Company registration number 07520374 (England and Wales)
RINKIT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
RINKIT LIMITED
COMPANY INFORMATION
Directors
Mr R F Goss
Mr E H Millais
Mr R C Lowe
Mr J D S Booth
Mr P J Copeland
(Appointed 10 December 2023)
Secretary
Mrs N M Goss
Mrs N L Lowe
Company number
07520374
Registered office
Corn Exchange
Baffins Lane
Chichester
West Sussex
PO19 1BF
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Corn Exchange
Baffins Lane
Chichester
West Sussex
PO19 1BF
RINKIT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
RINKIT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present the strategic report for the year ended 29 February 2024.
Business Review
The financial year ending 29 February 2024 was a transitional period for the group, marked by a rebalancing of customer demand following the post-covid downturn.
The group's turnover increased by roughly 28% to £26.8m (FY23 £20.9m). Gross Profit was £3.2m (FY23 £2.7m), though the margin fell to 11.8% (FY23 13.0%). This decline was primarily driven by the sale of higher-cost stock purchased whilst there were covid-related inbound supply chain disruptions. However, the margin in the second half of FY24 showed significant improvement over the first half, and this improvement has continued into FY25.
Shipping costs remained relatively low and stable throughout FY24. January 2024 saw the start of price increases due to the Red Sea disruptions, which has impacted stock costs in the second half of FY25. Prices have declined significantly in recent months, leading to a more positive outlook.
The board remains positive for FY25 and the growth opportunities that are available to Rinkit.
Principal risks and uncertainties
The board of directors considers all risks and potential causes for concern on a monthly and quarterly basis. The directors, along with company department heads determine and enact policies and procedures to mitigate these risks.
The group and company review all major short-term risks on a weekly basis. This includes the continued impact of the cost-of-living crisis in the UK and changes in UK energy and borrowing costs.
Financial key performance indicators
The board of directors monitor various performance indicators across the different departments of the company, they include but are not limited to the management and review of both above the line and below the line costs. Furthermore, monthly departmental meetings include a review of all key performance indicators relating to each department and its performance for the previous period.
Mr R C Lowe
Director
11 October 2024
RINKIT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company and group continued to be that of online retail sales.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £20,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R F Goss
Mr E H Millais
Mr R C Lowe
Mr J D S Booth
Mr S Parker
(Resigned 22 September 2023)
Mr P J Copeland
(Appointed 10 December 2023)
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The group operates a number of policies to ensure there is sufficient liquidity and cash. Regular cash flow forecasts are prepared to ensure the company is able to cover its interest payments.
Foreign currency risk
The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of an import finance facility.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The directors believe that there are currently no major future developments requiring disclosure.
Auditor
The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
RINKIT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
The directors have undertaken a robust assessment of the company's future trading prospects and have concluded that the company remains a going concern. See note 1.3 to the financial statements for further detail.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr R C Lowe
Director
11 October 2024
RINKIT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RINKIT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RINKIT LIMITED
- 5 -
Opinion
We have audited the financial statements of Rinkit Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 2024 and of the group's loss 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RINKIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RINKIT LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud;
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the companies and our sector-specific experience.
RINKIT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RINKIT LIMITED
- 7 -
As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of the board and senior management;
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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.
Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
14 October 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
RINKIT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
26,827,406
20,923,166
Cost of sales
(23,662,454)
(18,208,040)
Gross profit
3,164,952
2,715,126
Administrative expenses
(3,125,231)
(2,958,248)
Other operating income
116,783
35,376
Operating profit/(loss)
4
156,504
(207,746)
Interest receivable and similar income
1,236
1,702
Interest payable and similar expenses
(199,149)
(125,745)
Fair value gains and losses on foreign exchange contracts
(6,900)
(30,127)
Loss before taxation
(48,309)
(361,916)
Tax on loss
8
(85,721)
12,171
Loss for the financial year
25
(134,030)
(349,745)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RINKIT LIMITED
GROUP BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
5,908
8,200
Tangible assets
11
473,272
634,742
479,180
642,942
Current assets
Stocks
15
6,892,152
6,336,835
Debtors
16
893,491
870,050
Cash at bank and in hand
224,663
228,602
8,010,306
7,435,487
Creditors: amounts falling due within one year
17
(5,567,552)
(4,974,372)
Net current assets
2,442,754
2,461,115
Total assets less current liabilities
2,921,934
3,104,057
Creditors: amounts falling due after more than one year
19
(167,501)
(270,946)
Provisions for liabilities
Provisions
21
357,485
329,486
Deferred tax liability
22
68,100
85,200
(425,585)
(414,686)
Net assets
2,328,848
2,418,425
Capital and reserves
Called up share capital
24
106
106
Other reserves
25
50,366
(14,087)
Profit and loss reserves
2,278,376
2,432,406
Total equity
2,328,848
2,418,425
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
11 October 2024
Mr R C Lowe
Director
RINKIT LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
5,714
6,801
Tangible assets
11
435,772
571,098
Investments
12
151
151
441,637
578,050
Current assets
Stocks
15
6,015,041
5,386,590
Debtors
16
2,728,521
2,469,141
Cash at bank and in hand
193,913
98,214
8,937,475
7,953,945
Creditors: amounts falling due within one year
17
(5,435,283)
(4,740,887)
Net current assets
3,502,192
3,213,058
Total assets less current liabilities
3,943,829
3,791,108
Creditors: amounts falling due after more than one year
19
(167,501)
(270,946)
Provisions for liabilities
Provisions
21
357,485
329,486
Deferred tax liability
22
68,100
85,200
(425,585)
(414,686)
Net assets
3,350,743
3,105,476
Capital and reserves
Called up share capital
24
106
106
Profit and loss reserves
3,350,637
3,105,370
Total equity
3,350,743
3,105,476
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £265,267 (2023 - £164,704 loss).
The financial statements were approved by the board of directors and authorised for issue on 11 October 2024 and are signed on its behalf by:
11 October 2024
Mr R C Lowe
Director
Company Registration No. 07520374
RINKIT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
106
1,799
3,012,151
3,014,056
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(349,745)
(349,745)
Dividends
9
-
-
(230,000)
(230,000)
Other movements
-
(15,886)
-
(15,886)
Balance at 28 February 2023
106
(14,087)
2,432,406
2,418,425
Year ended 29 February 2024:
Loss and total comprehensive income
-
-
(134,030)
(134,030)
Dividends
9
-
-
(20,000)
(20,000)
Other movements
-
64,453
-
64,453
Balance at 29 February 2024
106
50,366
2,278,376
2,328,848
RINKIT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
106
3,500,074
3,500,180
Year ended 28 February 2023:
Loss and total comprehensive income for the year
-
(164,704)
(164,704)
Dividends
9
-
(230,000)
(230,000)
Balance at 28 February 2023
106
3,105,370
3,105,476
Year ended 29 February 2024:
Profit and total comprehensive income
-
265,267
265,267
Dividends
9
-
(20,000)
(20,000)
Balance at 29 February 2024
106
3,350,637
3,350,743
RINKIT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
375,838
714,169
Interest paid
(199,149)
(125,745)
Income taxes refunded
62,640
Net cash inflow from operating activities
176,689
651,064
Investing activities
Purchase of intangible assets
(650)
(2,432)
Purchase of tangible fixed assets
(37,603)
(176,312)
Proceeds from disposal of tangible fixed assets
20,971
2,000
Repayment of loans
(1,154)
-
Interest received
1,236
1,702
Net cash used in investing activities
(17,200)
(175,042)
Financing activities
Repayment of bank loans
(31,632)
(63,631)
Payment of finance leases obligations
(83,409)
(83,497)
Dividends paid to equity shareholders
(20,000)
(230,000)
Net cash used in financing activities
(135,041)
(377,128)
Net increase in cash and cash equivalents
24,448
98,894
Cash and cash equivalents at beginning of year
129,608
30,714
Effect of foreign exchange rates
70,607
Cash and cash equivalents at end of year
224,663
129,608
Relating to:
Cash at bank and in hand
224,663
228,602
Bank overdrafts included in creditors payable within one year
-
(98,994)
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
1
Accounting policies
Company information
Rinkit Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Corn Exchange, Baffins Lane, Chichester, West Sussex, PO19 1BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The consolidated financial statements incorporate those of Rinkit Limited and its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) except for Rinkit SAS on the basis of immateriality.
All financial statements are made up to 29 February 2024. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
1.3
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The cost of inventory held was high in the current period due to a number of supply chain related issues, however the margin in the second half of FY24 showed significant improvement over the first half, and this improvement has continued into FY25. The company remains reliant on its import finance facility, and overdraft, provided by the bank.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% per annum on a straight line basis
Patents
20% per annum on a straight line basis
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
20% per annum straight line basis
Plant and machinery
25% per annum diminishing balance basis
Fixtures, fittings and computer equipment
25% diminishing balance and 33.3% straight line basis per annum
Motor vehicles
25% per annum dimishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, on a first in first out basis. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
The group enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities including trade and other accounts receivable and payable, loans from banks and loans from related parties.
