Registered number:
For the year ended
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Rotational Moulding Group Limited
Company Information
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Rotational Moulding Group Limited
Contents
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Rotational Moulding Group Limited
Group strategic report
For the year ended 31 December 2023
2023 proved to be a good year overall with earlier capital investments in manufacturing equipment being realised, generating improvements to productivity and efficiency, directly benefitting our profitability.
As a result of a conscious decision to be more selective on projects, as discussed in the KPIs below, sales have reduced by 11% year on year. Turnover was otherwise steady across the board, with more new projects now coming to fruition for the benefit of mid to long term sales. Additional technical resource has been recruited ahead of planned moves towards further investment in robotics, opening up further opportunities for more complicated technical moulding and widening our sales portfolio.
Liquidity Risk
The group's principal financial instruments comprise bank balances, invoice discounting facilities, trade debtors, trade creditors, operating lease agreements and intercompany loans. The main purpose of these instruments is to raise funds for the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is noted below. In respect of bank balances and the invoice discounting facilities, the liquidity risk is managed by maintaining a balance between the continuity of funding and ensuring sufficient funds are available to meet amounts due. The intercompany loans are repayable on demand. The group manages the liquidity risk by regular monitoring of these accounts. The group is a lessee in respect of operating and finance leases. The liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the use of credit checking facilities. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Market risk The Directors have adopted a range of key performance indicators across the Group which allow the business to be closely monitored. These include detailed forecasting of turnover and close attention to any exposure to the risk of price increases. Early monitoring, enables appropriate strategies, such as sourcing of alternative suppliers, to be adopted at an early stage in order minimise any risk. Cash management is key and detailed forecasts are prepared to ensure working capital can be robustly managed.
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Rotational Moulding Group Limited
Group strategic report (continued)
For the year ended 31 December 2023
We report the following with regards to our financial key performance indicators:
Sales have decreased by £1.8m, this is a combination of a quieter Q4 and being more selective with projects to take on. Gross profit margin increased more than 5% to 35.5% with a slight decrease in material costs and better efficiency on the floor. Operating margins also rebounded from 3.26% to 6.95%. For the above reasons, EBITDA for the year to 31 December 2023 was £1,427,341 (2022: £931,946). Stock turnover, based on year-end figures and excluding wages through cost of sales, decreased to 69 days (2022: 73 days). The decrease is due to greater warehouse efficiency and use of existing stock. Debtor days ratio decreased to 54 days (2022: 65 days). The decrease is due to changes in customer profile and improved credit control procedures. Creditor days ratio, based on total expenditure, was 54 days (2022: 50 days).
This report was approved by the board and signed on its behalf.
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Rotational Moulding Group 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £735,358 (2022 - £346,426).
Dividends of £705,321 (2022: £228,690) were paid during the year.
The directors who served during the year were:
We strive for continued efficiencies with further improvements in manufacturing processes in order to maintain a status quo in terms of costs. 2024 sees further investment with a venture into a new plastic process, which we intend to add to our portfolio of services to offer to customers.
During the year, the group undertook some research and development activities relating to various customer projects.
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Rotational Moulding Group Limited
Directors' report (continued)
For the year ended 31 December 2023
Greater flexibility with increased and up to date manufacturing equipment will give the business more sustainability in an uncertain market place. Sales performance has been maintained and visibility on new projects for the new year ahead remain positive.
The auditors, Hurst Accountants Limited, will 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.
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Rotational Moulding Group Limited
Independent auditors' report to the members of Rotational Moulding Group Limited
We have audited the financial statements of Rotational Moulding Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 Report. 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. 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.
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Rotational Moulding Group Limited
Independent auditors' report to the members of Rotational Moulding Group Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Rotational Moulding Group Limited
Independent auditors' report to the members of Rotational Moulding Group Limited (continued)
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 Group 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 misstatement 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.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's 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 of alleged fraud;
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and corruption policy, and Health & Safety.
Audit response to risks identified
Our procedures to respond to risk identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluation of management’s controls designed to prevent and detect irregularities;
∙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 meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators.
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Rotational Moulding Group Limited
Independent auditors' report to the members of Rotational Moulding Group Limited (continued)
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify
accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a 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 throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
Date:
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Rotational Moulding Group Limited
Consolidated statement of comprehensive income
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Registered number: 06705878
Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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Rotational Moulding Group Limited
Registered number: 06705878
Company balance sheet
As at
The profit for the parent company for the period was £705,321 (2022 - £228,690).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 35 form part of these financial statements.
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Rotational Moulding Group Limited
Consolidated statement of changes in equity
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Company statement of changes in equity
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Consolidated statement of cash flows
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Consolidated Analysis of Net Debt (continued)
For the year ended 31 December 2023
Consolidated Analysis of Net Debt
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
Rotational Moulding Group Limited is a private company limited by member's capital and is incorporated in England and Wales, company number 06705878. The address of its registered office is Knowles Industrial Estate, Buxton Road, Furness Vale, High Peak, Derbyshire, SK23 7PH.
The nature of the company's operations and its principal activity is that of a holding company. The nature of the operations and the principal activity of the group of which it heads is that of the manufacture of plastic rotational moulding products.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 28 November 2014.
The company has taken advantage of the exemption available under FRS 102 not to disclose its own Statement of Cash Flows, as this is included within the Consolidated Statement of Cash Flows presented within these Consolidated Financial Statements.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods.
Depreciation is provided on the following basis. Some assets within the same categories have different useful economic lives:
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.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group will continue to recognise the value of the portion of the risks and rewards retained.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2023 are discussed below: Recoverable value of trade debtors The Group has recognised trade debtors with a carrying value of £2,242,097 (2022: £3,014,636). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. No provision has been recognised in 2023 or 2022. Stock valuation The Group exercises judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. The value of stock at the year end totalled £1,334,692 (2022: £1,415,929). No provision has been recognised in 2023 or 2022.
The whole of the turnover is attributable to the principal activity of the group, as described in note 1.
Analysis of turnover by country of destination:
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
11.Taxation (continued)
From 1 April 2023 the main rate of corporation tax increased to 25%. The 23.52% rate used above reflects 9 months of the new rate and 3 months of the previous rate of 19%.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
Secured liabilities
Amounts due under finance lease and hire purchase contracts are secured over the assets to which they relate.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
Other reserves
Other reserves relate to the nominal value of shares that have been redeemed. Profit and loss account Profit and loss account includes all current and prior period profits and losses.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group during the year and amounted to £134,312 (2022: £96,396). Contributions totalling £10,399 (2022: £8,902) were payable to the fund at the balance sheet date and are included in creditors.
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Rotational Moulding Group Limited
Notes to the financial statements
For the year ended 31 December 2023
The Group and company is under the ultimate control of P G Knowles by virtue of his 95% interest in the voting share capital of the company.
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