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Registered number: 10972827










RSCPBR LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RSCPBR LIMITED
 

COMPANY INFORMATION


Director
J L Radford 




Company secretary
A M Sherriff



Registered number
10972827



Registered office
Saturn Building
Firstpoint

Balby Carr Bank

Doncaster

DN4 5JQ




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
RSCPBR LIMITED
 

CONTENTS



Page
Group strategic report
1 - 6
Director's report
7 - 9
Independent auditors' report
10 - 13
Consolidated statement of comprehensive income
14
Consolidated balance sheet
15
Company balance sheet
16
Consolidated statement of changes in equity
17
Company statement of changes in equity
18
Consolidated statement of cash flows
19
Consolidated analysis of net debt
20
Notes to the financial statements
21 - 47


 
RSCPBR LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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%



 
Page 1

 
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%





 
Page 2

 
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





 
Page 3

 
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).

Page 4

 
RSCPBR LIMITED
 

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

Principal risks and uncertainties
 
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.

Key performance indicators
 
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.

Page 5

 
RSCPBR LIMITED
 

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

Director's statement of compliance with duty to promote the success of the Group
 
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.



J L Radford
Director
Date: 30 September 2024

Page 6

 
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.

Director's responsibilities statement

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.
 
Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006He 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.

Principal activity

This is the holding company for the Group. The Group activities include insurance brokerage, insurance support services and football club operations.

Results and dividends

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.

Director

The Director who served during the year was:

J L Radford 

Future developments

The Director remains confident that 2024 will remain profitable and enable the Group to improve its current performance.

Page 7

 
RSCPBR LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Engagement with employees

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.

Engagement with suppliers, customers and others

This has been discussed within the strategic report.

Disabled employees

Equal opportunity guides all aspects of employment, including recruitment and promotion, and provides encouragement to employees at all levels to act fairly and to prevent discrimination on any grounds, including disability. It is the Group's policy that applications for employment by disabled persons are always fully considered. In the event of an existing employee becoming disabled, all reasonable effort and adjustments are made to ensure that their employment with the Group can continue. It is our policy that the training, career development and promotion of disabled persons are, as far as possible, the same as that of all other employees in the Group.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Group is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
372
383

Emissions resulting from the purchase of the electricity by the Group for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
352
293

Energy consumed from activities for which the Group is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Group for its own use, including for the purposes of transport, in kWh
3,605,360
3,235,014

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.

Page 8

 
RSCPBR LIMITED
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The Director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill 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.
 





J L Radford
Director
Date: 30 September 2024

Page 9

 
RSCPBR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED
 

Opinion


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 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.


Conclusions relating to going concern


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.


Page 10

 
RSCPBR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Director's 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 Director's responsibilities statement set out on page 7, the Director is 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 Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Director is responsible for assessing the Group's and the parent 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 Director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
RSCPBR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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


Page 12

 
RSCPBR LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RSCPBR LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Bagley (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

30 September 2024
Page 13

 
RSCPBR LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
129,699,114
97,893,921

Cost of sales
  
(26,794,659)
(21,596,589)

Gross profit
  
102,904,455
76,297,332

Administrative expenses
  
(72,835,649)
(59,747,881)

Other operating income
 5 
2,160,501
975,988

Operating profit
 6 
32,229,307
17,525,439

Loss on disposal of subsidiaries
  
(2,580,672)
(202,277)

Interest receivable and similar income
 10 
618,985
72,281

Interest payable and similar expenses
  
(39,991)
(124,981)

Exceptional interest charges
13
(8,479,367)
-

Profit before taxation
  
21,748,262
17,270,462

Tax on profit
 11 
(16,624,946)
(3,171,735)

Profit for the financial year
  
5,123,316
14,098,727

Profit for the year attributable to:
  

Non-controlling interests
  
1,685,032
2,794,857

Owners of the parent Company
  
3,438,284
11,303,870

  
5,123,316
14,098,727

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 21 to 47 form part of these financial statements.

