IRIS Accounts Production v24.2.0.383 04790147 Board of Directors Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047901472022-12-31047901472023-12-31047901472023-01-012023-12-31047901472021-12-31047901472022-01-012022-12-31047901472022-12-3104790147ns15:EnglandWales2023-01-012023-12-3104790147ns14:PoundSterling2023-01-012023-12-3104790147ns10:Director12023-01-012023-12-3104790147ns10:Director22023-01-012023-12-3104790147ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104790147ns10:FRS1022023-01-012023-12-3104790147ns10:Audited2023-01-012023-12-3104790147ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104790147ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3104790147ns10:FullAccounts2023-01-012023-12-310479014712023-01-012023-12-3104790147ns10:OrdinaryShareClass12023-01-012023-12-3104790147ns10:CompanySecretary12023-01-012023-12-3104790147ns10:RegisteredOffice2023-01-012023-12-3104790147ns5:RetainedEarningsAccumulatedLosses2022-12-3104790147ns5:RetainedEarningsAccumulatedLosses2021-12-3104790147ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104790147ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104790147ns5:RetainedEarningsAccumulatedLosses2023-12-3104790147ns5:RetainedEarningsAccumulatedLosses2022-12-3104790147ns5:CurrentFinancialInstruments2023-12-3104790147ns5:CurrentFinancialInstruments2022-12-3104790147ns5:Non-currentFinancialInstruments2023-12-3104790147ns5:Non-currentFinancialInstruments2022-12-3104790147ns5:ShareCapital2023-12-3104790147ns5:ShareCapital2022-12-310479014712023-01-012023-12-310479014712022-01-012022-12-3104790147ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3104790147ns5:LeaseholdImprovements2023-01-012023-12-3104790147ns5:PlantMachinery2023-01-012023-12-3104790147ns5:FurnitureFittings2023-01-012023-12-3104790147ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3104790147ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3104790147ns5:OwnedAssets2023-01-012023-12-3104790147ns5:OwnedAssets2022-01-012022-12-3104790147112023-01-012023-12-3104790147112022-01-012022-12-3104790147122023-01-012023-12-3104790147122022-01-012022-12-310479014722023-01-012023-12-310479014722022-01-012022-12-3104790147ns10:OrdinaryShareClass12022-01-012022-12-3104790147ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3104790147ns5:PatentsTrademarksLicencesConcessionsSimilar2023-12-3104790147ns5:PatentsTrademarksLicencesConcessionsSimilar2022-12-3104790147ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104790147ns5:LeaseholdImprovements2022-12-3104790147ns5:PlantMachinery2022-12-3104790147ns5:FurnitureFittings2022-12-3104790147ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3104790147ns5:LeaseholdImprovements2023-12-3104790147ns5:PlantMachinery2023-12-3104790147ns5:FurnitureFittings2023-12-3104790147ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3104790147ns5:LeaseholdImprovements2022-12-3104790147ns5:PlantMachinery2022-12-3104790147ns5:FurnitureFittings2022-12-3104790147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104790147ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104790147ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3104790147ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3104790147ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3104790147ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3104790147ns5:WithinOneYear2023-12-3104790147ns5:WithinOneYear2022-12-3104790147ns5:BetweenOneFiveYears2023-12-3104790147ns5:BetweenOneFiveYears2022-12-3104790147ns5:AllPeriods2023-12-3104790147ns5:AllPeriods2022-12-3104790147ns5:Secured2023-12-3104790147ns5:Secured2022-12-3104790147ns5:DeferredTaxation2023-01-012023-12-3104790147ns5:DeferredTaxation2023-12-3104790147ns10:OrdinaryShareClass12023-12-310479014712023-01-012023-12-31
REGISTERED NUMBER: 04790147 (England and Wales)















R L IMPORT LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Strategic Report 2 to 3

Report of the Directors 4 to 5

Report of the Independent Auditors 6 to 9

Statement of Income and Retained Earnings 10

Statement of Financial Position 11 to 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14 to 15

Notes to the Financial Statements 16 to 25


R L IMPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A Bonnett
P Green





SECRETARY: A Bonnett





REGISTERED OFFICE: Stretton Block
Ironstone Lane
Market Overton
Oakham
Rutland
LE15 7TP





REGISTERED NUMBER: 04790147 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincs
NG31 6SF

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

REVIEW OF BUSINESS
2023 saw a significant improvement over the previous year. Despite a small (1.06%) reduction in net turnover to £17.6m, gross profit increased by almost £1.5m to £3m, which represents 16.9% of turnover, more than double the prior year figure of £1.49m (8.4%).