Debt instruments including loans and other accounts receivable and payable are initially measured at transaction price and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Derivative financial instruments are initially measured at fair value on the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.
The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles and carried out by a third party.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.14
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
A refund provision has been included for the amount of refunds expected to paid after the year end for goods sold during the year.
A dilapidation provision has been included, for the estimated repair costs of the usage and alterations made to properties to the year end date, in relation to the group's operating leases.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provision
The directors have made key assumptions in determining the appropriate impairment provision against stock items held at the end of the reporting period. This provision takes into consideration a number of factors including slow moving items. At the financial reporting date, the impairment provision made against inventories was £225,616 (2023 - £187,193).
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
26,827,406
20,923,166
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,225,734
16,836,729
Rest of world
3,601,672
4,086,437
26,827,406
20,923,166
2024
2023
£
£
Other revenue
Interest income
1,236
1,702
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange (gains)/losses
(31,497)
89,855
Depreciation of owned tangible fixed assets
132,287
152,693
Depreciation of tangible fixed assets held under finance leases
47,599
63,466
Profit on disposal of tangible fixed assets
(6,676)
(1,328)
Amortisation of intangible assets
2,834
6,420
Operating lease charges
578,914
589,869
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
5
4
5
Office and warehouse
89
65
84
58
Total
93
70
88
63
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,157,236
1,682,095
2,116,381
1,571,484
Social security costs
188,962
149,236
188,962
149,236
Pension costs
46,883
52,489
30,191
28,706
2,393,081
1,883,820
2,335,534
1,749,426
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
19,500
12,100
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
269,284
261,422
Company pension contributions to defined contribution schemes
16,692
28,833
285,976
290,255
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
64,646
67,500
The directors are considered the only key management personnel of the group.
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
103,000
Adjustments in respect of prior periods
(179)
(4,271)
Total current tax
102,821
(4,271)
Deferred tax
Origination and reversal of timing differences
(17,100)
(35,400)
Changes in tax rates
27,500
Total deferred tax
(17,100)
(7,900)
Total tax charge/(credit)
85,721
(12,171)
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
8
Taxation
(Continued)
- 21 -
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(48,309)
(361,916)
Expected tax credit based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
(11,831)
(68,764)
Tax effect of expenses that are not deductible in determining taxable profit
(7,672)
18,662
Unutilised tax losses carried forward
97,788
35,158
Depreciation on assets not qualifying for tax allowances
1,114
2,224
Under/(over) provided in prior years
(179)
(4,271)
Other timing differences
161
(1,286)
Deferred tax asset not previously recognised
6,687
(6,000)
Changes in deferred tax rate
(347)
21,789
Enhanced capital allowances
-
(9,683)
Taxation charge/(credit)
85,721
(12,171)
The group has estimated trading losses totalling £1,059,000 (2023 - £660,000) available to carry forward against future trading profit.
