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REGISTERED NUMBER: 05497750 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Rawlplug Limited

Rawlplug Limited (Registered number: 05497750)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Rawlplug Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Koelner
Dr P Grandesso
Mrs M Smillie



SECRETARY: SISEC Limited



REGISTERED OFFICE: 21 Holborn Viaduct
LONDON
EC1A 2DY



REGISTERED NUMBER: 05497750 (England and Wales)



AUDITORS: TB Dunn & Co
Statutory Auditor
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR



SOLICITORS: Lovells
21 Holborn Viaduct
London EC1A 2DY

Rawlplug Limited (Registered number: 05497750)

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
The directors are once again encouraged by the results for the year ended 31 December 2023.

The key financial highlights are as follows:

2023 2022 2021
£ £ £
Turnover 24,993,585 23,262,912 20,437,941

Turnover growth 7.4% 13.8% 33.1%

Profit before taxation 2,586,372 2,377,422 2,099,011


The net assets of the company have increased from £12,842,829 at 31 December 2022 to £14,795,830 at 31 December 2023.

Sales increased across the company with positive performances achieved across all sales channels of the business. The positive sales performance was primarily due to increases in new customer sales channels along with a strong customer base in the national channel. The introduction of new product lines has also helped to improve the profitability of the business.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is at risk to exposure in movements in currency both in Euros to Sterling and Dollars to Sterling this is due to some stock purchases being both in Euros and Dollars. The company has taken the necessary steps to reduce this risk.

The company is aware of delays and raw material shortages as a result of the recent activities in the Red Sea and the effect that this has had on the global pricing markets particularly in fuel and shipping times. The company has again increased their holdings of key lines in order to ensure continuity of supply. The company is working closely with their suppliers to try to ensure that delivery schedules are maintained.

The company credit risk is still primarily attributable to its trade debtors. Credit risk is managed by running credit checks and monitoring payments and credit levels of both new and existing clients.

The company closely monitors cash flow as part of its every day procedure. The Board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn as necessary.

Overall the directors believe the company has responded well to the challenges in global market conditions with rising prices and stock availability of being particular risk. Since the year end the directors have continued to strengthen their financial position by continuing in their endeavours to increase sales and maintain gross margin as well as working with suppliers to ensure continuity in supply.

ON BEHALF OF THE BOARD:





Mrs M Smillie - Director


29 May 2024

Rawlplug Limited (Registered number: 05497750)

Report of the Directors
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 distribution of fixings and tools to commerce and industry in the UK and overseas.

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R Koelner
Dr P Grandesso
Mrs M Smillie

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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.

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

ON BEHALF OF THE BOARD:





Mrs M Smillie - Director


29 May 2024

Report of the Independent Auditors to the Members of
Rawlplug Limited

Opinion
We have audited the financial statements of Rawlplug Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Rawlplug 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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities 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.

Report of the Independent Auditors to the Members of
Rawlplug Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:
- the nature of the industry and sector, control environment and business performance including the key drivers for Directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we consider the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the cut-off of revenue recognition. In common with all audits under ISAs(UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosure in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and Health and Safety legislation.

In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meeting of those charged with governance;
- in addressing the fraud risk in revenue cut-off, we have tested a sample of revenue/stock recorded pre year end and post year end and agreed to invoice, and stock records to assess timing or cut-off and ensure that revenue is only recognised when goods have been dispatched; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations through the audit.

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
Rawlplug 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.




Mark Blair FCCA (Senior Statutory Auditor)
for and on behalf of TB Dunn & Co
Statutory Auditor
Ground Floor (part)
8000 Academy Business Park
51 Gower Street
GLASGOW
G51 1PR

29 May 2024

Rawlplug Limited (Registered number: 05497750)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 24,993,585 23,262,912

Cost of sales 17,637,123 16,180,091
GROSS PROFIT 7,356,462 7,082,821

Distribution costs 2,960,126 2,872,522
Administrative expenses 1,952,699 1,932,945
4,912,825 4,805,467
2,443,637 2,277,354

Other operating income 165,031 117,159
OPERATING PROFIT 5 2,608,668 2,394,513


Interest payable and similar expenses 6 22,296 17,091
PROFIT BEFORE TAXATION 2,586,372 2,377,422

Tax on profit 7 633,371 467,756
PROFIT FOR THE FINANCIAL YEAR 1,953,001 1,909,666

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,953,001

1,909,666

Rawlplug Limited (Registered number: 05497750)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 90,391 128,387
Tangible assets 9 1,632,201 1,698,933
1,722,592 1,827,320

CURRENT ASSETS
Stocks 10 6,738,882 5,870,896
Debtors 11 6,205,841 6,813,377
Cash at bank 2,678,643 730,377
15,623,366 13,414,650
CREDITORS
Amounts falling due within one year 12 2,508,502 2,346,777
NET CURRENT ASSETS 13,114,864 11,067,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,837,456

12,895,193

PROVISIONS FOR LIABILITIES 14 41,626 52,364
NET ASSETS 14,795,830 12,842,829

CAPITAL AND RESERVES
Called up share capital 15 11,500,000 11,500,000
Capital redemption reserve 16 11,000,000 11,000,000
Retained earnings 16 (7,704,170 ) (9,657,171 )
SHAREHOLDERS' FUNDS 14,795,830 12,842,829

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2024 and were signed on its behalf by:





Mrs M Smillie - Director


Rawlplug Limited (Registered number: 05497750)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 11,500,000 (11,566,837 ) 11,000,000 10,933,163

Changes in equity
Total comprehensive income - 1,909,666 - 1,909,666
Balance at 31 December 2022 11,500,000 (9,657,171 ) 11,000,000 12,842,829

Changes in equity
Total comprehensive income - 1,953,001 - 1,953,001
Balance at 31 December 2023 11,500,000 (7,704,170 ) 11,000,000 14,795,830

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Rawlplug 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.

