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Registered number: 03530918






RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










img6230.png

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
COMPANY INFORMATION


Directors
N Cushing 
D Gowland 
R Laufenberg 
R Rupa 




Company secretary
D Gowland



Registered number
03530918



Registered office
1 Endeavour Drive
Festival Business Park

Basildon

Essex

SS14 3WB




Independent auditors
Venthams
Chartered Accountants & Statutory Auditor

Millhouse

32 - 38 East Street

Rochford

Essex

SS4 1DB





 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of income and retained earnings
 
10
Balance sheet
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 28


 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Business review
 
The company continues to successfully provide the services of high calibre technical personnel to the engineering industry, in particular the automotive industry in the UK, across Europe and now also the USA.  The project related business is growing from within the Automotive sector and both areas of the business are supported by a strong engineering and recruitment team which has always been the bedrock to our company..
Business model
The company provides value via the ideas and expertise its personnel provide to the engineering industry in the UK as well as both Europe and the USA. The personnel are retained and motivated by competitive pay, stimulating projects and an amicable and communicative working environment.
The company also takes advantage of its worldwide presence through its membership of the RLE group which has offices around the globe in six countries within three continents. This wide reach means the company can draw on expertise from many cultures, with intergroup leads to new customers being commonplace.
Performance
2023 has proved to be a challenging year as both profit and turnover have decreased due to a drop of confidence and investment in the automotive sector.  This has hit some of the company's larger customers who have reduce their reliance on outsourcing.   Sales decreased by 36% which is mainly due to the cancellation of two major programs during the course of the year.  The company has subsequently seen a decrease in gross profit by 27% as a result of these program cancellations. 
The company will continue to work hard in order to increase its turnover & profit back to the levels of 2021 & 2022 in what is still a very competitive market. 
Objectives and strategy
The company's overall objective is to be a sustainable business which is profitable for the next ten years and beyond.
To achieve this objective in the short term the company looks to gain new customers in the next few years.
To achieve the objective in the short to long term, the company will continue in its endeavours to expand into more project related business during the year with its existing major OEMs and in its drive to develop and secure new customers, whilst retaining its strong core recruitment activities.
To achieve this objective in the long term the company's management intends to diversify into non OEM markets, rail and the autonomous car markets which will be achieved by investment and the continued high standards of personnel recruited.  The company would also like to add another revenue stream to the business with making an effort to secure more business for the Basildon workshop with new work in vehicle conversions and protype builds. 
The company has a goal to work closer in collaboration with its sister company RLE FutureMotiv and gain access to new sectors and markets covering electric, hydrogen and battery technology. 

Page 1

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The management of the business and the nature of the company's strategy are subject to a number of risks.  The directors have set out below the principal business and financial risks facing the business.  The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below.  Processes are in place to monitor and where possible mitigate such risks. 
Economic climate
In the current global economic climate there is always the risk that the company's major customers may decide to postpone programs which would have an effect on the business in 2023 and beyond.  This risk is mitigated by working closely with customers on the timing and delivery of products.
Competition
The markets in which the company operates are highly competitive.  Policies of constant price monitoring and on-going research are in place to mitigate such risks.
Skills shortage
There is the risk that there is not enough skilled engineering personnel available in the UK to undertake projects.  To mitigate this risk the company recruits not only from the UK, but also from other countries in Europe, it also arranges the secondment of personnel from within the RLE global group of companies.
Financial risk
The company uses various financial instruments.  These include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations.
The main risks arising from the company's financial instruments are credit risk and liquidity risk, with currency and interest rate risk being deemed immaterial to the company overall.
Credit risk
The company's principal financial assets are cash and trade debtors.
The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies.
The principal credit risk therefore arises from the company's trade debtors.  In order to manage credit risk the directors set credit limits for customers based on a combination of payment history and third party credit references.  Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably.  The company policy throughout the year has been to achieve this objective through the day to day management of business decision making, rather than through setting maximum liquidity ratios.

Page 2

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The directors consider the following to be key performance indicators of the business:-  
                                                                                                                                 2023                         2022
                                                                                                                                   £                                £
Turnover                                                                      13,534,880           21,144,901                                        Gross profit                                                                                                              2,601,563                   3,552,401
Profit on ordinary activities before taxation                                                                 361,737                  1,354,394
 

 
In addition to the above the company has developed a set of KPIs that have been determined by management to represent those indicators that most importantly reflect the effectiveness of initiatives and action plans identified as critical to the company achieving its objectives.  The company measures the KPIs against budgeted values as well as monitoring the trends for each indicator.  The KPIs are measured monthly by management.
The board has a suite of KPIs both financial and non-financial, to run the business depending on the market and business model.  The principal KPIs used to measure the business as a whole are revenue and profit.  These metrics are visible in the financial statements and are also detailed above.


