IRIS Accounts Production v24.2.0.383 03427453 Board of Directors 1.1.23 31.12.23 31.12.23 ++ true true false true true false false true true true true false Ordinary share capital 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034274532022-12-31034274532023-12-31034274532023-01-012023-12-31034274532021-12-31034274532022-01-012022-12-31034274532022-12-3103427453ns15:EnglandWales2023-01-012023-12-3103427453ns14:PoundSterling2023-01-012023-12-3103427453ns10:Director12023-01-012023-12-3103427453ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103427453ns10:FRS1022023-01-012023-12-3103427453ns10:Audited2023-01-012023-12-3103427453ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103427453ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103427453ns10:FullAccounts2023-01-012023-12-3103427453ns10:OrdinaryShareClass12023-01-012023-12-310342745312023-01-012023-12-3103427453ns10:Director22023-01-012023-12-3103427453ns10:Director32023-01-012023-12-3103427453ns10:RegisteredOffice2023-01-012023-12-3103427453ns5:CurrentFinancialInstruments2023-12-3103427453ns5:CurrentFinancialInstruments2022-12-3103427453ns5:Non-currentFinancialInstruments2023-12-3103427453ns5:Non-currentFinancialInstruments2022-12-3103427453ns5:ShareCapital2023-12-3103427453ns5:ShareCapital2022-12-3103427453ns5:RetainedEarningsAccumulatedLosses2023-12-3103427453ns5:RetainedEarningsAccumulatedLosses2022-12-3103427453ns5:ShareCapital2021-12-3103427453ns5:RetainedEarningsAccumulatedLosses2021-12-3103427453ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103427453ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103427453ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3103427453ns5:PlantMachinery2023-01-012023-12-3103427453ns5:FurnitureFittings2023-01-012023-12-3103427453ns5:MotorVehicles2023-01-012023-12-3103427453ns5:ComputerEquipment2023-01-012023-12-3103427453ns15:UnitedKingdom2023-01-012023-12-3103427453ns15:UnitedKingdom2022-01-012022-12-3103427453ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3103427453ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3103427453ns10:HighestPaidDirector2023-01-012023-12-3103427453ns5:OwnedAssets2023-01-012023-12-3103427453ns5:OwnedAssets2022-01-012022-12-3103427453112023-01-012023-12-3103427453112022-01-012022-12-3103427453ns5:HirePurchaseContracts2023-01-012023-12-3103427453ns5:HirePurchaseContracts2022-01-012022-12-3103427453ns10:OrdinaryShareClass12022-01-012022-12-3103427453ns5:LandBuildings2022-12-3103427453ns5:PlantMachinery2022-12-3103427453ns5:FurnitureFittings2022-12-3103427453ns5:LandBuildings2023-01-012023-12-3103427453ns5:LandBuildings2023-12-3103427453ns5:PlantMachinery2023-12-3103427453ns5:FurnitureFittings2023-12-3103427453ns5:LandBuildings2022-12-3103427453ns5:PlantMachinery2022-12-3103427453ns5:FurnitureFittings2022-12-3103427453ns5:MotorVehicles2022-12-3103427453ns5:ComputerEquipment2022-12-3103427453ns5:MotorVehicles2023-12-3103427453ns5:ComputerEquipment2023-12-3103427453ns5:MotorVehicles2022-12-3103427453ns5:ComputerEquipment2022-12-3103427453ns5:Subsidiary12023-01-012023-12-3103427453ns5:Subsidiary112023-01-012023-12-3103427453ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103427453ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103427453ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3103427453ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3103427453ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103427453ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3103427453ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103427453ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103427453ns5:WithinOneYear2023-12-3103427453ns5:WithinOneYear2022-12-3103427453ns5:BetweenOneFiveYears2023-12-3103427453ns5:BetweenOneFiveYears2022-12-3103427453ns5:AllPeriods2023-12-3103427453ns5:AllPeriods2022-12-3103427453ns5:Secured2023-12-3103427453ns5:Secured2022-12-3103427453ns5:DeferredTaxation2022-12-3103427453ns5:DeferredTaxation2023-01-012023-12-3103427453ns5:DeferredTaxation2023-12-3103427453ns10:OrdinaryShareClass12023-12-3103427453ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 03427453 (England and Wales)















STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RES GROUP LIMITED

PREVIOUSLY KNOWN AS
RYAN ELECTRICAL SERVICES & SONS LTD

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


RES GROUP LIMITED
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: S Champion
Ms L Connor
M D Shanks





REGISTERED OFFICE: Unit 1 Sidings Court
Henry Boot Way
Hull
HU4 7DY





REGISTERED NUMBER: 03427453 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

STRATEGIC REPORT
for the Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The principal activity of the group throughout the year has continued to be that of electrical, plumbing and drainage engineering and the maintenance air conditioning units and lifts.