Page 14

 
RSCPBR LIMITED
REGISTERED NUMBER: 10972827

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
36,501
189,097

Tangible assets
 15 
11,022,614
16,026,692

  
11,059,115
16,215,789

Current assets
  

Stocks
 17 
19,810
201,349

Debtors
 18 
96,345,609
81,041,257

Cash at bank and in hand
 19 
38,618,424
27,586,035

  
134,983,843
108,828,641

Creditors: amounts falling due within one year
 20 
(80,960,497)
(59,699,986)

Net current assets
  
 
 
54,023,346
 
 
49,128,655

Total assets less current liabilities
  
65,082,461
65,344,444

Provisions for liabilities
  

Deferred taxation
 22 
(210,227)
(627,980)

Other provisions
 23 
-
(125,903)

  
 
 
(210,227)
 
 
(753,883)

Net assets
  
64,872,234
64,590,561


Capital and reserves
  

Called up share capital 
 24 
1
1

Merger relief reserve
 25 
16,862,095
21,437,311

Profit and loss account
 25 
27,065,127
23,893,270

Equity attributable to owners of the parent Company
  
43,927,223
45,330,582

Non-controlling interests
  
20,945,011
19,259,979

  
64,872,234
64,590,561


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




J L Radford
Director
Date: 30 September 2024

The notes on pages 21 to 47 form part of these financial statements.

Page 15

 
RSCPBR LIMITED
REGISTERED NUMBER: 10972827

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
1
80

Current assets
  

Debtors
 18 
101
1

  
101
1

Creditors: amounts falling due within one year
 20 
(101)
(80)

Net current assets/(liabilities)
  
 
 
-
 
 
(79)

  

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 24 
1
1

  
1
1


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




J L Radford
Director
Date: 30 September 2024

The notes on pages 21 to 47 form part of these financial statements.

Page 16

 
RSCPBR LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger relief reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£
£


At 1 January 2022 (as restated)
1
21,437,311
27,458,150
48,895,462
16,465,122
65,360,584


Comprehensive income for the year

Profit for the year (as restated)
-
-
11,303,870
11,303,870
2,794,857
14,098,727
Total comprehensive income for the year
-
-
11,303,870
11,303,870
2,794,857
14,098,727


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(14,868,750)
(14,868,750)
-
(14,868,750)


Total transactions with owners
-
-
(14,868,750)
(14,868,750)
-
(14,868,750)



At 1 January 2023 (as restated)
1
21,437,311
23,893,270
45,330,582
19,259,979
64,590,561


Comprehensive income for the year

Profit for the year
-
-
3,438,284
3,438,284
1,685,032
5,123,316
Total comprehensive income for the year
-
-
3,438,284
3,438,284
1,685,032
5,123,316

Dividends: Equity capital
-
-
(266,427)
(266,427)
-
(266,427)

Disposal of subsidiaries
-
(4,575,216)
-
(4,575,216)
-
(4,575,216)


Total transactions with owners
-
(4,575,216)
(266,427)
(4,841,643)
-
(4,841,643)


At 31 December 2023
1
16,862,095
27,065,127
43,927,223
20,945,011
64,872,234


The notes on pages 21 to 47 form part of these financial statements.

Page 17

 
RSCPBR LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1
-
1


Comprehensive income for the year

Profit for the year
-
11,895,000
11,895,000
Total comprehensive income for the year
-
11,895,000
11,895,000


Contributions by and distributions to owners

Dividends: Equity capital
-
(11,895,000)
(11,895,000)


Total transactions with owners
-
(11,895,000)
(11,895,000)



At 1 January 2023
1
-
1


Comprehensive income for the year

Profit for the year
-
213,100
213,100
Total comprehensive income for the year
-
213,100
213,100


Contributions by and distributions to owners

Dividends: Equity capital
-
(213,100)
(213,100)


Total transactions with owners
-
(213,100)
(213,100)


At 31 December 2023
1
-
1


The notes on pages 21 to 47 form part of these financial statements.