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
20,000
230,000
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
10
Intangible fixed assets
Group
Goodwill
Software
Patents
Total
£
£
£
£
Cost
At 1 March 2023
52,560
33,361
3,632
89,553
Additions
650
650
Disposals
(1,200)
(1,200)
Exchange adjustments
(709)
(709)
At 29 February 2024
52,560
32,652
3,082
88,294
Amortisation and impairment
At 1 March 2023
52,560
27,537
1,256
81,353
Amortisation charged for the year
2,526
308
2,834
Disposals
(1,200)
(1,200)
Exchange adjustments
(601)
(601)
At 29 February 2024
52,560
29,462
364
82,386
Carrying amount
At 29 February 2024
3,190
2,718
5,908
At 28 February 2023
5,824
2,376
8,200
Company
Goodwill
Software
Patents
Total
£
£
£
£
Cost
At 1 March 2023
52,560
24,145
3,632
80,337
Additions
650
650
Disposals
(1,200)
(1,200)
At 29 February 2024
52,560
24,145
3,082
79,787
Amortisation and impairment
At 1 March 2023
52,560
19,720
1,256
73,536
Amortisation charged for the year
1,429
308
1,737
Disposals
(1,200)
(1,200)
At 29 February 2024
52,560
21,149
364
74,073
Carrying amount
At 29 February 2024
2,996
2,718
5,714
At 28 February 2023
4,425
2,376
6,801
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
11
Tangible fixed assets
Group
Land and buildings leasehold
Plant and machinery
Fixtures, fittings and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
91,422
391,974
638,909
270,279
1,392,584
Additions
21,853
15,750
37,603
Disposals
(68,105)
(21,540)
(89,645)
Exchange adjustments
(3,127)
(6,274)
(1,793)
(11,194)
At 29 February 2024
91,422
388,847
586,383
262,696
1,329,348
Depreciation and impairment
At 1 March 2023
49,465
184,570
437,168
86,639
757,842
Depreciation charged in the year
8,371
49,613
76,028
45,874
179,886
Eliminated in respect of disposals
(62,196)
(13,154)
(75,350)
Exchange adjustments
(2,044)
(3,193)
(1,065)
(6,302)
At 29 February 2024
57,836
232,139
447,807
118,294
856,076
Carrying amount
At 29 February 2024
33,586
156,708
138,576
144,402
473,272
At 28 February 2023
41,957
207,404
201,741
183,640
634,742
Company
Land and buildings leasehold
Plant and machinery
Fixtures, fittings and computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
91,422
351,309
557,286
246,946
1,246,963
Additions
21,853
15,750
37,603
Disposals
(68,105)
(68,105)
At 29 February 2024
91,422
351,309
511,034
262,696
1,216,461
Depreciation and impairment
At 1 March 2023
49,465
165,851
387,764
72,785
675,865
Depreciation charged in the year
8,371
46,365
66,775
45,509
167,020
Eliminated in respect of disposals
(62,196)
(62,196)
At 29 February 2024
57,836
212,216
392,343
118,294
780,689
Carrying amount
At 29 February 2024
33,586
139,093
118,691
144,402
435,772
At 28 February 2023
41,957
185,458
169,522
174,161
571,098
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
11
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
112,168
149,557
112,168
39,657
Fixtures, fittings and computer equipment
12,519
16,692
12,519
50,393
Motor vehicles
18,112
24,149
18,112
24,149
142,799
190,398
142,799
114,199
There is a fixed and floating charge over all assets of the company.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
151
151
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
151
Carrying amount
At 29 February 2024
151
At 28 February 2023
151
13
Subsidiaries
Details of the company's subsidiaries at 29 February 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rinkit Pty Ltd
2/19 Southeast Boulevard, Pakenham, VIC, 3810
Ordinary shares
100.00
Rinkit SAS
6 rue de la mare Blanche 77186 Noisiel
Ordinary shares
100.00
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
20,869
13,969
20,869
13,969
The company purchases forward foreign currency contracts to manage currency exposure on future commitments. The fair values of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using quoted prices. At the balance sheet date the company has agreed forward contracts totalling £2,899,406 (2023 - £1,595,181) for the purchase of foreign currency.
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
6,892,152
6,336,835
6,015,041
5,386,590
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
432,829
429,344
396,492
400,820
Corporation tax recoverable
6,000
6,000
Amounts owed by group undertakings
-
-
1,924,755
1,697,365
Other debtors
89,923
198,453
77,352
161,693
Prepayments and accrued income
370,739
236,253
329,922
189,768
893,491
870,050
2,728,521
2,455,646
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
-
13,495
Total debtors
893,491
870,050
2,728,521
2,469,141
Amounts owed by group undertakings in the company have no terms and are therefore repayable on demand. Whilst the classification as current assets reflects the contractual nature of the loans, the company does not seek repayment of these loans until the entities are financially able to do so. This may be more than 12 months from the reporting date, as part of the company's ongoing financial support to the rest of the group.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
130,626
40,679
Obligations under finance leases
20
49,089
83,409
49,089
83,409
Other borrowings
18
2,769,176
2,659,873
2,769,176
2,659,873
Trade creditors
1,685,507
1,490,169
1,601,207
1,397,724
Corporation tax payable
96,821
96,821
Other taxation and social security
591,973
370,333
585,139
359,091
Derivative financial instruments
20,869
13,969
20,869
13,969
Other creditors
172,631
145,547
131,496
105,696
Accruals and deferred income
181,486
80,446
181,486
80,446
5,567,552
4,974,372
5,435,283
4,740,887
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
31,632
31,632
Bank overdrafts
98,994
9,047
Other loans
2,769,176
2,659,873
2,769,176
2,659,873
2,769,176
2,790,499
2,769,176
2,700,552
Payable within one year
2,769,176
2,790,499
2,769,176
2,700,552
Included within other loans is an import finance facility of £2,769,176 (2023 - £2,659,873) which is secured by way of a fixed and floating charge over all assets of the company, a general letter of pledge as well as a guarantee from The Dordevic Family Trust for AUD$53,053.