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


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 principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all of the years presented, unless otherwise stated.

Going Concern
Having considered the company forecasts, the Directors remain of the view that the company has adequate resources to continue for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
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. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Turnover
Turnover represents sales to external customers as invoiced less value added tax or local taxes on sales. Turnover is recognised when goods are despatched to customers.

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

Computer software is being amortised evenly over its estimated useful life of six years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 40 years
Machinery, equipment and tooling - 20% on cost
Fixtures, fittings and computer equipment - 20% to 33.33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Rawlplug Limited (Registered number: 05497750)

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 Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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
Foreign currency transactions are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the profit and loss account.

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

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

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

Fixed Asset Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Leased assets
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 24,864,325 23,076,237
Europe 111,454 153,486
Rest of the World 17,806 33,189
24,993,585 23,262,912

Turnover is wholly attributable to the principal activity of the company.

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,148,650 2,308,872
Social security costs 269,288 268,174
Other pension costs 181,395 138,417
2,599,333 2,715,463

The average number of employees during the year was as follows:
2023 2022

Distribution 39 41
Administration 5 7
COGS Services 2 1
46 49

2023 2022
£    £   
Directors' remuneration 497,410 456,341
Directors' pension contributions to money purchase schemes 92,165 51,124

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 393,304 425,665
Pension contributions to money purchase schemes 52,800 50,500

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 83,165 95,106
Computer software amortisation 37,996 31,522
Auditors' remuneration 21,000 21,000
Hire of motor vehicles - operating leases 167,558 161,369
Hire of equipment - operating leases 47,891 52,367

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest paid 22,296 17,091

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 644,109 272,778

Deferred tax (10,738 ) 194,978
Tax on profit 633,371 467,756

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:

2023 2022
£    £   
Profit before tax 2,586,372 2,377,422
Profit multiplied by the standard rate of corporation tax in the UK of
23.221% (2022 - 19%)

600,581

451,710

Effects of:
Expenses not deductible for tax purposes 12,051 3,487
Depreciation in excess of capital allowances 23,275 2,758
Utilisation of tax losses - (185,177 )
Tax withheld 8,202 -


Change in recognised deductible temporary differences (10,738 ) 194,978
Total tax charge 633,371 467,756

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 258,633
AMORTISATION
At 1 January 2023 130,246
Amortisation for year 37,996
At 31 December 2023 168,242
NET BOOK VALUE
At 31 December 2023 90,391
At 31 December 2022 128,387

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Fixtures,
Machinery, fittings
equipment and
Freehold and computer
property tooling equipment Totals
£    £    £    £   
COST
At 1 January 2023 2,201,468 280,966 158,769 2,641,203
Additions - 3,168 13,265 16,433
At 31 December 2023 2,201,468 284,134 172,034 2,657,636
DEPRECIATION
At 1 January 2023 670,029 151,510 120,731 942,270
Charge for year 44,612 17,985 20,568 83,165
At 31 December 2023 714,641 169,495 141,299 1,025,435
NET BOOK VALUE
At 31 December 2023 1,486,827 114,639 30,735 1,632,201
At 31 December 2022 1,531,439 129,456 38,038 1,698,933

10. STOCKS
2023 2022
£    £   
Finished goods and goods for resale 6,738,882 5,870,896

There is no material difference between the replacement cost of stocks and the amounts stated above.

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 4,135,421 4,680,108
Amounts owed by group undertakings 1,856,125 1,332,827
Directors' current accounts - 5,219
Prepayments and accrued income 214,295 195,223
6,205,841 6,213,377

Amounts falling due after more than one year:
Amounts owed by group undertakings - 600,000

Aggregate amounts 6,205,841 6,813,377

Loans are included within amounts owed by group undertakings. Interest in respect of these loans is charged at an appropriate market rate.

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 737,112 542,771
Amounts owed to group undertakings 201,323 1,006
Taxation and social security 274,433 662,791
Accruals and deferred income 1,295,634 1,140,209
2,508,502 2,346,777

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 257,224 2,691
Between one and five years 527,050 317,215
In more than five years 487,813 -
1,272,087 319,906

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 41,626 52,364

Deferred
tax
£   
Balance at 1 January 2023 52,364
Provided during year (10,738 )
Balance at 31 December 2023 41,626

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
11,500,000 Ordinary £1 11,500,000 11,500,000

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 (9,657,171 ) 11,000,000 1,342,829
Profit for the year 1,953,001 1,953,001
At 31 December 2023 (7,704,170 ) 11,000,000 3,295,830

Rawlplug Limited (Registered number: 05497750)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £181,395 (2022: £138,417).

18. ULTIMATE PARENT COMPANY

The company is a subsidiary of Rawlplug SA which is the ultimate parent company incorporated in Poland.

The largest and smallest group in which the results of the company are consolidated is that headed by Rawlplug SA, incorporated in Poland. The consolidated accounts of this company are available to the public and may be obtained from the Warsaw Stock Exchange. No other group accounts include the results of the company.

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Dr P Grandesso
Balance outstanding at start of year 5,219 -
Amounts advanced - 5,219
Amounts repaid (5,219 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,219

20. RELATED PARTY DISCLOSURES

All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key personnel. Total remuneration in respect of these individuals is £886,585 (2022: £834,600).

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Rawlplug SA.