REGISTERED NUMBER: NI676795 (Northern Ireland) |
RTD CRAWFORD HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: NI676795 (Northern Ireland) |
RTD CRAWFORD HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 21 |
RTD CRAWFORD HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The financial results for the period are set out in the following pages and are considered by the directors to be satisfactory considering the volatility in raw material prices that prevailed in core business during the year. |
The group continued to invest in chosen complimentary sectors during the year, as part of it's strategy to diversify the group's activities and to pursue opportunities for growth. |
The directors continue to review all operations to ensure adequate and appropriate facilities are available to meet future demand and evolving market conditions. |
The group remains committed to continued growth in the business through delivering quality products and services to its customers. The opportunities for further diversification of the group's operations continue to be considered and implemented by the directors. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management and the execution of the group's strategy is subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to competition in all of the sectors it operates, the impact of the wider economy on product demand and the ongoing sustainable supply of quality raw materials. |
Supply chain and pricing challenges arising during the year and since the balance sheet date have had a significant impact on operations. The overall performance for the year demonstrated both the agility of our management team in responding at speed to emerging events, and to the strength of the group relationship with suppliers and customers. |
Environment |
The group recognises it responsibility to carry out all operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. |
Health and Safety |
The group is committed to achieving the highest practicable standards in health and safety management and strives to make its sites and offices safe environments for employees and customer alike. |
Human resources |
The group's staff are a key resource in the business. Their knowledge and experience enable the company to meet customer requirements, and retention of key staff is therefore important. |
Financial risk management |
The group's operations expose it to a variety of financial risks that include the effects of changes in, price risk, liquidity risk, foreign currency risk and credit risk. |
Liquidity risk |
The group actively maintains liquidity within its balance sheet to ensure that sufficient funds are available for operations and planned investment, as required. |
Price risk |
The group is exposed to commodity price risk as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature. |
Foreign currency risk |
The group manages exposure to foreign currency risk through the use of dedicated bank accounts denominated in foreign currencies to which receipts are lodged, and out of which payments are made. The directors monitor movements to the exchange rates on a regular basis, and trade funds when rates are favourable. |
Credit risk |
The group's credit risk is primarily attributable to its trade debtors, which is minimised by the number of long established customers and its emphasis on good credit management. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
KEY PERFORMANCE INDICATORS (KPIS) |
Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the group. |
ON BEHALF OF THE BOARD: |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of importation, processing and manufacturing of timber products, farming and the provision of leisure and hospitality services. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RTD CRAWFORD HOLDINGS LTD |
Opinion |
We have audited the financial statements of RTD Crawford Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's 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 directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RTD CRAWFORD HOLDINGS LTD |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RTD CRAWFORD HOLDINGS LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsiblities. This description forms part of our auditor's report. |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud and error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
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 including the company's remuneration policies, and performance targets; |
- results of our enquiries of management and other key persons about the company's own identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the company's policies, procedures and internal controls; and |
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements. |
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
