REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Ravago Manufacturing UK Limited |
REGISTERED NUMBER: |
Strategic Report, Directors' Report and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Ravago Manufacturing UK Limited |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 8 |
Balance Sheet | 9 |
Notes to the Financial Statements | 10 |
Ravago Manufacturing UK Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Hazlemere |
70 Chorley New Road |
Bolton |
Lancashire |
BL1 4BY |
BANKERS: |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
We have traded well throughout the financial period, delivering a steady profit before tax and a consistently strong operating performance. |
The company remains in a healthy financial position, with shareholders' funds at 31 December 2023 in excess of £6.3 million and a substantial year end net cash balance. Current trading is strong, we are confident on the outlook, and we have a clear business strategy in place which means that we expect to make further good progress in the financial year ahead. |
On 1st December 2022 the business of Venture Polymers UK Ltd was merged with Ravago Manufacturing UK Limited, so this has contributed to the increase in turnover and profit for the current year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
As with any business we face risks and uncertainties, both operationally and commercially, on a daily basis. It is the effective management of these risks that places us in a better position to be able to achieve our strategic objectives and embrace opportunities as they arise. |
The principal risks to the business are the current economic environment, health and safety, foreign currency fluctuation, liquidity, credit risk and the maintenance of a continuous supply of raw materials. |
The company requires access to adequate financial resources in order to trade and manage its working capital requirements and the directors will always ensure that profit is backed by cash availability. |
KEY PERFORMANCE INDICATORS |
The company uses various Key Performance Indicators (KPIs) of both a financial and non-financial nature to measure its day-to-day operational activities and the longer-term health of the business. |
Gross profit % has increased from 26.26% (period to 31December 2022), to 38.83% (year to 31 December 2023). |
Operating profit was £908,365 for the seven months to 31 December 2022 and £5,499,233 for the 12 months to 31 December 2023. |
ON BEHALF OF THE BOARD: |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Directors' Report |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and recycle of plastic products and material. |
DIVIDENDS |
The directors recommend that a dividend of £3 million be paid. The total distribution for the year to 31 December 2022 was £4,505,150. |
DIRECTORS |
The directors during the year under review were: |
The directors holding office at 31 December 2023 did not hold any beneficial interest in the issued share capital of the company at 1 January 2023 or 31 December 2023. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report), the company's strategic information required by Schedule 7 of the Large and Medium -sized Companies and Groups (Accounts and Reports), now includes information relating to the business review and the principal risks and uncertainties, that would previously have been included in the Directors' Report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Directors' Report |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, DonnellyBentley Limited, 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 |
Ravago Manufacturing UK Limited |
Opinion |
We have audited the financial statements of Ravago Manufacturing UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ravago Manufacturing UK Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates and considered the risk of non - compliance with applicable laws or regulations. |
We determined that the following laws and regulations were most significant: the Companies Act 2006, FRS102, UK corporate taxation laws, health and safety regulations, environmental regulations and employment law. We designed audit procedures to respond to the risk, recognizing that 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, for example, forgery or intentional misrepresentations, or through collusion. |
We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of the management. |
Our tests also included agreeing the financial statements disclosures to underlying supporting documentation. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. |
We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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 |
Ravago Manufacturing UK 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. |
for and on behalf of |
Chartered Accountants |
Hazlemere |
70 Chorley New Road |
Bolton |
Lancashire |
BL1 4BY |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Statement of Income and |
Retained Earnings |
for the Year Ended 31 December 2023 |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
5,499,233 | 748,974 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
5,499,721 | 908,479 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ravago Manufacturing UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
The financial statements of Ravago Manufacturing UK Limited are consolidated in the financial statements of Ravago SA. These financial statements are available from its registered office which is 16 Rue Notre Dame, L-2240, Luxembourg. . |
Significant judgements and estimates |
The preparation of these financial statements requires certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 15% on reducing balance |
Fixtures and fittings - at varying rates on cost |
Motor vehicles - 25% on reducing balance |
Improvements to property - depreciated over the term of the lease |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised as income as the related expenditure is incurred. |
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 transaction price. Any losses arising from impairment are recognised in expenditure. |
Cash at bank and in hand |
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Going concern |
No material uncertainties, that cast significant doubt about the ability of the company to continue in operational existence for the foreseeable future, have been identified by the directors. |
Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
Office/administration | 9 | 9 |
Production | 35 | 12 |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
Impairment loss on group loan | - | 1,548,438 |
Cost of stock recognised as an expense |
Operating lease payments |
Income from operating leases | ( |
) |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Bank loan interest |
Interest on overdue tax | ( |
) |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
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: |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Group relief | (1,504 | ) | (979 | ) |
Total tax charge | 1,328,896 | 474,537 |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | DIVIDENDS |
Period |
1/6/22 |
Year Ended | to |
31/12/23 | 31/12/22 |
£ | £ |
Ordinary shares of £1 each |
Final |
Interim |
Interim dividends for the period to 31st December 2022 comprise: |
Interim 1 - £5,150 |
Interim 2 - £1,000,000 |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
During 2023 the depreciation policy for property improvements was revised and depreciation is now being charged over the term of the lease rather than at 2% per year. This has increased the depreciation charge for property improvements by £198,591. |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Finished goods |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Sec 455 tax recoverable | 812 | 448,312 |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 13) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 273,365 | 444,537 |
Other creditors |
Accrued expenses |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 13) |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 506,096 | 680,806 |
The debt is secured on the assets to which the liability relates. |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 946,668 | 575,371 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Balance at 31 December 2023 |
Ravago Manufacturing UK Limited (Registered number: 04789043) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
18. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022: |
2023 | 2022 |
£ | £ |
A T Cook |
Balance outstanding at start of year | - | 1,567,832 |
Amounts repaid | - | (1,567,832 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
19. | ULTIMATE CONTROLLING PARTY |
On 17 June 2022 the parent company of Ravago Manufacturing UK Limited, AMC Group Holdings Limited, was acquired by AMC Topco Limited. The registered office of AMC Group Holdings Limited is 70 Chorley New Road, Bolton, Lancashire BB14BY. |
On 24 June 2022, AMC Topco Limited was acquired by Koryfes SA, which is itself a 100% subsidiary of Ravago SA. |
At 31 December 2023 the ultimate controlling party was Ravago SA which was incorporated in Luxembourg. |
20. | SUBSEQUENT EVENTS |
On 11th March 2024 the directors recommended that a dividend of £3m be paid. |