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REGISTERED NUMBER: 06553630 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

RIXIL SERVICES LIMITED

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


RIXIL SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: C M Hibbert





SECRETARY: Panoptix Limited





REGISTERED OFFICE: Quayside House
Furnival Road
Sheffield
South Yorkshire
S4 7YA





REGISTERED NUMBER: 06553630 (England and Wales)

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2023

The director presents his strategic report of the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group's principal activity is a multidisciplinary construction consultancy operating throughout Europe.

The results for the year and the financial position of the group are shown in the financial statements, with a healthy balance sheet having retained shareholders' funds in the region of £9.7 million.

We continue to have an excellent relationship with our key retained customers alongside new ones.

Our core values and behaviours shared by all our teams continue to drive our vision.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of our strategy are subject to the same risks encountered by most businesses. Going forward new working patterns have emerged for our colleagues and requirements for the built environment in certain sectors, however with our continued diversification we are well placed for the future, both in our existing and new market sectors. Risks and their effects are closely monitored to ensure we continue to achieve our short and long term goals.

With regard to credit risks, it is group policy that we carefully monitor debtors by a mixture of external and internal review procedures in order to manage the extent to which the risk of customer bad debt may impact our liquidity and our ability to maintain positive cash balances.

KEY FINANCIAL PERFORMANCE INDICATORS
Whilst the group continues to seek to achieve growth via acquisitions, new territories, new sectors and new services, the core services of the group will continue to be in construction related design and management services. In the opinion of the board, the trading activities of the group are simple and straightforward and complex financial key performance indicators are not required in order to gain an understanding of its development, performance or market position.

Net revenues generated, operating profits and staff utilisation are considered to be important key performance indicators and these are monitored on a monthly basis by the board.

ON BEHALF OF THE BOARD:





C M Hibbert - Director


19 September 2024

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

REPORT OF THE DIRECTOR
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
The directors are proposing to maintain their current management policies which they envisage will lead to stability and future growth.

DIRECTOR
C M Hibbert held office during the whole of the period from 1 January 2023 to the date of this report.

CHARITABLE DONATIONS
During the year under review the group made donations of £4,884 (2022 - £10,943) to various charities in support of fundraising events held by its customers.

CREDIT RISKS
The group manages credit risk by obtaining external credit evaluations on customers and regular monitoring of the outstanding debt. The wide customer base mitigates significant exposure to any individual customer default.

GOING CONCERN
The financial statements are prepared under the going concern basis. The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the period of 12 months from the date of approval of these financial statements.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

REPORT OF THE DIRECTOR
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS
The auditors, Paul Howley & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C M Hibbert - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIXIL SERVICES LIMITED

Opinion
We have audited the financial statements of Rixil Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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
RIXIL SERVICES 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIXIL SERVICES 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the business and sector, the control environment and the business performance along with the results of our enquiries of management.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to 2006 Companies Act, relevant tax legislation, environmental and consumer rights regulation and anti-bribery and corruption legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined the principal risks. Audit procedures performed by the engagement team included:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to recognize non compliance with applicable laws and regulations;
- Enquiries of the directors and management to identify any instances of non-compliance including consideration of known or suspected instances of fraud;
- Evaluation of management's internal controls designed to prevent and detect irregularities;
- Review of meeting minutes, and where applicable, correspondence with relevant regulatory authorities;
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Performed physical verification of tangible fixed assets to confirm existence and ownership;
- Investigated the rationale behind significant or unusual transactions;
- Detailed testing of journal entries and assumptions made.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected it the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RIXIL SERVICES LIMITED


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.




Paul Berry (Senior Statutory Auditor)
for and on behalf of Paul Howley & Co
42 Pitt Street
Barnsley
South Yorkshire
S70 1BB

19 September 2024

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 11,304,980 13,256,789

Cost of sales 7,946,819 8,064,568
GROSS PROFIT 3,358,161 5,192,221

Administrative expenses 3,094,426 2,422,979
263,735 2,769,242

Other operating income 19,200 19,525
OPERATING PROFIT 6 282,935 2,788,767

Interest receivable and similar income 377 919
283,312 2,789,686

Interest payable and similar expenses 7 16,462 21,603
PROFIT BEFORE TAXATION 266,850 2,768,083

