Rutpen Limited 02859903 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is manufacturing of chemicals. Digita Accounts Production Advanced 6.30.9574.0 true true true true true 02859903 2023-04-01 2024-03-31 02859903 2024-03-31 02859903 bus:Director3 1 2024-03-31 02859903 bus:OrdinaryShareClass1 2024-03-31 02859903 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02859903 core:RetainedEarningsAccumulatedLosses 2024-03-31 02859903 core:ShareCapital 2024-03-31 02859903 core:CurrentFinancialInstruments 2024-03-31 02859903 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02859903 core:FurnitureFittings 2024-03-31 02859903 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 02859903 core:MotorVehicles 2024-03-31 02859903 core:PlantMachinery 2024-03-31 02859903 core:DeferredTaxation 2024-03-31 02859903 bus:FRS102 2023-04-01 2024-03-31 02859903 bus:Audited 2023-04-01 2024-03-31 02859903 bus:FullAccounts 2023-04-01 2024-03-31 02859903 bus:RegisteredOffice 2023-04-01 2024-03-31 02859903 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 02859903 bus:Director2 2023-04-01 2024-03-31 02859903 bus:Director3 2023-04-01 2024-03-31 02859903 bus:Director3 1 2023-04-01 2024-03-31 02859903 bus:HighestPaidDirector 2023-04-01 2024-03-31 02859903 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02859903 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02859903 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02859903 core:ShareCapital 2023-04-01 2024-03-31 02859903 countries:Europe 2023-04-01 2024-03-31 02859903 countries:RestWorldOutsideEurope 2023-04-01 2024-03-31 02859903 countries:UnitedKingdom 2023-04-01 2024-03-31 02859903 core:Goodwill 2023-04-01 2024-03-31 02859903 core:Buildings 2023-04-01 2024-03-31 02859903 core:FurnitureFittings 2023-04-01 2024-03-31 02859903 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 02859903 core:MotorVehicles 2023-04-01 2024-03-31 02859903 core:PlantMachinery 2023-04-01 2024-03-31 02859903 core:DeferredTaxation 2023-04-01 2024-03-31 02859903 core:UKTax 2023-04-01 2024-03-31 02859903 1 2023-04-01 2024-03-31 02859903 countries:EnglandWales 2023-04-01 2024-03-31 02859903 2023-03-31 02859903 bus:Director3 1 2023-03-31 02859903 core:RetainedEarningsAccumulatedLosses 2023-03-31 02859903 core:ShareCapital 2023-03-31 02859903 core:FurnitureFittings 2023-03-31 02859903 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 02859903 core:MotorVehicles 2023-03-31 02859903 core:PlantMachinery 2023-03-31 02859903 core:DeferredTaxation 2023-03-31 02859903 2022-04-01 2023-03-31 02859903 2023-03-31 02859903 bus:Director3 1 2023-03-31 02859903 bus:OrdinaryShareClass1 2023-03-31 02859903 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02859903 core:CurrentFinancialInstruments 2023-03-31 02859903 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02859903 core:FurnitureFittings 2023-03-31 02859903 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 02859903 core:MotorVehicles 2023-03-31 02859903 core:PlantMachinery 2023-03-31 02859903 bus:Director3 1 2022-04-01 2023-03-31 02859903 bus:HighestPaidDirector 2022-04-01 2023-03-31 02859903 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02859903 core:ShareCapital 2022-04-01 2023-03-31 02859903 countries:Europe 2022-04-01 2023-03-31 02859903 countries:RestWorldOutsideEurope 2022-04-01 2023-03-31 02859903 countries:UnitedKingdom 2022-04-01 2023-03-31 02859903 core:UKTax 2022-04-01 2023-03-31 02859903 2022-03-31 02859903 bus:Director3 1 2022-03-31 02859903 core:RetainedEarningsAccumulatedLosses 2022-03-31 02859903 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02859903

Rutpen Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Rutpen Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 23

 

Rutpen Limited

Company Information

Directors

Mr K D Whittle

Mr S Emmett

Mr D Roberts

Company secretary

Mr K D Whittle

Registered office

Membury Airfield
Lambourn
Hungerford
Berkshire
RG17 7TJ

Auditors

UHY Ross Brooke
Chartered Accountants and Registered Auditors
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

Rutpen Limited

Strategic Report for the Year Ended 31 March 2024

Introduction

Rutpen Ltd is a leading player in the chemical industry, specialising in the development and manufacturing of innovative chemical products. This strategic report provides an overview of the company’s performance for the financial year ending 31 March 2024.

Business Model and Strategy

At Rutpen we have a highly experienced team of chemical specialists, with knowledge developed from over 50 years of operating in this industry. Our large and diverse client base has been grown from a desire to solve complex chemical-related problems.

Our skills are right across our core areas of Contract Manufacturing, Toll Blending and Solvent Recycling, including: technical, manufacturing, warehousing and logistics. Our strategy is based on: quality management, great service, the importance of confidentiality and a genuine care for our impact on the environment.

Fair review of the business

The company’s revenue has remained stable at £10.7 million, representing a 4% increase from the previous year. The turnover has been negatively impacted by the reduction in raw material prices over the accounting period.

The gross profit margin improved to 15.9%, up from 11.6% last year, due to improved operational efficiencies. The net profit after tax for the year was £1.27 million, a 49% increase from the previous year.

The company's results generated an increase in cash flow of £885,000 in the year.

Although there has been no expenditure in the year for research and development, we expect to make major investment in this area for the year ended 31 March 2025.