RTD CRAWFORD HOLDINGS LTD |
From the above procedures, and in common with all audits under ISAs (UK), we identified journal adjustments as a key audit matter with respect to the potential risk of fraud, particularly in areas where management is required to exercise significant judgement. |
We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with HMRC and other regulatory bodies. |
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Use of our report |
This report is made solely to the group'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 group'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 group and the group's members as a body, for our audit work, for this report, for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 18,998,131 | 20,998,600 |
Cost of sales | 15,250,019 | 16,592,973 |
GROSS PROFIT | 3,748,112 | 4,405,627 |
Administrative expenses | 1,378,686 | 1,790,333 |
2,369,426 | 2,615,294 |
Other operating income | 375,304 | 362,468 |
OPERATING PROFIT | 4 | 2,744,730 | 2,977,762 |
Profit/loss on sale of assets | 5 | 1,438,597 | 392,836 |
4,183,327 | 3,370,598 |
Interest receivable and similar income | 106,474 | 12,277 |
4,289,801 | 3,382,875 |
Interest payable and similar expenses | 6 | - | 6,721 |
PROFIT BEFORE TAXATION | 4,289,801 | 3,376,154 |
Tax on profit | 7 | 764,917 | 435,542 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,524,884 | 2,940,612 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,524,884 | 2,940,612 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,524,884 |
2,940,612 |
Total comprehensive income attributable to: |
Owners of the parent | 3,524,884 | 2,940,612 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Tangible assets | 10 | 15,714,260 | 14,547,325 |
Investments | 11 | - | - |
15,714,260 | 14,547,325 |
CURRENT ASSETS |
Stocks | 12 | 4,495,590 | 5,491,992 |
Debtors | 13 | 3,025,381 | 3,900,431 |
Cash at bank and in hand | 15,035,365 | 12,159,944 |
22,556,336 | 21,552,367 |
CREDITORS |
Amounts falling due within one year | 14 | 1,005,594 | 2,486,264 |
NET CURRENT ASSETS | 21,550,742 | 19,066,103 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
37,265,002 |
33,613,428 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(1,696,528 |
) |
(1,736,764 |
) |
PROVISIONS FOR LIABILITIES | 18 | (431,776 | ) | (264,851 | ) |
NET ASSETS | 35,136,698 | 31,611,813 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 | 300 | 300 |
Retained earnings | 20 | 35,136,398 | 31,611,513 |
SHAREHOLDERS' FUNDS | 35,136,698 | 31,611,813 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by: |
Mr R T D Crawford - Director | Mr M T Crawford - Director |
Mr G R Crawford - Director | Mrs M A Blakely - Director |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,000,000 | 4,000,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED 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 | 300 | 28,670,901 | 28,671,201 |
Changes in equity |
Total comprehensive income | - | 2,940,612 | 2,940,612 |
Balance at 31 December 2022 | 300 | 31,611,513 | 31,611,813 |
Changes in equity |
Total comprehensive income | - | 3,524,884 | 3,524,884 |
Balance at 31 December 2023 | 300 | 35,136,397 | 35,136,697 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
COMPANY 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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,553,994 | 4,687,655 |
Interest paid | - | (6,721 | ) |
Tax paid | (505,296 | ) | (682,337 | ) |
Net cash from operating activities | 4,048,698 | 3,998,597 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,469,660 | ) | (3,602,026 | ) |
Sale of tangible fixed assets | 2,237,046 | 655,942 |
Interest received | 106,474 | 12,277 |
Net cash from investing activities | (1,126,140 | ) | (2,933,807 | ) |
Cash flows from financing activities |
Loan repayments in year | (35,304 | ) | (29,520 | ) |
Net hire purchase finance | (11,833 | ) | (20,167 | ) |
Net cash from financing activities | (47,137 | ) | (49,687 | ) |
Increase in cash and cash equivalents | 2,875,421 | 1,015,103 |
Cash and cash equivalents at beginning of year |
2 |
12,159,944 |
11,144,841 |
Cash and cash equivalents at end of year |
2 |
15,035,365 |
12,159,944 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
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 |
2023 | 2022 |
£ | £ |
Profit before taxation | 4,289,801 | 3,376,154 |
Depreciation charges | 1,504,276 | 1,195,317 |
Profit on disposal of fixed assets | (1,438,597 | ) | (392,836 | ) |
Finance costs | - | 6,721 |
Finance income | (106,474 | ) | (12,277 | ) |
4,249,006 | 4,173,079 |
Decrease in stocks | 996,402 | 8,593 |
Decrease/(increase) in trade and other debtors | 875,050 | (198,069 | ) |
(Decrease)/increase in trade and other creditors | (1,566,464 | ) | 704,052 |
Cash generated from operations | 4,553,994 | 4,687,655 |