With a measured approach the business is continuing to maintain its market position, reputation for quality and trading values during the current financial crisis.

Given the current economic situation affecting the company's core customer-base, the management team have seen a reduction in turnover, however with good procurement and a skilled workforce have achieved an increased gross profit margin over the previous year. The directors are therefore pleased to report this has resulted in another successful year. Whilst the continued consolidation of trade being brought back into its originating business has only strengthened the business and its core trades.

The business continues to concentrated on reactive/maintenance element of its services as opposed to long term contracting. This has been paramount in achieving the improved results and has resulted in a stronger order book from a wider range of customers.

Continued review of client base and trades has also been paramount. The concentration of providing greener services ie. EV Charging, Solar Panels and Air Source Heat Pumps has provided much more service to the existing client base as well as the welcomed new clients.

The company continues to look forward to improve and refine its core strategy which includes training and promotion from within.This together with a renewed drive to consolidate the branding, the directors are looking forward to continuing on with more success in the year to come.

When taking into account the current economic environment the directors consider the position of the company as at year end to be positive.


RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

STRATEGIC REPORT
for the Year Ended 31 December 2023

The company's key financial performance indicators during the year were as follows:



2023

2022

£ £

Gross profit 2,402,334 2,500,789

Profit on ordinary activities before taxation, bad debts
and depreciation


423,273

710,099


The directors believe that the key risks facing the company include:

- credit risk of clients;
- inflation impact on core customer base;
- departure of clients due to their new business strategies and service requirements;
- liquidity risk; and
- unpredictable availability of materials and labour.

In managing the business the directors have established controls to enable them to respond to and mitigate the impact of such risks.

ON BEHALF OF THE BOARD:





Ms L Connor - Director


3 September 2024

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

CHANGE OF NAME
The company passed a special resolution on 26 February 2024 changing its name from Ryan Electrical Services & Sons LTD to RES Group Limited.

DIVIDENDS
Total dividends paid to Res Group Holdings Limited in the year amount to £86,400. The directors do not recommend a final dividend.

FUTURE DEVELOPMENTS
The company has continued to make investment in key management personnel, improvements in internal controls and revisions to core long term strategy. Continued product development in new markets like green energy and related services like solar panel installations and EV charging will sustain future profits. The directors feel that the new product lines together with the existing core product range will continue to sustain growth. Investment and strategic planning has already shown great promise and envisage further improvements to the company's long-term stability, resilience and profitability.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Champion
Ms L Connor

Other changes in directors holding office are as follows:

M D Shanks - appointed 1 January 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 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;
-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.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Ms L Connor - Director


3 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RES GROUP LIMITED


Opinion
We have audited the financial statements of RES Group Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RES GROUP LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RES GROUP LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- we also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters;

- we reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company;

- we also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and;

- we considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls

- the internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated.

- we also considered the existence of performance targets and their potential influence on management to manage earnings.

- where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RES GROUP LIMITED

We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible.

The results of our procedures did not identify any instances or irregularities, including fraud.

No inherent difficulties were found in the standard processes for detecting irregularities; due to the sector in which it operates and the controls put in place, there was no significant shift in the control environment in the current year.

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 Report of the Auditors.

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 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 a Report of the Auditors 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.




Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

3 September 2024

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

STATEMENT OF COMPREHENSIVE INCOME
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 12,595,072 13,585,387

Cost of sales 10,192,738 11,084,598
GROSS PROFIT 2,402,334 2,500,789

Administrative expenses 2,118,709 2,016,890
OPERATING PROFIT 5 283,625 483,899

Income from shares in group undertakings 1,012 -
Interest receivable and similar income 15,169 -
16,181 -
299,806 483,899

Interest payable and similar expenses 6 16,795 14,412
PROFIT BEFORE TAXATION 283,011 469,487

Tax on profit 7 73,105 91,683
PROFIT FOR THE FINANCIAL YEAR 209,906 377,804

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

209,906

377,804

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 923,202 724,223
Investments 10 - -
923,202 724,223

CURRENT ASSETS
Stocks 11 24,764 24,764
Debtors 12 1,419,528 2,449,729
Cash in hand 2,353,461 1,371,831
3,797,753 3,846,324
CREDITORS
Amounts falling due within one year 13 2,988,745 2,738,167
NET CURRENT ASSETS 809,008 1,108,157
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,732,210