This report was approved by the board and signed on its behalf.


N Cushing
Director

Date: 23 September 2024

Page 3

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £401,767 (2022 -£1,245,820).

The results for the year are set out on page 10.

Directors

The directors who served during the year were:

N Cushing 
D Gowland 
R Laufenberg 
R Rupa 

Principal risks and uncertainties

The disclosure of principal business and financial risks affecting the company is given in the Strategic Report.

Page 4

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The business will continue its current strategy in 2024 and beyond, but will look to build a strategy to utilise the workshop facilities in the company to move into a new business filed of vehicle conversions and builds. The business will also look to strengthen its collaboration with its sister company RLE Futuremotiv, supporting new business in electric, hydrogen and battery sectors. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsVenthamswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


N Cushing
Director

Date: 23 September 2024

Page 5

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

Opinion


We have audited the financial statements of RLE International Product Development Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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.


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 in relation to which 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 4, 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 is 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.


Page 7

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED (CONTINUED)

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 Auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in
the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment law, fire safety, health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit proceedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditors' Report.


Page 8

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED (CONTINUED)

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 2006Our 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 an Auditors' Report 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.





Mr Trevor McCarthy (Senior statutory auditor)
  
for and on behalf of
Venthams
 
Chartered Accountants
Statutory Auditor
  
Millhouse
32 - 38 East Street
Rochford
Essex
SS4 1DB

 
Date: 
24 September 2024
Page 9

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,534,880
21,144,901

Cost of sales
  
(10,933,317)
(17,592,500)

Gross profit
  
2,601,563
3,552,401

Administrative expenses
  
(2,222,751)
(2,189,234)

Operating profit
 5 
378,812
1,363,167

Interest receivable and similar income
  
-
1,186

Interest payable and similar expenses
 9 
(17,075)
(9,959)

Profit before tax
  
361,737
1,354,394

Tax on profit
 10 
40,030
(108,574)

Profit after tax
  
401,767
1,245,820

  

  

Retained earnings at the beginning of the year
  
2,594,425
1,348,605

Profit for the year
  
401,767
1,245,820

Retained earnings at the end of the year
  
2,996,192
2,594,425
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

Page 10

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
REGISTERED NUMBER:03530918

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
65,984
103,483

  
65,984
103,483

Current assets
  

Debtors: amounts falling due within one year
 12 
4,646,041
9,372,394

Cash at bank and in hand
 13 
601,337
68,293

  
5,247,378
9,440,687

Creditors: amounts falling due within one year
 14 
(1,512,597)
(6,137,389)

Net current assets
  
 
 
3,734,781
 
 
3,303,298

Total assets less current liabilities
  
3,800,765
3,406,781

Provisions for liabilities
  

Deferred tax
 15 
(4,565)
(12,348)

  
 
 
(4,565)
 
 
(12,348)

Net assets
  
3,796,200
3,394,433


Capital and reserves
  

Called up share capital 
 16 
400,000
400,000

Share premium account
 17 
200,000
200,000

Capital redemption reserve
 17 
200,008
200,008

Profit and loss account
 17 
2,996,192
2,594,425

  
3,796,200
3,394,433


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

N Cushing
Director

Date: 23 September 2024

Page 11

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
401,767
1,245,820

Adjustments for:

Depreciation of tangible assets
45,554
58,416

Interest paid
18,259
9,959

Interest received
-
(1,186)

Taxation charge
(40,030)
108,574

Decrease in debtors
1,116,579
141,872

Decrease/(increase) in amounts owed by groups
3,609,773
(3,342,680)

(Decrease) in creditors
(980,076)
(288,149)

(Decrease)/increase in amounts owed to groups
(2,669,556)
1,216,781

Corporation tax received
3,252
15,024

Net cash generated from operating activities

1,505,522
(835,569)


Cash flows from investing activities

Purchase of tangible fixed assets
(8,052)
(24,443)

Net cash from investing activities

(8,052)
(24,443)

Cash flows from financing activities

New secured loans
-
794,024

Repayment of loans
(822,196)
(112,970)

Interest paid
(4,510)
(9,959)

Net cash used in financing activities
(826,706)
671,095

Net increase/(decrease) in cash and cash equivalents
670,764
(188,917)

