Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
COMPANY INFORMATION
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RSCPBR LIMITED
CONTENTS
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RSCPBR LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Director presents his strategic report of the Company and the Group for the year ended 31 December 2023.
The Company exists as a holding company for a number of subsidiaries and as such, it has no trade.
The results for the period and financial position of the Group are shown in the financial statements. The Group conducts a diverse selection of business activities including:
- Insurance brokerage - Provision of independent expert medical evidence reports - Claims handling and vehicle credit hire - Vehicle damage repair - Vehicle recovery and rescue services - Solar energy (disposed from group 31/12/23) - A football club (disposed from group 31/12/23) - Property development (disposed from group 31/12/23) Group and individual company results are considered below: Group results During the year ended 31 December 2023 Group revenue was £130m (2022: £98m). Not all Companies were profitable during the period, however the Group made a profit before tax of £22m (2022: £17m). The Group reports net assets of £65m (2022: £65m) and cash at bank of £39m (2022: £28m). Component results Insurance brokerage One Call Insurance Services Limited The Company had a further year of strong sales, and this together with a particular focus on renewal retention rates saw the overall policy count remain consistent with a 1.7% decrease. This has resulted in a 21% increase in profit before tax to £22m (2022: £18.2m). The Company maintained a strong position with retained earnings of £57m (2022: £50.8m) and cash and cash equivalents of £32.7m (2022: £25m) Profit and loss analysis (expressed as a percentage of sales): 2023 2022 Gross profit 100% 100% Administrative expenses 55% 65% Balance sheet analysis: Current ratio 1.9 2.2 Return on capital employed (ROCE) 52% 36%
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RSCPBR LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Yoga Insurance Services Limited
Trading commenced in September 2019. The strategy of the Company is to offer an innovative experience to consumers who prefer to buy and maintain their insurance wholly online. The lower cost base allows savings to be passed on to the customer. Since trade is still at an early stage, all business is subject to acquisition costs through aggregator websites. Early trading is in line with expectations and the board are satisfied with the results achieved so far. The Company continues to develop its platform to offer excellent and convenient customer experience, to expand its routes to market and panel of insurers available. The book has steadily grown and the lack of acquisition cost on renewed business offers opportunity to move into profitability. Results continue in line with expectations. During the year, a pre-tax profit of £1.4m (2022: £509k loss) was recorded. Insurance support services O C Motor Repair Limited (disposed 31/12/23) The Company strengthened its sales with £23.5m turnover in 2023, a 50% increase on the prior period. Most notably due to the expansion of its repair centre network in Scotland. The Company exceeded its expected forecasted turnover for the current year. Despite inflationary pressures on the vehicle parts supply chain, cost of sales margin has been maintained at 53%, in line with revenue growth. Admin expenses have increased by 20% due to inflationary rises in overheads. The Company strengthened its position with retained earnings of £4.95m (2022: £4.43m). There has been improvements in its current ratio increasing to 1.05 (2022: 1.03) and its return in capital employed to 20% in the current period. The Company has strengthened its capital investment, with a 10% increase in tangible asset growth. Investments have been made to it's current fleet of trucks and it's environmental responsibilties through installation of solar panels. The results for the financial year are within board expectations. The directors have confidence in the continued investment in the business and future profitability that will see growth continue into the future. Profit and loss analysis (expressed as a percentage of sales): 2023 2022 Cost of sales 54% 52% Gross profit 46% 48% Administrative expenses 42% 52% Balance sheet analysis: Current ratio 1.05 1.03 Return on capital employed 20% -12%
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RSCPBR LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
One Call Claims Limited
The results for the period and financial position of the Company are shown in the financial statements. The company met its forecasted net profit and turnover. The Company had a strong year of sales with a turnover growth of 20.4%, to £7.6m (2022: £6.3m). This has resulted in a 22.14% increase in gross profit. An investment in its ‘People’ has contributed to administrative expenses increasing by 38.86% with its headcount increasing by 22.76%. As a result of achieving its sales targets and investing capital on its credit-hire fleet, profit for the financial year was £287k (2022: £732k). Further capital investment is expected in 2024 to meet the demand for credit hire vehicles. The directors are satisfied with the performance of the business. Profit and loss analysis (expressed as a percentage of sales): 2023 2022 Cost of sales 14% 15% Gross profit 86% 85% Administrative expenses 90% 78% Profit before tax 2% 12% Balance sheet analysis: Current ratio 1.12 1.44 Return on capital employed 2% 9% One Call Rescue Limited (disposed 31/12/23) The focus of the business continues to be on growing the panel to strengthen those geographical locations currently serviced and aim to decrease customer wait times. The business employs advanced systems which allows the customer to see the progress of the recovery vehicle in real time. At the end of the year One Call Rescue had net assets of £605k (2022: £874k) and cash at bank of £159k (2022: £292k). Profit and loss analysis (expressed as a percentage of sales): 2023 2022 Cost of sales 94% 92% Gross profit 6% 8% Administrative expenses 10% 8% Balance sheet analysis: Current ratio 1.78 1.63