Tax on profit 8 180,984 545,024
PROFIT FOR THE FINANCIAL
YEAR

85,866

2,223,059

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

CONSOLIDATED BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,735,477 1,794,242
Investments 12 - -
1,735,477 1,794,242

CURRENT ASSETS
Debtors 13 9,266,796 8,310,268
Cash at bank and in hand 1,744,669 3,197,812
11,011,465 11,508,080
CREDITORS
Amounts falling due within one year 14 2,182,869 2,558,223
NET CURRENT ASSETS 8,828,596 8,949,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,564,073

10,744,099

CREDITORS
Amounts falling due after more than one
year

15

(35,000

)

(55,000

)

PROVISIONS FOR LIABILITIES 18 (72,559 ) (76,452 )
NET ASSETS 10,456,514 10,612,647

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

CONSOLIDATED BALANCE SHEET - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 19 2 2
Revaluation reserve 20 20,784 20,784
Retained earnings 20 9,684,826 9,780,984
SHAREHOLDERS' FUNDS 9,705,612 9,801,770

NON-CONTROLLING INTERESTS 21 750,902 810,877
TOTAL EQUITY 10,456,514 10,612,647


The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:





C M Hibbert - Director


RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

COMPANY BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,493,831 1,526,209
Investments 12 14,189 14,189
1,508,020 1,540,398

CURRENT ASSETS
Debtors 13 6,070,825 5,787,078
Cash at bank 328,869 856,837
6,399,694 6,643,915
CREDITORS
Amounts falling due within one year 14 399,496 770,569
NET CURRENT ASSETS 6,000,198 5,873,346
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,508,218

7,413,744

PROVISIONS FOR LIABILITIES 18 44,719 46,900
NET ASSETS 7,463,499 7,366,844

CAPITAL AND RESERVES
Called up share capital 19 2 2
Revaluation reserve 20,784 20,784
Retained earnings 7,442,713 7,346,058
SHAREHOLDERS' FUNDS 7,463,499 7,366,844

Company's profit for the financial year 96,655 1,007,721

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 19 September 2024 and were signed by:




C M Hibbert - Director


RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 2 9,173,956 20,784

Changes in equity
Total comprehensive income - 607,028 -
Balance at 31 December 2022 2 9,780,984 20,784

Changes in equity
Total comprehensive income - (96,158 ) -
Balance at 31 December 2023 2 9,684,826 20,784
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 9,194,742 936,846 10,131,588

Changes in equity
Dividends - (1,742,000 ) (1,742,000 )
Total comprehensive income 607,028 1,616,031 2,223,059
Balance at 31 December 2022 9,801,770 810,877 10,612,647

Changes in equity
Dividends - (242,000 ) (242,000 )
Total comprehensive income (96,158 ) 182,025 85,867
Balance at 31 December 2023 9,705,612 750,902 10,456,514

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 2 6,338,337 20,784 6,359,123

Changes in equity
Total comprehensive income - 1,007,721 - 1,007,721
Balance at 31 December 2022 2 7,346,058 20,784 7,366,844

Changes in equity
Total comprehensive income - 96,655 - 96,655
Balance at 31 December 2023 2 7,442,713 20,784 7,463,499

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 922,708 2,323,673
Interest paid (16,462 ) (21,603 )
Tax paid (587,686 ) (1,006,179 )
Taxation refund 112,823 107,269
Net cash from operating activities 431,383 1,403,160

Cash flows from investing activities
Purchase of tangible fixed assets (78,720 ) (64,950 )
Sale of tangible fixed assets - 4,874
Interest received 377 918
Net cash from investing activities (78,343 ) (59,158 )

Cash flows from financing activities
Loan repayments in year (99,183 ) (98,877 )
Loans to associated companies (565,000 ) (2,625,500 )
Amount introduced by directors - 100,000
Amount withdrawn by directors (900,000 ) (300,000 )
Dividends paid to minority interests (242,000 ) (1,742,000 )
Net cash from financing activities (1,806,183 ) (4,666,377 )

Decrease in cash and cash equivalents (1,453,143 ) (3,322,375 )
Cash and cash equivalents at
beginning of year