While this was, in part, due to a substantial favourable exchange rate variance, the company also benefited from a 10% reduction in cost of sales

Overheads were well contained at £2.3m, £140k less than the previous year. This constitutes a year-on-year reduction of almost 6%

The combined result of these factors is a profit before taxation of £645k, compared to a loss of £976k in 2022. The Statement of Financial Position therefore reports shareholder funds increased from £1.4m to £1.9m over the year.

KEY PERFORMANCE INDICATORS
The main financial KPIs chosen to demonstrate the financial performance of the company are as follows:

Turnover - decrease 1.06% (2022 decrease 9.5%)
Gross profit 17% (2022 8.4%)
Stock turn 4.9 times (2022 4.3 times)
Operating profit £623k (2022 loss £929k)

NON-FINANCIAL INDICATORS
The Company continues to develop a wide range of new products to meet customer demand. The increased use of recyclable and recycled materials, in both products and packaging, are key to its commitment to minimising the impact of its activities on the environment.

The reduction in the volume of packaging used combined with efficient use of space in shipping containers are further examples of this commitment.


R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Credit risk
The Company's exposure to failure of its customers to pay is minimal. It has a close working relationship with the small customer base and monitors the credit exposure.

Currency risk
The company has exposure to foreign exchange rates with regard to imported supplies. In 2023, the company began using forward contracts to mitigate this exposure and continues to use other resources to manage currency fluctuations.

Economic risk
The company is reliant on the UK economy and demand for lighting products. The increasing bank interest rate has the impact of reducing personal disposable income and dampening demand generally. However, this is regarded as cyclical.

The retail philosophy of regular sales events and discounting is costly and is not always within the company's control. However, the company continues to work closely with its customers to mitigate the impact.

Financing risk
The company continues to rely on external finance facilities from its bank for its continued operation, and also on the shareholders. Both parties have committed to continued finance provision for the following year.

Continued supply risk
The company relies upon its overseas suppliers to support its major customers. The directors maintain very strong links with the suppliers to ensure favourable credit terms and continued supply.

ON BEHALF OF THE BOARD:





A Bonnett - Director


14 June 2024

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of importing lighting products for wholesale distribution.

DIVIDENDS
Interim dividends per share were paid as follows:
£150 - 28 March 2023
£150 - 28 June 2023
£150 - 28 September 2023
£150 - 28 December 2023
£600

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 60,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

A Bonnett
P Green

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). 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.


R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Bonnett - Director


14 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R L IMPORT LIMITED

Opinion
We have audited the financial statements of R L Import Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R L IMPORT LIMITED


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.

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 pages four and five, 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
R L IMPORT 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well
as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company’s employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R L IMPORT LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.




Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincs
NG31 6SF

9 September 2024

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 17,588,660 17,778,437

Cost of sales 14,604,670 16,290,751
GROSS PROFIT 2,983,990 1,487,686

Distribution costs 5,863 3,444
Administrative expenses 2,282,041 2,425,716
2,287,904 2,429,160
696,086 (941,474 )

Other operating income - 578
OPERATING PROFIT/(LOSS) 5 696,086 (940,896 )


Interest payable and similar expenses 6 50,845 35,215
PROFIT/(LOSS) BEFORE TAXATION 645,241 (976,111 )

Tax on profit/(loss) 7 21,952 (47,153 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

623,289

(928,958

)

Retained earnings at beginning of year 1,358,405 2,347,363

Dividends 8 (60,000 ) (60,000 )

RETAINED EARNINGS AT END OF YEAR 1,921,694 1,358,405

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Property, plant and equipment 10 173,008 199,299
173,008 199,299