Page 18

 
RSCPBR LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,123,316
14,098,727

Amortisation of intangible assets
190,580
22,439

Depreciation of tangible assets
2,435,216
2,005,957

Profit on disposal of tangible assets
(666,213)
(477,949)

Government grants
(500)
(36,000)

Loss on disposal of subsidiaries
2,580,672
202,277

Interest paid
39,991
124,981

Interest received
(618,985)
(72,281)

Taxation charge
16,624,946
3,171,735

Decrease in stocks
28,325
16,486

(Increase) in debtors
(18,622,890)
(16,174,104)

(Increase) in amounts owed by companies under common control
(18,193,966)
(177,933)

Increase in creditors
2,576,276
16,461,552

Increase in amounts owed to companies under common control
19,898,445
134,396

(Decrease) in provisions
(16,160)
(27,562)

Corporation tax received/(paid)
4,759,683
(3,919,526)

Net cash generated from operating activities

16,138,736
15,353,195


Purchase of intangible fixed assets
(210,743)
(107,426)

Sale of intangible assets
170,000
25,000

Purchase of tangible fixed assets
(4,932,708)
(3,513,446)

Sale of tangible fixed assets
878,373
962,240

Government grants received
500
36,000

Interest received
618,985
72,281

Net cash from investing activities

(3,475,593)
(2,525,351)

Dividends paid
(266,427)
(14,868,750)

Interest paid
(39,991)
(124,981)

Net cash used in financing activities
(306,418)
(14,993,731)

Net increase/(decrease) in cash and cash equivalents
12,356,725
(2,165,887)

Cash and cash equivalents at beginning of year
27,567,445
29,733,332

Cash on disposal of subsidiary
(1,305,746)
-


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
38,618,424
27,586,035

Bank overdrafts
-
(18,590)


Page 19

 
RSCPBR LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Acquisition and disposal of subsidiaries
At 31 December 2023
£

£

£

£

Cash at bank and in hand

27,586,035

12,338,135

(1,305,746)

38,618,424

Bank overdrafts

(18,590)

18,590

-

-

Debt due within 1 year

(11,959,407)

7,065,057

-

(4,894,350)


15,608,038
19,421,782
(1,305,746)
33,724,074

The notes on pages 21 to 47 form part of these financial statements.

Page 20

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires 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:

 
2.2

Basis of consolidation

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.

Page 21

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

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.

 
2.4

Revenue

Insurance brokerage
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.





 
Page 22

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Revenue (continued)

Insurance broker support and medical (Motor repairs, rescue and medical)
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.

Page 23

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

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

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

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

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

Page 24

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

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

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

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

 
2.12

Intangible assets

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.

Page 25

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

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

Depreciation is provided on the following basis:

Freehold property
-
2%
on cost
Property improvements
-
25%
on reducing balance, 5% on cost and at varying rates on cost
Short-term leasehold property
-
2%
on cost
Plant and machinery
-
25%
on reducing balance, 20% on cost, 20% on reducing balance, 15% on reducing balance and 10% on cost
Motor vehicles
-
25%
on reducing balance and 15% on reducing balance
Fixtures and fittings
-
25%
on reducing balance, 20% on cost, 15% on reducing balance and 10% on cost
Office equipment
-
20%
on cost

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in associate undertakings are recognised at cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

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

Page 26

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.17

Insurance debtors and creditors

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.

 
2.18

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

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

 
2.20

Provisions for liabilities

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

Page 27

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.21

Financial instruments

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.

Page 28

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (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.

Page 29

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The Director makes estimates and assumptions concerning the future. The Director is also required to exercise judgement in the process of applying the Group’s accounting policies. 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.
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.

Page 30

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


As restated
2023
2022
£
£

Insurance brokerage
74,288,296
55,019,807

Insurance support services
37,834,384
26,857,747

Football activities
7,256,454
6,893,495

Solar energy
625,287
359,093

Medical reports
9,694,693
8,763,779

129,699,114
97,893,921


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
867,455
669,321

Net rents receivable
154,000
270,667

Government grants receivable
500
36,000

Insurance claims receivable
1,138,546
-

2,160,501
975,988



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
395,498
632,448

Depreciation
2,435,216
1,950,411

Profit on disposal of fixed assets
(496,213)
(1,016,026)

Profit on disposal of intangible fixed assets
(170,000)
-

Player registrations amortisation
105,971
22,439

Computer software amortisation
84,609
55,546

Page 31

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
140,000
136,000

Fees payable to the Company's auditors and their associates in respect of:

All other services
18,000
14,000


8.