2

3,197,812

6,520,187

Cash and cash equivalents at end of
year

2

1,744,669

3,197,812

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 266,850 2,768,083
Depreciation charges 137,487 143,024
Profit on disposal of fixed assets - (4,874 )
Finance costs 16,462 21,603
Finance income (377 ) (919 )
420,422 2,926,917
(Increase)/decrease in trade and other debtors (339,402 ) 427,144
Increase/(decrease) in trade and other creditors 841,688 (1,030,388 )
Cash generated from operations 922,708 2,323,673

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,744,669 3,197,812
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,197,812 6,520,187


RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 3,197,812 (1,453,143 ) 1,744,669
3,197,812 (1,453,143 ) 1,744,669
Debt
Debts falling due within 1 year (100,074 ) 79,182 (20,892 )
Debts falling due after 1 year (55,000 ) 20,000 (35,000 )
(155,074 ) 99,182 (55,892 )
Total 3,042,738 (1,353,961 ) 1,688,777

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

1. STATUTORY INFORMATION

Rixil Services 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 General Information page.

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


All monetary values stated within these financial statements are 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.

Going concern
Management have prepared forecasts that have been sensitised to reflect plausible downside scenarios which have been reviewed by the directors. These forecasts demonstrate that the group will generate profits and positive cash returns in the year ended 31 December 2024 and beyond and that the group will have sufficient cash reserves to enable it to meet all obligations as they fall due for a period of at least 12 months from the date of signing these financial statements.

Having considered the above the directors are satisfied that the group has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis for preparing these financial statements.

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 December 2023.

A subsidiary is an entity controlled by the company by virtue of ownership, directly or via another subsidiary, of more than 50% of the voting rights in the subsidiary entity. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the date control passes except where a sale or acquisition transaction is based upon financial statements to a specific date and that the right to enjoy income either commences or ceases at the date of those financial statements; in such cases, the results are included up to, or from the date that the right to enjoy income passes. All unrealised intra-group profits and losses have been eliminated on consolidation.

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key estimates
The preparation of the Company's financial statements includes the use of estimates and assumptions. Although the estimates used are based on management's best information about current circumstances and future events and actions, actual results may differ from those estimates.

The most significant estimates and judgements are:

Recoverability of intercompany debtors - the Company assesses the recoverability of intercompany debtors on an annual basis, and make any provision where necessary in the financial statements.The financial results and forward looking cashflows of intercompany debtors are used as part of this assessment.

Turnover
Turnover represents net invoiced sales of professional services, excluding value added tax.

Revenue is recognised when the company has been judged to have achieved the right to consideration resulting from a level of completed performance under individual contracts but only to the extent that the outcome of such contracts can be assessed with reasonable certainty.

Goodwill
Goodwill on consolidation arising from the acquisition of Barraclough English and Wright Limited in 2016, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - Over term of the lease
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost and 20% on reducing balance

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

2. ACCOUNTING POLICIES - continued

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

i. Financial assets
Basic financial assets, including trade and other receivables, cash and bank, are initially recognised at transaction price.

Other financial assets 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 profit and loss.

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) despite having retained some significant risks and rewards of ownership, 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.

ii. Financial liabilities
Basic financial liabilities, including trade and other payables and bank loans 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loans and amortised over the term of the loan.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

NOTES TO THE CONSOLIDATED 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account.

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

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and the outstanding future lease obligations are shown in creditors. Operating lease rentals are charged to the profit and loss account on a straight line basis over the period of the lease.

Amounts recoverable on contracts
To the extent that amounts recoverable on contracts are considered to be in excess of amounts invoiced to date, those sums are included in debtors. To the extent that amounts invoiced to date are considered to be in excess of amounts recoverable on contracts, those sums are included in creditors.

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

NOTES TO THE CONSOLIDATED 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 group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 10,309,862 12,205,158
Europe 975,782 1,046,569
Asia 14,983 3,331
North America 4,353 1,731
11,304,980 13,256,789

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 6,068,857 5,894,514
Social security costs 644,366 667,468
Other pension costs 306,927 205,844
7,020,150 6,767,826

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 7 6
Fee earners 106 106
Management and administrative staff 17 17
130 129

The above values relate to the group as a whole.