1,832,380

CREDITORS
Amounts falling due after more than one year 14 - (277,405 )

PROVISIONS FOR LIABILITIES 18 (147,094 ) (93,365 )
NET ASSETS 1,585,116 1,461,610

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,585,016 1,461,510
SHAREHOLDERS' FUNDS 1,585,116 1,461,610

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2024 and were signed on its behalf by:





Ms L Connor - Director


RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 1,420,731 1,420,831

Changes in equity
Dividends - (337,025 ) (337,025 )
Total comprehensive income - 377,804 377,804
Balance at 31 December 2022 100 1,461,510 1,461,610

Changes in equity
Dividends - (86,400 ) (86,400 )
Total comprehensive income - 209,906 209,906
Balance at 31 December 2023 100 1,585,016 1,585,116

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

RES Group Limited (previously known as Ryan Electrical Services & Sons Ltd) is a private company, limited by shares, registered in England. It has its registered office and principal place of business at Unit 1 Sidings Court, Henry Boot Way, Hull, HU4 7DY.

The principal activity of the company through the year has continued to be that of design, supply and installation services as a mechanical and electrical sub-contractor.

The presentational currency of the financial statements is Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions like low growth, high labour cost, skills shortages and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

As of 31 December 2023, the company had net assets of £1,585,116 a growth from the 2022 position of £1,461,610. The financial statements have been prepared on a going concern basis.

The Directors agree that the company remains a going concern due to an extensive order book which now consists of a much more diverse client base. The inclusion of a green technology product line, and increased use of modern software applications in the administration of the sales process both strengthen the directors view toward the ability to operate as a going concern. The company has continue to welcome new clients, utilised the services provided on a more local base and strengthened the client base and order book alike. The cash flow has continued to remain in a strong position due to the consolidation of core trades and is in a position to easily meet the debts due to more streamlined cash control.

The risk of losing any clients is always a concern, but the company has concentrated on building a more diverse client base and offer a more attractive service package, with the aim of limiting any affect on the business should any client no longer require the services provided.

The company's financial forecasts, taking into consideration the current economic environment, the threat of impending changes in industry legislation, show that the company is expected to continue to make profit and generate positive cashflows giving the company the ability to continue to operate for the foreseeable future.

Based on these facts and the current financial position, forecasts and cash flows of the company, the directors have concluded it is appropriate for the financial statements to be prepared on a going concern basis.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about RES Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, RES Group Holdings Limited, Unit 1 Sidings Court, Henry Boot Way, Hull, HU4 7DY.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.

In the process of applying the company's accounting policies, the directors have made the following critical
judgements which are considered to have the most significant effect on the amounts recognised in the financial statements.

Revenue Recognition

Determining whether or not to recognise revenue involves a degree of management judgement. Where the
outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion of contract costs incurred for work performed to date as total contract costs, except where this would not be representative of the stage of completion. Various contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that contract costs will exceed contract revenue, the expected loss is recognised as an expense immediately.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable for services provided during the year, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Occasionally retentions are offered and these are included in turnover at the beginning of the retention period.

Work done but not yet invoiced at the balance sheet date is included in gross amounts owed by contract customers within debtors, at the value of the future sales invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33.3% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short-term employee benefits are recognised as an expense in the period they are incurred.

The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 12,595,072 13,585,387
12,595,072 13,585,387

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,584,253 2,443,582
Social security costs 269,110 255,984
Other pension costs 93,648 100,808
2,947,011 2,800,374

The average number of employees during the year was as follows:
2023 2022

Directors 3 2
Engineering 25 37
Administration 25 29
53 68

2023 2022
£    £   
Directors' remuneration 389,557 103,857
Directors' pension contributions to money purchase schemes 22,255 16,678

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
2023
£   
Emoluments etc 275,668
Pension contributions to money purchase schemes 18,501

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 30,321 22,487
Depreciation - owned assets 123,514 116,222
(Profit)/loss on disposal of fixed assets (17,747 ) 1,606
Auditors' remuneration 21,313 9,000
Plant operating leases 2,735 19,880

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - (1,887 )
Bank loan interest 16,104 14,866
Hire purchase 691 1,433
16,795 14,412

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 19,376 59,110

Deferred tax 53,729 32,573
Tax on profit 73,105 91,683

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 283,011 469,487
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

70,753

89,203

Effects of:
Expenses not deductible for tax purposes 4,679 16,521
Capital allowances in excess of depreciation (54,837 ) (24,965 )
Group relief - (21,649 )
Deferred tax 53,729 32,573
Change of tax rate (1,219 ) -
Total tax charge 73,105 91,683

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. In the year to 31 December 2023, deferred tax is charged at 25% (2022 - 25%).