Employees

Staff costs, including Director's remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
25,935,910
22,836,459
-
-

Social security costs
2,302,380
2,122,520
-
-

Cost of defined contribution scheme
597,427
506,474
-
-

28,835,717
25,465,453
-
-


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


       Group
2023
      Group
2022
            No.
            No.







Administrative (insurance support)
118
109



Customer service (insurance support)
105
72



Bodyshop and drivers
166
157



Management and playing staff
122
124



Ground and matchday staff
187
153



Maintenance of installed solar panels
3
3



Administrative (brokerage)
223
205



Customer service (brokerage)
262
224



Group directors
11
11

1,197
1,058

The Company has no employees other than the Director, who did not receive any remuneration (2022 - £NIL)
Page 32

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Director's remuneration

2023
2022
£
£

Director's emoluments
103,000
55,333

Group contributions to defined contribution pension schemes
2,903
1,551

105,903
56,884


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


10.


Interest receivable

2023
2022
£
£


Other interest receivable
618,985
72,281


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
5,936,059
3,145,743

Adjustments in respect of previous periods
10,608,408
(75,473)


Total current tax
16,544,467
3,070,270

Deferred tax


Origination and reversal of timing differences
80,479
101,465

Total deferred tax
80,479
101,465


Taxation on profit on ordinary activities
16,624,946
3,171,735
Page 33

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

As restated
2023
2022
£
£


Profit on ordinary activities before tax
21,748,262
17,270,462


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
5,115,191
3,281,388

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
849,336
1,091

Capital allowances for year in excess of depreciation
(112,148)
(26,065)

Utilisation of tax losses
(60,924)
(6,924)

Adjustments to tax charge in respect of prior periods
10,608,408
(75,473)

Short term timing difference leading to an increase in taxation
80,479
101,465

Prior year adjustments tax impact
-
(103,747)

Unrelieved tax losses carried forward
144,604
-

Total tax charge for the year
16,624,946
3,171,735


12.


Dividends

2023
2022
£
£


Interim
266,427
14,868,750

266,427
14,868,750


13.


Exceptional interest charges

2023
2022
£
£



Interest on overdue tax
8,479,367
-

8,479,367
-

The above interest relates to the recognition of a historic tax settlement.

Page 34

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Intangible assets

Group





Player registrations
Computer software
Total

£
£
£



Cost


At 1 January 2023
95,426
287,729
383,155


Additions
205,743
5,000
210,743


On disposal of subsidiaries
(301,169)
-
(301,169)



At 31 December 2023

-
292,729
292,729



Amortisation


At 1 January 2023
22,439
171,619
194,058


Charge for the year on owned assets
105,971
84,609
190,580


On disposal of subsidiaries
(128,410)
-
(128,410)



At 31 December 2023

-
256,228
256,228



Net book value



At 31 December 2023
-
36,501
36,501



At 31 December 2022
72,987
116,110
189,097



Page 35

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Freehold property
Property improvs
Short-term leasehold property
Plant and machinery
Motor vehicles

£
£
£
£
£



Cost


At 1 January 2023
9,570,468
45,910
89,553
2,847,462
8,422,312


Additions
37,026
-
79,769
265,132
4,090,459


Disposals
-
-
-
(32,250)
(1,130,938)


Disposal of subsidiary
(3,445,100)
-
(169,322)
(2,548,221)
(2,581,620)



At 31 December 2023

6,162,394
45,910
-
532,123
8,800,213



Depreciation


At 1 January 2023
1,434,575
30,837
13,134
1,024,239
3,536,155


Charge for the year on owned assets
198,605
3,768
2,273
274,783
1,691,394


Disposals
-
-
-
(5,900)
(778,465)


Disposal of subsidiary
(440,323)
-
(15,407)
(853,153)
(1,196,432)