CURRENT ASSETS
Inventories 11 6,360,829 6,852,806
Debtors 12 2,386,150 2,324,565
Cash at bank 70,791 -
8,817,770 9,177,371
CREDITORS
Amounts falling due within one year 13 6,954,439 7,703,350
NET CURRENT ASSETS 1,863,331 1,474,021
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,036,339

1,673,320

CREDITORS
Amounts falling due after more than
one year

14

(92,593

)

(314,815

)

PROVISIONS FOR LIABILITIES 18 (21,952 ) -
NET ASSETS 1,921,794 1,358,505

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,921,694 1,358,405
SHAREHOLDERS' FUNDS 1,921,794 1,358,505


The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2024 and were signed on its behalf by:




A Bonnett - Director



P Green - Director


R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 265,023 (741,008 )
Interest paid (50,845 ) (35,215 )
Tax paid - (15,891 )
Net cash from operating activities 214,178 (792,114 )

Cash flows from investing activities
Purchase of tangible fixed assets (19,457 ) (4,341 )
Net cash from investing activities (19,457 ) (4,341 )

Cash flows from financing activities
New loans in year 32,985 336,451
Loan repayments in year (558,673 ) (222,222 )
Payments received on account 610,512 613
Amount introduced by directors 24,716 423,537
Amount withdrawn by directors (111,292 ) (113,195 )
Amounts owed to related parties (59,222 ) (50,486 )
Equity dividends paid (60,000 ) (60,000 )
Net cash from financing activities (120,974 ) 314,698

Increase/(decrease) in cash and cash equivalents 73,747 (481,757 )
Cash and cash equivalents at beginning
of year

2

(2,956

)

478,801

Cash and cash equivalents at end of
year

2

70,791

(2,956

)

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 645,241 (976,111 )
Depreciation charges 45,747 44,781
Impairment of intangible fixed assets - 195,000
Finance costs 50,845 35,215
741,833 (701,115 )
Decrease in inventories 491,977 1,292,405
(Increase)/decrease in trade and other debtors (61,585 ) 1,271,191
Decrease in trade and other creditors (907,202 ) (2,603,489 )
Cash generated from operations 265,023 (741,008 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 70,791 -
Bank overdrafts - (2,956 )
70,791 (2,956 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents - 478,802
Bank overdrafts (2,956 ) (1 )
(2,956 ) 478,801


R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank - 70,791 70,791
Bank overdrafts (2,956 ) 2,956 -
(2,956 ) 73,747 70,791
Debt
Debts falling due within 1 year (558,673 ) 303,466 (255,207 )
Debts falling due after 1 year (314,815 ) 222,222 (92,593 )
(873,488 ) 525,688 (347,800 )
Total (876,444 ) 599,435 (277,009 )

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

R L Import Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and is rounded to the nearest £.

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.

Revenue
Revenue is recognised when goods are despatched and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost and 10% on cost
Leasehold Improvements - 10% on reducing balance
Plant and machinery - 10% on cost
Office Equipment & Furniture and
Fittings

-

20% on cost and 10% on cost

Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 the Income Statement in the period to which they relate.

3. REVENUE

The revenue and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

The company's principal activity was carried on within the United Kingdom.

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,067,227 1,159,767
Social security costs 97,684 95,955
Other pension costs 46,142 49,168
1,211,053 1,304,890

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

Directors 2 2
Admin 4 4
Design 4 4
Supervisors 3 2
Manufacturing 11 10
Warehouse 18 25
42 47

2023 2022
£    £   
Directors' remuneration 20,400 20,400
Directors' pension contributions to money purchase schemes 19,996 19,996

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

Money purchase schemes 2 2

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 5,863 3,444
Depreciation - owned assets 45,748 44,781
Auditors' remuneration 16,335 14,850
Impairment of intangible fixed assets - 195,000
Foreign exchange (gains)/losses (97,643 ) 397,486

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 50,822 35,215
Other interest paid 23 -
50,845 35,215

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax 21,952 (47,153 )
Tax on profit/(loss) 21,952 (47,153 )