8. DIVIDENDS
2023 2022
£    £   
Ordinary share capital shares of 1 each
Interim 86,400 337,025

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 418,432 40,055 51,187
Additions - 979 -
Disposals - - -
At 31 December 2023 418,432 41,034 51,187
DEPRECIATION
At 1 January 2023 132,176 29,035 42,890
Charge for year 12,065 3,939 1,909
Eliminated on disposal - - -
At 31 December 2023 144,241 32,974 44,799
NET BOOK VALUE
At 31 December 2023 274,191 8,060 6,388
At 31 December 2022 286,256 11,020 8,297

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 670,029 14,625 1,194,328
Additions 378,075 - 379,054
Disposals (147,628 ) - (147,628 )
At 31 December 2023 900,476 14,625 1,425,754
DEPRECIATION
At 1 January 2023 251,379 14,625 470,105
Charge for year 105,601 - 123,514
Eliminated on disposal (91,067 ) - (91,067 )
At 31 December 2023 265,913 14,625 502,552
NET BOOK VALUE
At 31 December 2023 634,563 - 923,202
At 31 December 2022 418,650 - 724,223

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS - continued

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases:

20232022
£   £   

Motor vehicles-17,141

The depreciation charge on these assets for the year was nil (2022: £4,285).

10. FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

RES Air Limited
Registered office: UK
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

The company is exempt from preparing consolidated accounts incorporating the results of RES Air Limited, as it is itself a wholly owned subsidiary company of RES Group Holdings Limited. RES Group Holdings Limited prepare consolidated accounts incorporating the results of RES Group Limited and RES Air Limited. RES Air Limited no longer trades so the investment has been impaired to nil.

11. STOCKS
2023 2022
£    £   
Stocks 24,764 24,764

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,073,160 1,998,965
Amounts owed by group undertakings 554 554
Amounts recoverable on contract 272,141 392,268
Prepayments and accrued income 73,673 57,942
1,419,528 2,449,729

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) - 34,320
Hire purchase contracts (see note 16) 5,671 12,481
Trade creditors 1,908,707 1,730,023
Amounts owed to group undertakings 313,737 359,193
Tax 19,661 59,395
Social security and other taxes 136,321 44,398
VAT 237,645 175,279
Other creditors 8,850 11,446
Accruals and deferred income 358,153 311,632
2,988,745 2,738,167

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) - 277,405

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 34,320

Amounts falling due between one and two years:
Bank loans - 1-2 years - 34,320

Amounts falling due between two and five years:
Bank loans - 2-5 years - 102,955

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 140,130

The company held a mortgage for the freehold property it owns. The mortgage was subject to monthly capital repayments and interest was charged at 3.5% over the Bank of England base rate. The mortgage was repaid in full in the current year.

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,671 12,481

Non-cancellable operating leases
2023 2022
£    £   
Within one year 30,991 33,508
Between one and five years 44,250 73,750
75,241 107,258

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 311,725
Hire purchase contracts 5,671 12,481
5,671 324,206

The hire purchase liabilities were secured on the assets to which they related.

The company held a mortgage for the freehold property it owns. The mortgage was secured by a fixed charge over the freehold property.This was satisfied post year end following the repayment of the mortgage within the year.

The bank hold fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery in relation to all monies due or to become due from the company to the bank on any account whatsoever.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 147,094 93,365

RES GROUP LIMITED (REGISTERED NUMBER: 03427453)
PREVIOUSLY KNOWN AS RYAN ELECTRICAL SERVICES & SONS LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 93,365
Provided during year 53,729
Balance at 31 December 2023 147,094

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary share capital 1 100 100

20. RESERVES
Retained
earnings
£   

At 1 January 2023 1,461,510
Profit for the year 209,906
Dividends (86,400 )
At 31 December 2023 1,585,016

21. ULTIMATE PARENT COMPANY

RES Group Holdings Limited is regarded by the directors as being the company's ultimate parent company.

RES Group Holdings Limited is registered in the UK.

The financial statements of the company are consolidated in the financial statements of RES Group Holdings Limited. These consolidated financial statements are available from its registered office, Unit 1 Sidings Court, Henry Boot Way, Hull, HU4 7DY.

22. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 411,812 (2022 - £ 120,535 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms L Connor.