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 | 15,035,365 | 12,159,944 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 12,159,944 | 11,144,841 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
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 | 12,159,944 | 2,875,421 | 15,035,365 |
12,159,944 | 2,875,421 | 15,035,365 |
Debt |
Finance leases | (16,764 | ) | 11,833 | (4,931 | ) |
Debts falling due after 1 year | (1,731,833 | ) | 35,305 | (1,696,528 | ) |
(1,748,597 | ) | 47,138 | (1,701,459 | ) |
Total | 10,411,347 | 2,922,559 | 13,333,906 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
RTD Crawford Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the financial statement of the holding company and all its subsidiary companies made up to 31 December 2023. |
The transfer of the subsidiary shareholdings to the company has been accounted for in accordance with the principles of merger accounting method set out in Chapter 19 of FRS102 'Accounting and Reporting in the United Kingdom and Ireland. |
Under the merger accounting method, the carrying values of the assets and liabilities of the parties to the combination are not required to be adjusted to fair value, although appropriate adjustments are made to achieve uniformity of accounting policies in the combining entities. |
The results and cash flows of all the combining entities have been reported in the consolidated financial statements of the combined entity from the beginning of the financial year in which the combination occurred. The comparative information is restated to include the total comprehensive income for all the combining entities for the previous reporting period and their statement of financial position for the previous reporting date, adjusted as necessary to achieve uniformity of accounting policies. |
The difference, if any, between the nominal value of the shares issued and the nominal value of the shares received in exchange is reported as a movement on reserves in the consolidated financial statements. |
Significant judgements and estimates |
When preparing the financial statements, the directors undertake a number of judgements/estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements. |
Carrying value of stock |
Stock is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price, less costs to complete and sell. A provision is made for obsolete and slow moving stock based on historical experience. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED 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, excluding discounts, rebates, value added tax and other sales taxes. It is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them |
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 |
Land & buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss. |
The carrying values of tangible fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is defined as the expenditure which has been incurred in the normal course of business in bridging the product to its present location and condition. Net realisable value is the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distributing. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
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. |
Foreign currencies |
The group's presentation currency is GBP ("sterling"). 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the consolidated income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the consolidated income statement on a straight line basis over the period of the lease. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Pension costs |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the respective company. The annual contributions payable are charged to the consolidated income statement. |
Grant income |
Grants related to expenditure are credited to the consolidated income statement as the expenditure is incurred. |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 849,867 | 798,236 |
Social security costs | 81,255 | 74,904 |
Other pension costs | 24,055 | 582,844 |
955,177 | 1,455,984 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production | 18 | 20 |
Sales & distribution | 4 | 4 |
Administration | 4 | 1 |
2023 | 2022 |
Directors' remuneration | 96,644 | 85,517 |
Directors' pension | 2,614 | 561,486 |
99,258 | 647,003 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases | 149,628 | 119,530 |
Depreciation - owned assets | 1,504,276 | 1,195,317 |
Profit on disposal of fixed assets | - | (8,051 | ) |
Profit/loss on foreign currencies | - | 36,263 |
Auditors' remuneration | 19,500 | 18,000 |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Profit/loss on sale of assets | 1,438,597 | 392,836 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | - | 6,721 |
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 | 597,992 | 452,578 |