Cash and cash equivalents at beginning of year
(69,427)
119,490

Cash and cash equivalents at the end of year
601,337
(69,427)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
601,337
68,293

Bank overdrafts
-
(137,720)

601,337
(69,427)


Page 12

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

68,293

533,044

601,337

Bank overdrafts

(137,720)

137,720

-

Debt due within 1 year

(832,753)

822,196

(10,557)


(902,180)
1,492,960
590,780

Page 13

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RLE International Product Development Limited is a private company limited by shares incorporated in England and Wales.  The registered office is No 1 Endeavour Drive, Festival Business Park, Basildon, Essex SS14 3WB.
The principal activity of the company continued to be that of the delivery of engineering design projects and the provision of high quality people placement services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

As detailed in the principal risks and uncertainties section of the Strategic Report the company has been impacted by the effects of the global markets etc.. 
The directors have considered in detail the possible effects of the impacts on the company of the global markets and, taking into account a period exceeding 12 months from the date of approval of these financial statements, the directors have a reasonable expectation that the company has adequate resources, which includes support from the parent company, to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from engineering and design contracts and specialist personnel placements is recognised in the period in which the services are provided, in accordance with the stage of completion of the project, when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 16

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Evenly over the term of the lease
Motor vehicles
-
33.3% straight line
Fixtures and fittings
-
10% & 12.5% straight line
Computer equipment
-
33.3% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
.
Page 18

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 19

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.  The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 
The key source of estimation uncertainty for the company is that of contract accounting resulting in deferred income. Costs per project are analysed in detail each month and cumulative comparisons made against the stage of completion and agreed billing schedules.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of services
13,534,880
21,144,901

13,534,880
21,144,901


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,893,224
7,471,546

Rest of Europe
521,378
12,076,585

Rest of the world
1,120,278
1,596,770

13,534,880
21,144,901



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
104,374
(379,310)

Other operating lease rentals
249,700
254,950

Page 20

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
14,000
14,000


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
4,462,649
5,667,809

Social security costs
503,416
692,272

Cost of defined contribution scheme
428,006
434,240

5,394,071
6,794,321


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4



Management
2
3



Admin
8
7



Direct
71
89

85
103


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
168,666
197,827

Company contributions to defined contribution pension schemes
12,900
12,675

181,566
210,502


During the year retirement benefits were accruing to 1 director (2022 -1) in respect of defined contribution pension schemes.

Page 21

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
2,403
5,532

Other loan interest payable
2,107
4,427

Other interest payable
12,565
-

17,075
9,959

Page 22

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
260,822

Adjustments in respect of previous periods
(32,247)
(148,771)


Deferred tax


Origination and reversal of timing differences
(7,783)
(3,477)


Taxation on (loss)/profit on ordinary activities
(40,030)
108,574

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 -lower than) the standard rate of corporation tax in the UK of 23.521% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
361,737
1,354,394


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
85,084
257,335

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(617)
(1,325)

Capital allowances for year in excess of depreciation
8,538
4,812

Adjustments to tax charge in respect of prior periods
(32,247)
(148,771)

Short-term timing difference leading to an increase (decrease) in taxation
(7,783)
(3,477)

Group relief
(93,005)
-

Total tax charge for the year
(40,030)
108,574


Factors that may affect future tax charges

The taxation rate has increased to 25% from 19% on 1 April 2023. Deferred tax has been calculated using this rate.

Page 23

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
16,170
4,700
274,784
877,415
1,173,069


Additions
-
-
6,860
1,192
8,052



At 31 December 2023

16,170
4,700
281,644
878,607
1,181,121



Depreciation


At 1 January 2023
10,643
4,395
226,427
828,121
1,069,586


Charge for the year on owned assets
1,658
305
13,107
30,481
45,551



At 31 December 2023

12,301
4,700
239,534
858,602
1,115,137



Net book value



At 31 December 2023
3,869
-
42,110
20,005
65,984



At 31 December 2022
5,527
305
48,357
49,294
103,483


12.


Debtors

2023
2022
£
£


Trade debtors
989,149
1,310,366

Amounts owed by group undertakings
3,032,470
6,642,243

Other debtors
-
144,114

Prepayments and accrued income
624,422
1,275,671

4,646,041
9,372,394


Page 24

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
601,337
68,293

Less: bank overdrafts
-
(137,720)

601,337
(69,427)



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
137,720

Bank loans
10,557
832,753

Trade creditors
421,860
1,234,199

Amounts owed to group undertakings
52,426
2,721,982

Taxation and social security
647,386
407,710

Other creditors
35,543
60,651

Accruals and deferred income
344,825
742,374

1,512,597
6,137,389


The bank overdrafts are secured by an unlimited debenture dated 22 December 2009 and 3 June 2015 over the company's assets in the form of a fixed and floating charge, and by way of an all monies guarantee from a company director of £100,000.
Bank loans also include a loan that is secured by an unlimited debenture over the company's assets in the form of a fixed and floating charge, and by way of an all monies guarantee from a company director of £100,000.