There is a debenture on the bank loans and overdrafts, including a fixed and floating charge, secured over all assets of the company. The bank loans are subject to a rate of interest of 3% plus BOE base rate per annum.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
12,851
61,940
12,851
61,940
Accruals and deferred income
154,650
209,006
154,650
209,006
167,501
270,946
167,501
270,946
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
49,089
83,409
49,089
83,409
In two to five years
12,851
61,940
12,851
61,940
61,940
145,349
61,940
145,349
Finance lease payments represent rentals payable by the company or group for certain items of property, plant and equipment. The average lease term is five years and all leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Refunds provision
49,500
49,500
49,500
49,500
Dilapidations provision
307,985
279,986
307,985
279,986
357,485
329,486
357,485
329,486
Movements on provisions:
Refunds provision
Dilapidations provision
Total
Group
£
£
£
At 1 March 2023
49,500
279,986
329,486
Additional provisions in the year
-
27,999
27,999
At 29 February 2024
49,500
307,985
357,485
Total
Company
£
£
£
At 1 March 2023
49,500
279,986
329,486
Additional provisions in the year
-
27,999
27,999
At 29 February 2024
49,500
307,985
357,485
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
82,000
109,000
Tax losses
-
(23,800)
Retirement benefit obligations
(1,500)
-
Share based payments
(12,400)
-
68,100
85,200
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
82,000
109,000
Tax losses
-
(23,800)
Retirement benefit obligations
(1,500)
-
Share based payments
(12,400)
-
68,100
85,200
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
85,200
85,200
Credit to profit or loss
(17,100)
(17,100)
Liability at 29 February 2024
68,100
68,100
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,883
52,489
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,060,000
1,060,000
106
106
The ordinary shares have attached to them full voting rights, dividend and capital distribution rights (including on winding up) but they do not confer any rights of redemption.
25
Reserves
Other reserves
Other reserves represents cumulative differences arising on the annual translation of Rinkit Pty Ltd financial statements from Australian dollars to sterling. These amounts relate to the group only and are non-distributable.
26
Financial commitments, guarantees and contingent liabilities
The company has provided a multilateral guarantee dated 15 February 2021 on behalf of Rinkit Pty Ltd to secure import financing facilities. The extent of the contingent liability to the company itself at the year end amounted to £nil (2023 - £208,293).
27
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
718,892
718,698
710,207
607,912
Between two and five years
2,340,011
2,378,154
2,340,011
2,368,922
In over five years
-
226,200
-
226,200
3,058,903
3,323,052
3,050,218
3,203,034
28
Events after the reporting date
Since the year end date, dividends have been declared by the company totaling £250,000.
29
Related party transactions
The group and company was owed £1,154 by Mr R Lowe, a director (2023 - £Nil), which has been repaid since the balance sheet date.
RINKIT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
30
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(134,030)
(349,745)
Adjustments for:
Taxation charged/(credited)
85,721
(12,171)
Finance costs
199,149
125,745
Investment income
(1,236)
(1,702)
Gain on disposal of tangible fixed assets
(6,676)
(1,328)
Fair value loss on foreign exchange contracts
6,900
30,127
Amortisation and impairment of intangible assets
2,834
6,420
Depreciation and impairment of tangible fixed assets
179,886
216,159
Increase in provisions
27,999
43,171
Movements in working capital:
(Increase)/decrease in stocks
(555,317)
482,099
Increase in debtors
(29,441)
(192,352)
Increase in creditors
600,049
367,746
Cash generated from operations
375,838
714,169
31
Analysis of changes in net funds/(debt) - group
1 March 2023
Cash flows
Exchange rate movements
29 February 2024
£
£
£
£
Cash at bank and in hand
228,602
(74,546)
70,607
224,663
Bank overdrafts
(98,994)
98,994
-
129,608
24,448
70,607
224,663
Borrowings excluding overdrafts
(31,632)
31,632
-
-
Obligations under finance leases
(145,349)
83,409
-
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