,240
753,805
119,710



19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
310,611
11,871

Less: bank overdrafts
(233,970)
(188,796)

76,641
(176,925)



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
233,970
188,796
-
-

Bank loans
241,058
446,053
-
-

Trade creditors
102,660
626,176
-
-

Amounts owed to group undertakings
-
-
-
20,501

Corporation tax
237,466
169,172
-
-

Other taxation and social security
330,922
75,469
-
-

Proceeds of factored debts
168,577
1,055,739
-
-

Other creditors
764,608
696,599
102,000
5,404

Accruals and deferred income
233,763
190,612
-
-

2,313,024
3,448,616
102,000
25,905


Page 34

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

21.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
1,803,297
2,287,325

Other creditors
1,307,418
1,440,190

3,110,715
3,727,515


The bank loans are secured by a debenture over all property and assets of the company, first legal charge over a property owned by the company, and a guarantee by the directors S K Malhotra and U Malhotra for £2,600,000.


22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
241,058
446,053

Amounts falling due 1-2 years

Bank loans
234,036
326,318

Amounts falling due 2-5 years

Bank loans
702,109
947,800

Amounts falling due after more than 5 years

Bank loans
867,151
1,013,207

2,044,354
2,733,378



23.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
310,611
11,871




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

Page 35

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


Deferred taxation


Group



2023


£






At beginning of year
(596,255)


Charged to profit or loss
6,524



At end of year
(589,731)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(19,640)
(26,164)

Fair value movements
(570,091)
(570,091)

(589,731)
(596,255)


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,340,300 (2022 - 1,340,300) Ordinary shares shares of £0.01 each
13,403
13,403
650,000 (2022 - ) Redeemable preference shares shares of £1.00 each
650,000
-

663,403

13,403




Page 36

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

26.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents cumulative effects of fair value adjustments on investment properties net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


27.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £12,963 (2022: £12,262). As at the year end the pensions payable balance was £236 (2022: £1,603).


28.


Commitments under operating leases

At 30 November 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
650,448
642,971

Later than 1 year and not later than 5 years
1,917,510
2,451,352

2,567,958
3,094,323

29.Directors' personal guarantees

SK and U Malhotra have given personal guarantees of £2,600,000 (2021: £2,600,000) against the company's bank borrowings. 

Page 37

 
ROLLCO GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

30.


Related party transactions

During the year the following transactions occurred and balances were due from/(to) related parties:


2023
2022
£
£

Key management personnel
(1,307,418)
(1,440,190)
Other related parties
10,283
348,472
(1,297,135)
(1,091,718)


31.


Controlling party

The ultimate controlling party is S K Malhotra by virtue of his shareholding in the parent company.

Page 38