At 31 December 2023

1,192,857
34,605
-
439,969
3,252,652



Net book value



At 31 December 2023
4,969,537
11,305
-
92,154
5,547,561



At 31 December 2022
8,135,893
15,073
76,419
1,823,223
4,886,157
Page 36

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)


Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2023
2,254,057
134,025
23,363,787


Additions
453,122
7,200
4,932,708


Disposals
(22,752)
-
(1,185,940)


Disposal of subsidiary
(1,599,743)
(141,225)
(10,485,231)



At 31 December 2023

1,084,684
-
16,625,324



Depreciation


At 1 January 2023
1,230,416
67,739
7,337,095


Charge for the year on owned assets
247,263
17,130
2,435,216


Disposals
(19,415)
-
(803,780)


Disposal of subsidiary
(775,637)
(84,869)
(3,365,821)



At 31 December 2023

682,627
-
5,602,710



Net book value



At 31 December 2023
402,057
-
11,022,614



At 31 December 2022
1,023,641
66,286
16,026,692

Within freehold property are premises included at fair value of £5,710,000 which were valued in September 2019 by independent valuers at the date of acquisition of two subsidiaries into the Group.
The historic cost of these properties at 31 December 2023 was £3,823,918.

Page 37

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Fixed asset investments

Group





Investments in associates

£



Cost


At 1 January 2023
50



At 31 December 2023

50



Impairment


At 1 January 2023
50



At 31 December 2023

50



Net book value



At 31 December 2023
-



At 31 December 2022
-

This associate is Retford United Football Club Limited, registered office Cannon Park, Leverton Road, Retford, United Kingdom, DN22 6QF. The Group holds 50% of the ordinary shares but considers the investment impaired. The results of this associate have not been included within the consolidated accounts as it is considered immaterial.

Page 38

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
80


Additions
3


Disposals
(82)



At 31 December 2023
1






Net book value



At 31 December 2023
1



At 31 December 2022
80


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

*One Call Insurance Services Limited
Saturn, Firstpoint, Doncaster, England, DN4 5JQ
Ordinary
80%
*One Call Claims Limited
Unit 1 Carolina Court, Doncaster, England, DN4 5RA
Ordinary
80%
*Yoga Insurance Services Limited
Saturn Building, Balby Carr Bank, Doncaster, England, DN4 5JQ
Ordinary
80%
*One Call Group Companies Limited
Saturn, Firstpoint, Doncaster, England, DN4 5JQ
Ordinary
80%
RSCPBR A Limited
Saturn, Firstpoint, Doncaster, England, DN4 5JQ
Ordinary
80%

* these shares are held indirectly through ownership of RSCPBR A Limited.
The following companies were disposed of at 31 December 2023:
O C Motor Repair Limited
One Call Rescue Limited
C L Medicall Aid Limited
Green Energy Power Solutions Limited
Mansfield Town 1861 Limited
Mansfield Town Football Club Limited

Page 39

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
19,810
201,349








 


18.


Debtors

Group

Group
As restated
Company  
 
Company
As restated
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Amounts owed by companies under common control
1,362,822
-
-
-

Due within one year

Trade debtors
6,924,086
19,598,411
-
-

Amounts owed by group undertakings
-
-
100
-

Amounts owed by companies under common control
15,678,461
1,732,925
-
-

Other debtors
2,865,269
2,287,065
-
-

Called up share capital not paid
1
267,940
1
1

Prepayments and accrued income
1,670,865
2,374,909
-
-

Insurance debtors
67,844,105
54,780,007
-
-

96,345,609
81,041,257
101
1


Contingent assets
As described in the accounting policies, in the event that receipt of an invoiced sale is not virtually certain (for example due to the contractual relationships with the Group's clients), these sales are not recorded in the Group's financial statements until receipt of payment is agreed. At the year end the balance of these contingent assets totalled £3,600,469 (2022: £3,732,965).

Page 40

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
38,618,424
27,586,035

Less: bank overdrafts
-
(18,590)

38,618,424
27,567,445


The above balance includes £27,808,823 (2022: £19,968,237) of fiduciary insurer trust accounts.