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RSCPBR LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Football club and support activities
Mansfield Town Football Club Limited (disposed 31/12/23) The 2023/24 season was the eleventh consecutive season that Mansfield Town Football Club competed in the EFL league 2. Significant changes to the first team squad showed the club's continuous ambition to gain promotion to the EFL league 1 and the board’s effort to achieve this objective. The season ended with an 3rd place finish and promotion to EFL league 1. In 2023 profits were £14k, an increase of £64k compared to 2022 (2022 losses: £50k). At year end 2023, Mansfield Town had net liabilities of £4.3m, and cash at bank of £62k (2022: net liabilities £4.3m, cash at bank £127k). Mansfield Town 1861 Limited (disposed 31/12/23) The main focus for Mansfield Town 1861 Limited is management of the hospitality facilities for Mansfield Town Football Club to enhance the match day experience. The loss for the year totalled £32k, compared to a profit of £53k in 2022. 2023 shows net assets of £156k (2022: £188k). Other C L Medicall Aid Limited (disposed 31/12/23) The Company had a year of strong performance with turnover growth of 9% resulting in total turnover of £9.7m (2022: £8.9m). As a result of maintaining sales targets profit before tax was £1.2m (2022: £25k). The directors are satisfied with the performance of the business. The Company maintained a strong position with retained earnings of £6.5m (2022: £5.6m). Profit and loss analysis (expressed as a percentage of sales): 2023 2022 Cost of sales 55% 58% Gross profit 45% 42% Administrative expenses 44% 48% Profit before tax 13% 0% Balance sheet analysis: Current ratio 2.2 2.4 Return on capital employed 19% 0% Green Energy Power Solutions Ltd (disposed 31/12/23) The main focus in 2023 remained as providing boiler cover, collecting the feed in tariffs on owned installations and providing warranty cover to existing customers, as was the focus in 2022. Turnover increased to £625k from £380k and profits to £182k from £73k At the year-end Green Energy Power Solutions Ltd held net liabilities of £748k (2022: £930k) and cash at bank £85k (2022: £59k).
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RSCPBR LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Company
Because of the purpose of the Company and the carrying value of its assets, the Director does not consider that it is exposed to any significant risks. Group Due to the diverse nature of the Group's operations it has exposure to risks and uncertainties across several markets. The risks and uncertainties facing the insurance brokerages are: The Group maintains a comprehensive risk management strategy that is overseen by the compliance committee on behalf of the board. The compliance committee is comprised of board members and is chaired by a non executive director. Risk appetite across different categories of risk is set by the board. The principal operational and strategic risks are recorded on the Group risk register, which is regularly updated and monitored by the compliance committee. The principal risks that the Group faces are: • The competitive environment of the general insurance market. The Group manages this risk by maintaining strong working relationships with its insurer and aggregator business partners. This is achieved by regular contact and producing and analysing MI to identify areas of underperformance or improvement opportunities. • Regulation. The Group is regulated by the Financial Conduct Authority. This risk is managed as follows: The Group has an adequately resourced compliance department overseen by the compliance director. A comprehensive program of training and knowledge checking is operated across the business. Compliance is monitored by a rigorous "three lines of defence" approach. The compliance committee monitors this area and reports into the board. • IT and cyber risks. The Group extensively transacts over the internet, and continues to invest in training and its IT infrastructure to maintain data security and integrity, provide business resilience and to identify emerging threats in this fast moving arena. The risks and uncertainties facing the insurance support company is: For One Call Claims Limited, the claims market is regulated by the FCA and there is a level of preparation required to ensure compliance with those regulations that are in force. There is also a requirement to ensure Company management are accountable and suitable to operate within a claims management company. The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Group's principal financial assets are trade debtors and cash. The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. Trade debtors are related to historic sales contracted to settle over a number of years.