Page 25

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Deferred taxation




2023
2022


£

£






At beginning of year
(12,348)
(15,825)


Charged to profit or loss
7,783
3,477



At end of year
(4,565)
(12,348)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
12,933
21,371

Pension surplus
(8,368)
(9,023)

4,565
12,348


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



400,000 (2022 -400,000) Ordinary shares of £1.00 each
400,000
400,000



17.


Reserves

Share premium account

Share premium represents the excess of proceeds received over the nominal value of new shares issued.

Capital redemption reserve

All reserves in respect of capital redemption are non-distributable reserves.

Profit and loss account

All reserves in respect of profit and loss are distributable reserves.

Page 26

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Contingent liabilities

In 2017 the lease of the premises at No 1 Endeavour Drive, Festival Business Park, Basildon, Essex, SS14 3WB was renewed for a 10 year period to April 2026. 
During the company's previous lease they made agreed alterations to the building. The company may be required to restore the building to its original condition on departure from the premises. The amount cannot be quantified but could be material. 
In 2017 the company, along with the other group members, entered into an agreement as unlimited
guarantors of the ultimate parent company's banking liabilities with Commerzbank Aktiengesellschaft,
London Branch. The amount cannot be quantified but could be material.


19.


Pension commitments

The company operates a defined contributions pension scheme.  The assets of the scheme are held seperately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £428,006 (2022: £434,240).  Contributions totalling £33,471 (2022: £36,093) were payable to the fund at the balance sheet date and are included in creditors.


20.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
229,385
229,385

Later than 1 year and not later than 5 years
305,847
535,232

535,232
764,617

Page 27

 
RLE INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Related party transactions

Included within debtors is an amount due from the Company's ultimate parent, RLE International GmbH, of £1,760,505 (2022: £6,193,302). During the year, the Company made sales to and had purchases from RLE International GmbH totalling £1,636,776 and £770. During the year the Company issued sales credit notes totalling £680,974.
Included within creditors is an amount due to the Company's immediate parent, RLE Global Operations Limited, of £52,426 (2022: £65,645). During the year, the Company made sales to and had  purchases from RLE Global Operations Limited totalling £215,517 and £820,217. During the year the Company issued sales credit notes totalling £27,206.
Included within debtors is an amount due to RLE FutureMotiv Limited, a wholly owned subsidiary of the Company's immediate parent, RLE Global Operations Limited, of £758,226 (2022: £2,120,615 creditor). During the year, the Company made sales to and had purchases from RLE FutureMotiv Limited totalling £444,778 and £203,977. During the year, the Company issued sales credit notes totalling £1,218 and received purchase credit notes totalling £6,489. 
Included within debtors is an amount due from RLE International Inc., a wholly owned subsidiary of the Company's immediate parent, RLE Global Operations Limited, of £35,020 (2022: £76,703). During the year, the Company made sales to RLE International Inc. totalling £249,392.
Included within debtors is an amount due to RLE India Private Limited, a wholly owned subsidiary of the Company's immediate parent, RLE Global Operations Limited, of £348,332 (2022: £372,238). During the year, the Company had purchases from RLE India Private Limited totalling £27,620.
Included within debtors is an amount due from RLE Mobility GmbH & Co, a wholly owned subsidiary of the Company's ultimate parent, RLE International GmbH, of £130,387 (2022: £535,721 creditor). During the year, the Company made sales to and had purchases from RLE Mobility GmbH & Co. totalling £143,842 and £753,226. During the year the Company issued sales credit notes totalling £169,352 and received purchase credit notes totalling £850,326. 


22.


Controlling party

The company is wholly owned subsidiary of RLE Global Operations Limited.
RLE Global Operations Limited is a wholly owned subsidiary of RLE International GmbH which is the ultimate parent company.  RLE International GmbH is a company registered in Germany.  Copies of the accounts of RLE International GmbH may be obtained from Brodhausen 1, 51491, Overath, Cologne, Germany, or at the registered office.
There is deemed to be no ultimate controlling party in the current and preceding year due to R Laufenberg and H-J Laufenberg, and members of their families, each holding an equal shareholding in RLE International GmbH.

 
Page 28