Deferred tax | 166,925 | (17,036 | ) |
Tax on profit | 764,917 | 435,542 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED 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 lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 4,289,801 | 3,376,154 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
1,008,961 |
641,469 |
Effects of: |
Expenses not deductible for tax purposes | 235 | 190 |
Depreciation on non-qualifying items | 15,173 | 12,257 |
Changes in tax rates | (4,457 | ) | (1,022 | ) |
Adjustments to tax charge in respect of previous periods | - | (217,352 | ) |
Other allowable deductions | (254,995 | ) | - |
Total tax charge | 764,917 | 435,542 |
8. | INDIVIDUAL INCOME STATEMENT |
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. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 5 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 5 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Land & | Plant and | and | Motor |
buildings | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 14,137,236 | 11,048,679 | 217,740 | 463,377 | 25,867,032 |
Additions | 1,268,410 | 2,133,636 | 1,173 | 66,441 | 3,469,660 |
Disposals | (1,100,865 | ) | (349,096 | ) | - | (52,455 | ) | (1,502,416 | ) |
At 31 December 2023 | 14,304,781 | 12,833,219 | 218,913 | 477,363 | 27,834,276 |
DEPRECIATION |
At 1 January 2023 | 2,247,614 | 8,494,815 | 170,285 | 406,993 | 11,319,707 |
Charge for year | 133,391 | 1,312,182 | 13,900 | 44,803 | 1,504,276 |
Eliminated on disposal | (414,916 | ) | (236,596 | ) | - | (52,455 | ) | (703,967 | ) |
At 31 December 2023 | 1,966,089 | 9,570,401 | 184,185 | 399,341 | 12,120,016 |
NET BOOK VALUE |
At 31 December 2023 | 12,338,692 | 3,262,818 | 34,728 | 78,022 | 15,714,260 |
At 31 December 2022 | 11,889,622 | 2,553,864 | 47,455 | 56,384 | 14,547,325 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | 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 |
R.T.D. Crawford Limited |
Registered office: 9 Drummeer Road, Faughard, Lisbellaw, Co. Fermanagh, BT94 5ES |
Nature of business: Manufacture of timber products |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Crawfords Marina Ltd |
Registered office: 1 Derryharney Road Aghnacarra, Lisbellaw, Enniskillen, Co. Fermanagh, BT94 5HW |
Nature of business: Sale of marine equipment and related goods |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Dooneen Farms Ltd |
Registered office: 10 Lunnon Road, Islandmagee, Co. Antrim, BT40 3TH |
Nature of business: Farming |
% |
Class of shares: | holding |
Ordinary | 100.00 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 4,495,590 | 5,491,992 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | DEBTORS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 2,330,829 | 2,460,792 |
Other debtors | 3,311 | - |
VAT | - | 432,627 |
Prepayments | 691,241 | 1,007,012 |
Sundry debtors | - | - | - | 4,000,000 |
3,025,381 | 3,900,431 |
Amounts falling due after more than one | year: |
Amounts owed by group undertakings | - | - |
Aggregate amounts | 3,025,381 | 3,900,431 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 17) | 4,931 | 11,833 |
Trade creditors | 223,423 | 1,859,153 |
Corporation tax | 309,952 | 217,256 |
Social security and other taxes | 32,695 | 31,292 |
VAT | 143,651 | - |
Accruals | 290,942 | 366,730 |
1,005,594 | 2,486,264 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Other loans (see note 16) | 1,696,528 | 1,731,833 |
Hire purchase contracts (see note 17) | - | 4,931 |
1,696,528 | 1,736,764 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five | years: |
Repayable otherwise than by instalments |
Directors loan | 1,696,528 | 1,731,833 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 4,931 | 11,833 |
Between one and five years | - | 4,931 |
4,931 | 16,764 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 431,776 | 264,851 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 264,851 |
Provided during year | 166,925 |
Balance at 31 December 2023 | 431,776 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 31,611,514 |
Profit for the year | 3,524,884 |
At 31 December 2023 | 35,136,398 |
21. | ULTIMATE PARENT COMPANY |
RTD Crawford Holdings Ltd is under the ultimate control of Mr R T D Crawford. |
22. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 750,000 |
RTD CRAWFORD HOLDINGS LTD (REGISTERED NUMBER: NI676795) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Derrygiff Farm is an enterprise under the control of Mr Garreth Crawford. During the year the group supplied goods of £197,460 to Derrygiff Farm. No balances were due to or from Derrygiff Farm at the balance sheet date. |
24. | RECLASSIFICATION |
Certain prior year amounts have been reclassified for consistency with current year presentation. These reclassifications had no effect on the reported results of the operations. |