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

2023 2022
£    £   
Profit/(loss) before tax 645,241 (976,111 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 25% (2022 - 19%)

161,310

(185,461

)

Effects of:
Expenses not deductible for tax purposes 450 602
Depreciation in excess of capital allowances 11,408 44,486
Deferred tax movement 21,952 (47,153 )
Trading losses brought forward / carried forward (173,168 ) 140,373
Total tax charge/(credit) 21,952 (47,153 )

Factors that may affect future tax charges
In the 3 March 2021 budget it was announced that the UK tax rate will increase to 25% from 1 April 2023 and this rate was substantively enacted on 24 May 2021. Deferred tax balances at the year-end have been measured at 25%.

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 60,000 60,000

9. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 325,000
AMORTISATION
At 1 January 2023
and 31 December 2023 325,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

10. PROPERTY, PLANT AND EQUIPMENT
Office
Equipment
& Furniture
Short Leasehold Plant and and
leasehold Improvements machinery Fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 10,552 76,058 287,309 109,805 483,724
Additions 19,342 - - 115 19,457
At 31 December 2023 29,894 76,058 287,309 109,920 503,181
DEPRECIATION
At 1 January 2023 10,552 29,232 157,543 87,098 284,425
Charge for year 6,383 4,683 24,830 9,852 45,748
At 31 December 2023 16,935 33,915 182,373 96,950 330,173
NET BOOK VALUE
At 31 December 2023 12,959 42,143 104,936 12,970 173,008
At 31 December 2022 - 46,826 129,766 22,707 199,299

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. PROPERTY, PLANT AND EQUIPMENT - continued


11. INVENTORIES
2023 2022
£    £   
Stocks 6,360,829 6,852,806

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,190,230 2,148,630
Payments made on account 12,008 8,271
Prepayments 183,912 167,664
2,386,150 2,324,565

Trade debtors are subject to invoice financing. Where applicable, funds advanced for invoice financing are recorded as payments received on account within creditors.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 255,207 561,629
Payments received on account 611,125 614
Trade creditors 3,923,571 5,014,244
Amounts owed to related party 436,191 495,413
Other taxes and social security 887,774 677,955
Other creditors 5,955 7,054
Directors' current accounts 304,636 391,212
Accruals and deferred income 529,980 555,229
6,954,439 7,703,350

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 15) 92,593 314,815

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 2,956
Bank loans 255,207 558,673
255,207 561,629

Amounts falling due between one and two years:
Bank loans - 1-2 years 92,593 222,222

Amounts falling due between two and five years:
Bank loans - 2-5 years - 92,593

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 456,954 68,352
Between one and five years 511,337 12,475
968,291 80,827

The amount of non-cancellable operating lease payments recognised as an expense during the year was £496,034 (2022 - £451,258).

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts - 2,956
Trade loans 32,985 336,451
Payments received on account 611,125 614
644,110 340,021

The liabilities owed are secured by a fixed and floating charge over the assets of the company.

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 21,952 -

Deferred
tax
£   
Charge to Income Statement during year 21,952
Balance at 31 December 2023 21,952

19. CALLED UP SHARE CAPITAL

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

20. RESERVES
Retained
earnings
£   

At 1 January 2023 1,358,405
Profit for the year 623,289
Dividends (60,000 )
At 31 December 2023 1,921,694

21. PENSION COMMITMENTS

The amount recognised in profit or loss as an expense for defined contribution plans was £46,142 (2022 - £49,168).

22. RELATED PARTY DISCLOSURES

The directors of RL Import Ltd are also the partners in Rutland Lighting and GB Properties.

At the year end the company owed Rutland Lighting £436,191 (2022 - £495,413).

During the year, the company received £14,970 (2022 - £0) from GB Properties.

During the year, the company paid £2,061 (2022 - £0) to GB Properties.

R L IMPORT LIMITED (REGISTERED NUMBER: 04790147)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. EVENTS AFTER THE REPORTING PERIOD

In the period between the year end and the date the accounts were approved the company paid the following dividends per share:

March 2024- £150

These financial statements do not reflect these dividends payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the year ended 31 December 2024.