The average number of employees during the year for Rixil Services Limited as an individual company was 15 (2022 - 15).

5. DIRECTORS' EMOLUMENTS

31.12.23 31.12.22
£ £
Director's remuneration 382,442 322,299
Director's pension contributions to money purchase schemes 32,328 30,628

There are no directors in the company or the group whose emoluments exceed £200,000

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

6. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Depreciation - owned assets 137,485 143,022
Profit on disposal of fixed assets - (4,874 )
Auditors' remuneration 21,308 18,908
Foreign exchange differences (12,992 ) (15,771 )
Rentals paid under operating leases 291,376 270,297

Fees payable to the company's auditor are solely for the audit of the financial statements.

Exceptional items
During the year the group provided working capital to a company associated by common control to facilitate that company in providing goods and services that the group do not provide. Unfortunately, the enterprise has not proved successful and as a consequence, an amount of £365,000 has been provided for in the Profit and Loss statement as being irrecoverable at the year end and due to the nature of the debt, no tax relief can be enjoyed on the amounts so provided.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 824 1,074
Bank loan interest 3,297 3,484
Other interest 12,341 17,045
16,462 21,603

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 184,877 552,851

Deferred tax (3,893 ) (7,827 )
Tax on profit 180,984 545,024

UK corporation tax has been charged at 23.50 % .

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

8. 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:

31.12.23 31.12.22
£    £   
Profit before tax 266,850 2,768,083
Profit multiplied by the standard rate of corporation tax in the UK
of 23.500 % (2022 - 19 %)

62,710

525,936

Effects of:
Expenses not deductible for tax purposes 100,304 13,928
Depreciation in excess of capital allowances 12,992 13,894
Utilisation of tax losses 6,688 -
(Profit)/loss on disposal of fixed assets - (907 )
Other tax adjustments 4,003 -
Increase/(decrease) in deferred tax provision (3,893 ) (7,827 )
Adjustment in tax on profit due rate difference (1,820 ) -
Total tax charge 180,984 545,024

The UK corporation tax rate increased from 19% to 25% with effect from 1 April 2023.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 70,414
AMORTISATION
At 1 January 2023
and 31 December 2023 70,414
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 1,692,046 287,386 78,740
Additions - - -
Disposals - - -
At 31 December 2023 1,692,046 287,386 78,740
DEPRECIATION
At 1 January 2023 166,536 161,622 78,329
Charge for year 31,854 27,766 260
Eliminated on disposal - - -
At 31 December 2023 198,390 189,388 78,589
NET BOOK VALUE
At 31 December 2023 1,493,656 97,998 151
At 31 December 2022 1,525,510 125,764 411

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 182,445 35,500 695,440 2,971,557
Additions - - 78,720 78,720
Disposals - (12,000 ) - (12,000 )
At 31 December 2023 182,445 23,500 774,160 3,038,277
DEPRECIATION
At 1 January 2023 141,088 16,406 613,334 1,177,315
Charge for year 12,908 5,875 58,822 137,485
Eliminated on disposal - (12,000 ) - (12,000 )
At 31 December 2023 153,996 10,281 672,156 1,302,800
NET BOOK VALUE
At 31 December 2023 28,449 13,219 102,004 1,735,477
At 31 December 2022 41,357 19,094 82,106 1,794,242

Included in cost of land and buildings is freehold land of £100,000 (2022 - £100,000) which is not depreciated.

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Motor Computer
property vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,692,046 12,000 44,292 1,748,338
Disposals - (12,000 ) - (12,000 )
At 31 December 2023 1,692,046 - 44,292 1,736,338
DEPRECIATION
At 1 January 2023 166,536 12,000 43,593 222,129
Charge for year 31,854 - 524 32,378
Eliminated on disposal - (12,000 ) - (12,000 )
At 31 December 2023 198,390 - 44,117 242,507
NET BOOK VALUE
At 31 December 2023 1,493,656 - 175 1,493,831
At 31 December 2022 1,525,510 - 699 1,526,209

Included in cost of land and buildings is freehold land of £ 100,000 (2022 - £ 100,000 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 14,189
NET BOOK VALUE
At 31 December 2023 14,189
At 31 December 2022 14,189