Due to the diverse nature of the businesses, the Director uses differing performance indicators, both financial and non-financial to assess and monitor the position of the Group.
For the claims handling company the financial indicators are cost of sales, gross profit and administration expenses. Current ratio and return on capital employed are used to analyse the balance sheet. General non-financial performance indicators are staff turnover, staff satisfaction and health and safety amongst others.
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RSCPBR LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Director has acted in a way that they considered, in good faith, to be most likely to promote the success of the Group for the benefit of its sole member, and in doing so had regard, amongst other matters, to:
• The likely consequences of any decision in the long term. The board considers the long-term consequences if its decisions and is guided by both its business plan and its risk appetite and framework. • The interests of the Group's employees. The board believes in the importance of communication and engagement with employees. Communication is facilitated by the staff intranet and newsletters, along with regular one to one contact with every staff member. Regular anonymous staff culture surveys are carried out overseen by an independent non-executive Director. The Group maintains an awareness of mental health in the workplace, with all managers receiving basic training mental health "first-aiders" with more in depth training. • The need to foster the Group's business relationships with customers, suppliers, the regulator and others. Seeking good customer outcomes is central to the success of the business. Management keep track of how customers perceive our products and services and review them to ensure they continue to meet the needs of our customers. Root cause analysis and learnings from complaints is also key to achieving this. Key supplier relationships are managed by individual senior managers or the Director who are in regular communication to foster a mutually beneficial relationship. Our insurer partnerships are fundamental to the success of the business. The FCA is a key stakeholder and the board prioritises positive, open and transparent engagement. The focus on good customer outcomes will go a long way to fostering this relationship, and there is a strong program to monitor and respond to developments in regulation. • The impact of the Group's operations on the community and the environment. The board is committed to ensuring the Group is a good corporate citizen with a committed workforce helping to raise funds for charity. • The desirability of the Group maintaining a reputation for high standards of business conduct. The board believes that maintaining trust and credibility is essential to the success of the business, and that this attitude to business flows from the top throughout the business. This goes hand in hand with all the areas above in promoting the success of the Group. • To act fairly between members of the Group.
This report was approved by the board and signed on its behalf.
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RSCPBR LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Director presents his report and the financial statements for the year ended 31 December 2023.
The Director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 and minority interests, amounted to £3,438,284 (2022 - £11,303,870).
The Director recommends that no final dividend be paid.
The Director who served during the year was:
The Director remains confident that 2024 will remain profitable and enable the Group to improve its current performance.
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RSCPBR LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group values its staff as its most important asset. Important factors affecting the Group and its employees are regularly broadcast on the Group's internal website. There are regular staff meetings and training programmes which are considered essential to the wellbeing of the company and its employees.
The Group has a Recruitment and Selection Policy in place which covers equal opportunities and monitoring and is satisfied that both Policies and Systems and Controls in place are sufficient. The Group also has in place a Training and Competence Policy and Procedures which govern the provision of information, employee engagement and involvement, performance, appraisals, staff consultation and communication of factors affecting the Group and is confident that the controls in place are sufficient.
This has been discussed within the strategic report.
The above figures have been calculated using fuel receipts, monthly utility bills and estimates including:
- burning a litre of diesel produces approximately 2.62kg of CO2 - burning a litre of petrol produces approximately 2.39kg of CO2 - 0.233kg of CO2e per KWH of electricity - 0.184kg of CO2e per KWH of gas - 1 litre of diesel = 38MJ = 10KWH - 1 litre of petrol = 32.6MJ = 9.1KWH
Emissions from purchase of electricity per employee = 0.29 (2022: 0.28) tonnes of CO2 per employee.
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RSCPBR LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, PKF Smith Cooper Audit 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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RSCPBR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED
We have audited the financial statements of RSCPBR 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 Director's 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 Director with respect to going concern are described in the relevant sections of this report.