20.


Creditors: Amounts falling due within one year

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
18,590
-
-

Insurance creditors
29,759,905
21,287,641
-
-

Trade creditors
827,151
2,558,974
-
-

Amounts owed to group undertakings
-
-
81
80

Amounts owed to companies under common control
8,905,125
278,591
-
-

Corporation tax
21,775,841
1,014,176
-
-

Other taxation and social security
2,391,777
2,246,883
-
-

Other creditors
6,596,107
16,609,766
20
-

Accruals and deferred income
10,704,591
15,685,365
-
-

80,960,497
59,699,986
101
80


Page 41

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Financial instruments

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
38,618,424
27,567,445
-
-

Financial assets that are debt instruments measured at amortised cost
91,809,474
76,111,343
100
-

130,427,898
103,678,788
100
-


Financial liabilities

Financial liabilities measured at amortised cost
(39,492,181)
(24,125,206)
(81)
(80)


Financial assets measured at fair value through profit or loss comprise cash at bank.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, insurance debtors and amounts owed by companies under common control.


Financial liabilities measured at amortised cost comprise trade creditors, insurance creditors, amounts owed to group companies and amounts owed to companies under common control.

Page 42

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group



2023


£






At beginning of year (as restated)
(627,980)


Charged to profit or loss
417,753



At end of year
(210,227)

The provision for deferred taxation is made up as follows:

Group

Group
2023
2022
£
£

Accelerated capital allowances
(210,227)
(627,980)


23.


Other provisions


Group



Warranty claims
Compensation claims
Total

£
£
£





At 1 January 2023
41,430
84,473
125,903


Charged to profit or loss
-
5,443
5,443


Utilised in year
(21,603)
-
(21,603)


Released in year
(19,827)
(89,916)
(109,743)



At 31 December 2023
-
-
-


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1


Page 43

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Reserves

Merger Relief Reserve

The merger relief reserve is formed when subsidiaries are acquired into the Group. It is the difference between the net asset value of acquired subsidiaries and the nominal value of the shares issued on acquisition.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


26.


Prior year adjustment

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.


27.


Pension commitments

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.

Page 44

 
RSCPBR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Commitments under operating leases

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


Group
Group
2023
2022
£
£

Not later than 1 year
-
241,200

Later than 1 year and not later than 5 years
-
964,800

Later than 5 years
-
10,560,600

-
11,766,600

Group companies are due to receive payments under non-cancellable operating leases within one year of £56,400 (2022: £56,400), and between one and five years of £225,600 (2022: £225,600) and in greater than five years of £225,600 (2022: £282,000).


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.


30.


Related party transactions

Transactions and balances between subsidiaries of One Call Group Companies Limited have been eliminated on consolidation and are not disclosed as they are all wholly owned by One Call Group Companies Limited. There are no transactions or balances between these subsidiaries and RSCPBR Limited other than dividends which are already disclosed within the financial statements.
Transactions with subsidiary which is was not wholly owned by the group and has now been disposed
During the year, sponsorship costs of £2,470,909 (2022: £1,883,334) were paid to the company. There is an amount within amounts owed by companies under common control of £2,563,578.
Transactions and balances with the Director
During the year, total dividends of £213,142 (2022: £11,895,000) were paid to the director.
At the year end there was a creditor balance due to the Director of £4,318,985 (2022: £10,051,767). This balance is interest free and repayable under no specific terms.
A company under common control
Sales and recharges to the related company totalled £48,108 (2022: £33,238). Purchases from the company totalled £24,164 (2022: £39,568).
A company under common control
Sales and recharges to the related company totalled £68,572 (2022: £49,440). There is a debtor within amounts owed by companies under common control of £33 (2022: £3,489).

 
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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)



31.


Post balance sheet events

In January 2024, Key Holding Company and One Insurance Limited joined the Group as subsidiaries, both companies are registered in Gibraltar. Bringing an insurance company into the Group will mean a significant change to reporting requirements for RSCPBR Limited in 2024.


32.


Controlling party

The ultimate controlling party is J L Radford.


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