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Monaghans Limited
Registered office: Quayside House, Furnival Road, Sheffield, S4 7YA
Nature of business: Project managers
%
Class of shares: holding
Ordinary C 75.00

FHPP Limited
Registered office: Quayside House, Furnival Road, Sheffield, S4 7YA
Nature of business: Mechanical & electrical consultants
%
Class of shares: holding
Ordinary B 82.35


13. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,878,560 2,822,915 88,867 188
Amounts owed by group undertakings - - 482,923 328,855
Amounts due under contracts 263,361 227,540 - -
Other debtors 5,699,016 4,940,143 5,484,230 4,920,443
Tax 52,124 - 12,329 -
Prepayments 373,735 319,670 2,476 2,666
9,266,796 8,310,268 6,070,825 5,252,152

Amounts falling due after more than one year:
Amounts owed by group undertakings - - - 534,926

Aggregate amounts 9,266,796 8,310,268 6,070,825 5,787,078

Amounts owed by group undertakings are unsecured, have no fixed date of repayment, no interest charge and are repayable on demand.

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 20,892 100,074 - 80,074
Trade creditors 543,061 156,754 5,674 5,328
Amounts owed to group undertakings - - 2,285 -
Tax - 237,860 - 22,460
Social security and other taxes 248,179 234,448 20,779 14,891
VAT 611,616 317,966 79,730 57,303
Other creditors 330,488 321,328 203,250 202,781
Directors' current accounts 85,598 985,598 81,598 381,598
Accrued expenses 343,035 204,195 6,180 6,134
2,182,869 2,558,223 399,496 770,569

Amounts owed to group undertakings are unsecured, have no fixed date of repayment, no interest charge and are repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
31.12.23 31.12.22
£    £   
Bank loans (see note 16) 35,000 55,000

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 20,892 100,074 - 80,074
Amounts falling due between one and two years:
Bank loans - 1-2 years 20,000 20,000 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 15,000 35,000 - -

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 281,482 273,707
Between one and five years 360,816 659,031
642,298 932,738

18. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax 72,559 76,452 44,719 46,900

Group
Deferred
tax
£   
Balance at 1 January 2023 76,452
Accelerated capital allowances (3,893 )
Balance at 31 December 2023 72,559

Company
Deferred
tax
£   
Balance at 1 January 2023 46,900
Accelerated capital allowances (2,181 )
Balance at 31 December 2023 44,719

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2 Ordinary £1 2 2

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

19. CALLED UP SHARE CAPITAL - continued

Rights, preferences and restriction relation to ordinary shares
Ordinary shares have the right to attend and vote at members' meetings and on members' written resolutions, with one vote per share on a poll or a written resolution, and one vote each on a show of hands.

Ordinary shares are eligible for full dividends as well as any distribution including on winding up.

Ordinary shares are not redeemable.

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 9,780,984 20,784 9,801,768
Deficit for the year (96,158 ) (96,158 )
At 31 December 2023 9,684,826 20,784 9,705,610

Company
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 20,784


21. NON-CONTROLLING INTERESTS

Minority interest represents the share of the group's subsidiaries owned by other shareholders.

22. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31.12.23 31.12.22
£    £   
Sales of professional services to subsidiaries 565,200 593,700
Interest charges to subsidiaries - 55,800
Rent & serviced office charges to subsidiaries 170,400 170,400
Amounts due to parent company from subsidiaries 482,923 863,781
Amounts due from parent company to subsidiaries 2,285 -

RIXIL SERVICES LIMITED (REGISTERED NUMBER: 06553630)

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

22. RELATED PARTY DISCLOSURES - continued

Other related parties
31.12.23 31.12.22
£    £   
Sales of professional services to other related parties 156,860 175,701
Purchases of professional services from other related parties 350,910 370,178
Rent & serviced office charges to other related parties 195,763 204,956
Amounts due to parent company from other related parties 5,573,097 4,918,168
Amounts due to subsidiaries from other related parties 461,342 315,150

Transactions with other related parties relate to transactions with companies under common control.

In some cases, office space is provided to and by related parties at no charge. All other transactions between the company and related parties including fellow group companies are concluded under normal market conditions.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C M & J Hibbert by virtue of their 100% interest in the issued share capital of the Rixil Services Limited.