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RSCPBR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's 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 Director's 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 Director's report.
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RSCPBR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR 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:
Based on our understanding of the group and industry, we identify the key laws and regulations affecting the company including FCA regulations. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the Group financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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.
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RSCPBR LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED (CONTINUED)
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
Statutory Auditors
2 Lace Market Square
NG1 1PB
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RSCPBR LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
REGISTERED NUMBER: 10972827
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 47 form part of these financial statements.
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RSCPBR LIMITED
REGISTERED NUMBER: 10972827
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 47 form part of these financial statements.
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RSCPBR LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RSCPBR Limited is a company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the contents page.
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 judgment 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 financial statements are prepared in sterling which is the functional currency of the Group and are rounded to the nearest £1.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Acquisitions made by share issue, for example by share for share exchange, account for the difference between subsidiary net asset values at acquisition and nominal value of the shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. The share for share exchange was accounted for as a group reconstruction using the merger accounting method. Associates Investments in associates are recognised initially in the consolidated balance sheet at the transaction price and subsequently adjusted to reflect the Group's share of total comprehensive income and equity of the associate, less any impairment. Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition, although treated as goodwill, is presented as part of the investment in the associate. Amortisation is charged so as to allocate the cost of goodwill over its estimated useful life, using the straight line method. Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the Company has incurred legal or constructive obligations or has made payments on behalf of the associate.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
In preparing the financial statements on a going concern basis, the Director has paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the Group. In the Director's opinion, the Group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Turnover represents the total value of brokerage, fees, commissions and other products receivable during the year. Turnover relating to insurance broking is recognised at the later of the policy inception date or when the policy placement has been completed and confirmed. Turnover relating to multi-year contracts is recognised according to the inception of each annual policy. Charges applied and written off within a short timescale are treated as a reduction in turnover. Costs involved in earning commissions, fees or other income are written off to the profit and loss account as they occur unless they involve contractual performance over a period of time. Insurance claims When the outcome of a transaction involving the rendering of services can be estimated reliably, the Group recognises revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are satisfied: a) the amount of revenue can be measured reliably; b) it is probable that the economic benefits associated with the transaction will flow to the entity; c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. For all services provided where there is uncertainty over the amount that will be paid, the Director has taken the view that the revenue on individual sales cannot be measured reliably and, as such, is measured when the amounts are agreed. The Group have estimated the amount to be received post year end, based on historical returns, and this balance is held as trade debtors. Whilst the Director has confidence of the average recovery rate, it is not possible to reliably estimate on a transaction by transaction basis, and as such a corresponding figure is recognised in accruals and deferred income to ensure this income is not recognised until agreed with the customer.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
When the outcome of a transaction involving the rendering of services can be estimated reliably, the company recognises revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all of the following conditions are satisfied: a) the amount of revenue can be measured reliably; b) it is probable that the economic benefits associated with the transaction will flow to the entity; c) stage of completion of the transaction at the end of the period can be measured reliably; and d) costs incurred for the transaction and costs to complete the transaction can be measured reliably. Invoices raised which do not meet the recognition criteria are recorded within creditors as deferred income, at the estimated value of realisation. Turnover excludes discounts, rebates, value added tax and other sales taxes. Turnover is wholly attributable to the rendering of services in pursuit of the principal activity of the company and arises solely in the United Kingdom. Football club and support Turnover is measured at the fair value of the consideration receivable, excluding discounts, rebates, value added tax and other sales taxes. Sale of goods Turnover is recognised once the significant risks and rewards of ownership of the goods have transferred to the buyer, to the extent that the economic benefits will flow to the Group and the turnover can be reliably measured. Rendering of services Turnover from a contract to provide services is recognised where the following conditions are satisfied: a) the amount of revenue can be reliably measured; b) it is probable that the economic benefits associated with the transaction will flow to the entity; c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; d) the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. Revenue received in advance of a period end but relating to events occurring in future periods, principally season ticket income, is treated as deferred income. The deferred income is released to sales as and when the Group performs its contractual obligations in relation to that income, for example as each home game is played.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Computer software
This is being amortised evenly over its useful life of five years. Player registrations The costs associated with the acquisition of player registrations are capitalised at the fair value of consideration payable. The costs include transfer fees and associated costs such as agent fees. The costs are amortised over the length of the contract. Costs are recorded as assets where they create a resource controlled by the Group as a result of past events and from which future economic benefits are expected to flow to the Group. As such, expenses such as pre-season ground maintenance, agent costs of contract renewal, pre-season training and player kit are treated as assets when the expenditure is likely to last for the full season. If the expense relates to the period of one season or less, it is treated as a prepaid cost within current assets. If the expense covers more than one season, it is treated as an intangible fixed asset. Where identifiable as relating to the creation of such assets, the appropriate proportion of cost of management and key staff time is included.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is provided on the following basis:
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Group acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the Group has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the Group itself. This recognises that the Group is entitled to retain the investment income on any cash flows arising from these transactions.
