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REGISTERED NUMBER: 04789043 (England and Wales)





























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: M Gayo
C A Torkington



SECRETARY: C A Torkington



REGISTERED OFFICE: Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY



REGISTERED NUMBER: 04789043 (England and Wales)



AUDITORS: DonnellyBentley Limited
Chartered Accountants
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY



BANKERS: Barclays Bank Plc

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:





C A Torkington - Director


18 September 2024

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:

M Gayo
C A Torkington

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:





C A Torkington - Director


18 September 2024

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.




James King (Senior Statutory Auditor)
for and on behalf of DonnellyBentley Limited
Chartered Accountants
Hazlemere
70 Chorley New Road
Bolton
Lancashire
BL1 4BY

18 September 2024

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 21,148,380 12,240,494

Cost of sales (12,936,646 ) (9,026,637 )
GROSS PROFIT 8,211,734 3,213,857

Distribution costs (887,921 ) (242,044 )
Administrative expenses (1,824,580 ) (2,222,839 )
5,499,233 748,974

Other operating income - 159,391
OPERATING PROFIT 4 5,499,233 908,365

Interest receivable and similar income 488 114
5,499,721 908,479

Interest payable and similar expenses 5 (14,758 ) (13,383 )
PROFIT BEFORE TAXATION 5,484,963 895,096

Tax on profit 6 (1,328,896 ) (474,537 )
PROFIT FOR THE FINANCIAL YEAR 4,156,067 420,559

Retained earnings at beginning of year 2,171,041 6,255,632

Dividends 7 - (4,505,150 )

RETAINED EARNINGS AT END OF
YEAR

6,327,108

2,171,041

Ravago Manufacturing UK Limited (Registered number: 04789043)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 8 5,159,204 3,928,284

CURRENT ASSETS
Stocks 9 918,332 664,708
Debtors 10 3,001,443 3,422,204
Cash at bank and in hand 1,397,851 3,668,443
5,317,626 7,755,355
CREDITORS
Amounts falling due within one year 11 (2,876,461 ) (8,431,031 )
NET CURRENT ASSETS/(LIABILITIES) 2,441,165 (675,676 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,600,369

3,252,608

CREDITORS
Amounts falling due after more than one
year

12

(326,493

)

(506,096

)

PROVISIONS FOR LIABILITIES 15 (946,668 ) (575,371 )
NET ASSETS 6,327,208 2,171,141

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 6,327,108 2,171,041
SHAREHOLDERS' FUNDS 6,327,208 2,171,141

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





C A Torkington - Director


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

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.

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 1,692,531 462,455
Social security costs 179,330 48,926
Other pension costs 30,247 7,568
1,902,108 518,949

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
44 21

Period
1/6/22
Year Ended to
31/12/23 31/12/22
£    £   
Directors' remuneration - 21,881

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 490,909 123,509
Depreciation - assets on hire purchase contracts 121,323 85,757
Loss on disposal of fixed assets 529 -
Auditors' remuneration 15,050 12,500
Foreign exchange differences 1,190 (10 )
Impairment loss on group loan - 1,548,438
Cost of stock recognised as an expense 10,047,697 8,023,352
Operating lease payments 257,602 70,000
Income from operating leases - (159,391 )

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 16,623 11,903
Interest on overdue tax (1,865 ) -
Hire purchase - 1,480
14,758 13,383

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 957,599 393,893

Deferred tax 371,297 80,644
Tax on profit 1,328,896 474,537

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 5,484,963 895,096
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

1,290,118

170,068

Effects of:
Expenses not deductible for tax purposes 2,666 297,365
Depreciation in excess of capital allowances 37,616 8,083
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 - 3,500,000
Interim - 1,005,150
- 4,505,150

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 876,948 3,246,795 898,340 134,487 5,156,570
Additions 127,100 1,675,427 42,298 31,500 1,876,325
Disposals - (29,920 ) - (5,000 ) (34,920 )
At 31 December 2023 1,004,048 4,892,302 940,638 160,987 6,997,975
DEPRECIATION
At 1 January 2023 31,461 1,104,628 65,261 26,936 1,228,286
Charge for year 216,130 328,601 35,894 31,607 612,232
Eliminated on disposal - (1,122 ) - (625 ) (1,747 )
At 31 December 2023 247,591 1,432,107 101,155 57,918 1,838,771
NET BOOK VALUE
At 31 December 2023 756,457 3,460,195 839,483 103,069 5,159,204
At 31 December 2022 845,487 2,142,167 833,079 107,551 3,928,284

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 1,112,315
DEPRECIATION
At 1 January 2023 303,497
Charge for year 121,323
At 31 December 2023 424,820
NET BOOK VALUE
At 31 December 2023 687,495
At 31 December 2022 808,818

9. STOCKS
2023 2022
£    £   
Raw materials 517,602 464,188
Finished goods 400,730 200,520
918,332 664,708

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,866,232 2,784,491
Amounts owed by group undertakings 10,043 -
Sec 455 tax recoverable 812 448,312
Prepayments and accrued income 124,356 189,401
3,001,443 3,422,204

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 179,603 174,710
Trade creditors 1,468,519 2,278,700
Amounts owed to group undertakings - 4,429,591
Corporation tax 707,599 935,283
Social security and other taxes 50,670 34,751
VAT 273,365 444,537
Other creditors 13,743 6,774
Accrued expenses 182,962 126,685
2,876,461 8,431,031

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) 326,493 506,096

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 179,603 174,710
Between one and five years 326,493 506,096
506,096 680,806

Non-cancellable operating leases
2023 2022
£    £   
Within one year 274,270 219,996
Between one and five years 449,822 770,002
724,092 989,998

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 575,371
Charge to Income Statement during year 371,297
Balance at 31 December 2023 946,668

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: £    £   
100 Ordinary £1 100 100

17. RESERVES
Retained
earnings
£   

At 1 January 2023 2,171,041
Profit for the year 4,156,067
At 31 December 2023 6,327,108

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.