In the ordinary course of insurance broking business, settlement is required to be made with certain insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents. However, under Financial Reporting Standard 102 ("FRS102") assets and liabilities may not be offset unless net settlement is legally enforceable, and therefore insurance broking debtors and creditors are shown gross within these financial statements. The Group bears the bad debt risk for non payment of premiums in certain circumstances. Insurance debtor balances are adjusted for irrecoverable amounts. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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 has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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.
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 Group after the deduction of all its liabilities.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. Recoverability of insurance debtors The Director makes estimates of the recoverable value of insurance debtors. When assessing impairment of insurance debtors, the Director considers the historical collection data and ageing profile of debtors. Claim debtor valuation The Group operates in a sector where the initial values of sales invoices are not always accepted by the third party insurers. As such the Group applies estimates to the initial recoverability of its debtor book. Debtor valuation Bad debt provisions are estimated based on post year-end recoveries of similar debts. Deferred income Revenue is recognised and deferred income calculated based on estimated profit margins on sales as at the yearend. Bad debt The Group operates in the personal injury market in which terms of payment of up to two years are typical. For this reason, there are a number of old debtor balances and the risk of bad debt is heightened. The Group provides for bad debts based on the following objective criteria set by the board:- - Payment exceeding terms in the financial period. - Customers in administration or with a seriously adverse credit rating. Fair value of consideration Due to the delay between work performed and accounts being settled, management are of the view that the deferred payments will be received under the terms of settlement. Management consider that, in absence of terms to the contrary, debts will not be received after two years. Carrying value of Group and connected Company balances The Group has made and received loans from Companies related to it by Group ownership and by common control. Loans standing as a debtor balance are reviewed for impairment. The review includes the current financial situation as well as future prospects of the Companies in question.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.Tangible fixed assets (continued)
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 42
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 43
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Merger Relief Reserve
Profit and loss account
The first prior year adjustment reflected the impact on non-controlling interests of the elimination of goodwill on acquisition, this change should have been reflected in the 2022 financial statements. This has seen brought forward non-controlling interests decrease by £11,864,464 with the opposite impact on profit and loss reserves.
A prior year adjustment was processed within one of the subsidiary companies as a result of an error due to the Company historically declaring output VAT on the full sales value of used cars. The VAT margin scheme has now been retrospectively applied and this adjustment is reflected within the comparative figures. As a result of the adjustment, turnover in 2022 has increased by £466,217, other debtors has increased by £1,063,602 and brought forward profit and loss reserves have increased by £597,385. The final prior year adjustment was processed through a separate subsidiary Company. Amounts owed to connected parties have decreased by £173,212, brought forward reserves have increased by £93,392 and cost of sales have decreased by £79,820 as a result of prior year costs being billed to the Company in error by a connected party, rather than being billed to a separate related company.
The Group operates a defined contribution 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 to the fund and amounted to £597,427 (2022: £506,474).
Contributions totalling £100,160 (2022: £91,801) were payable to the fund at the balance sheet date.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
29.Other financial commitments
A fixed and floating charge over the company assets was provided to Lloyds Bank plc for One Call Insurance Services Limited on 24/11/2017 and One Call Claims Limited on 07/09/2016 securing all monies and liabilities due to the bank.
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
30.Related party transactions (continued)
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RSCPBR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
30.Related party transactions (continued)
The ultimate controlling party is J L Radford.
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