Rutpen Ltd. has delivered a solid performance in the financial year 2024. Our focus on innovation, operational efficiency, and sustainability positions us well for future growth and success.

The global chemical industry has experienced moderate growth, driven by increasing demand in emerging markets and advancements in technology. However, the industry faces challenges such as regulatory changes, environmental concerns, and fluctuating raw material prices.

Sustainability and Corporate Responsibility

We are committed to sustainable practices and reducing our environmental footprint. Our continued standard BS EN 14001 is a demonstration of this. Rutpen Ltd also has many company policies to ensure future compliance in these areas.

Principal risks and uncertainties

The company has identified the following key risks and implemented mitigation strategies:

• Market risk- Rutpen Ltd will continue to try and help those clients looking for bespoke solutions, in order to expand and protect our client base.

• Regulatory risk - ensuring compliance with all relevant regulations is key and we proactively engage with regulatory bodies.

• Operational risk - the directors recognise the importance of enhancing supply chain resilience and maintaining robust health and safety standards.

 

Rutpen Limited

Strategic Report for the Year Ended 31 March 2024

Future Outlook

Looking ahead, we aim to continue our growth trajectory by:

• Expanding our presence in emerging markets.
• Increasing our investment in research and development to drive innovation.
• Strengthening our sustainability initiatives to meet global standards.
• Increasing revenue in a controlled, steady manner to ensure the continuation of the business.
 

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr K D Whittle
Company secretary and director

 

Rutpen Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr K D Whittle - Company secretary and director

Mr S Emmett

Mr D Roberts

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr K D Whittle
Company secretary and director

 

Rutpen Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Rutpen Limited

Independent Auditor's Report to the Members of Rutpen Limited

Qualified opinion

We have audited the financial statements of Rutpen Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion on financial statements

The company was exempt from audit for the year ended 31 March 2023. We were not appointed as auditor of the company until after the year end and therefore we did not observe the counting of physical stocks at 31 March 2023 concerning the stock held in that period. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 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 qualified opinion.

Other matter

The company took advantage of audit exemption for year ended 31 March 2023 and therefore the comparatives are unaudited.

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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Rutpen Limited

Independent Auditor's Report to the Members of Rutpen Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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:

Detecting irregularities, including fraud

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. As such, we have considered:

 

Rutpen Limited

Independent Auditor's Report to the Members of Rutpen Limited

• the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;
• the company's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.

......................................
Dean Blunden BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

17 October 2024

 

Rutpen Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

10,748,683

10,316,535

Cost of sales

 

(4,790,667)

(5,026,213)

Gross profit

 

5,958,016

5,290,322

Administrative expenses

 

(4,364,767)

(4,102,235)

Operating profit

5

1,593,249

1,188,087

Other interest receivable and similar income

6

117,140

4,061

Interest payable and similar expenses

7

55

-

   

117,195

4,061

Profit before tax

 

1,710,444

1,192,148

Tax on profit

11

(435,036)

(336,139)

Profit for the financial year

 

1,275,408

856,009

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Rutpen Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

1,275,408

856,009

Total comprehensive income for the year

1,275,408

856,009

 

Rutpen Limited

(Registration number: 02859903)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

2,031,310

2,138,875

Current assets

 

Stocks

13

1,755,469

1,823,578

Debtors

14

1,212,937

1,142,710

Cash at bank and in hand

 

4,362,387

3,477,374

 

7,330,793

6,443,662

Creditors: Amounts falling due within one year

16

(4,592,568)

(4,078,315)

Net current assets

 

2,738,225

2,365,347

Total assets less current liabilities

 

4,769,535

4,504,222

Provisions for liabilities

17

(360,206)

(370,301)

Net assets

 

4,409,329

4,133,921

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

4,408,329

4,132,921

Shareholders' funds

 

4,409,329

4,133,921

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
Mr K D Whittle
Company secretary and director

 

Rutpen Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

1,000

3,776,912

3,777,912

Profit for the year

-

856,009

856,009

Dividends

-

(500,000)

(500,000)

At 31 March 2023

1,000

4,132,921

4,133,921

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

1,000

4,132,921

4,133,921

Profit for the year

-

1,275,408

1,275,408

Dividends

-

(1,000,000)

(1,000,000)

At 31 March 2024

1,000

4,408,329

4,409,329

 

Rutpen Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,275,408

856,009

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

490,495

456,383

(Profit)/loss on disposal of tangible assets

4

(12,000)

3,806

Finance income

6

(117,140)

(4,061)

Corporation tax expense

11

435,036

336,139

 

2,071,799

1,648,276

Working capital adjustments

 

Decrease/(increase) in stocks

13

68,109

(96,730)

(Increase)/decrease in trade debtors

14

(70,226)

142,910

Increase in trade creditors

16

410,739

659,053

Cash generated from operations

 

2,480,421

2,353,509

Corporation taxes paid

11

(341,620)

(103,052)

Net cash flow from operating activities

 

2,138,801

2,250,457

Cash flows from investing activities

 

Interest received

6

117,140

4,061

Acquisitions of tangible assets

(382,928)

(644,052)

Proceeds from sale of tangible assets

 

12,000

6,999

Net cash flows from investing activities

 

(253,788)

(632,992)

Cash flows from financing activities

 

Dividends paid

20

(1,000,000)

(500,000)

Net increase in cash and cash equivalents

 

885,013

1,117,465

Cash and cash equivalents at 1 April

 

3,477,374

2,359,909

Cash and cash equivalents at 31 March

 

4,362,387

3,477,374

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Membury Airfield
Lambourn
Hungerford
Berkshire
RG17 7TJ
England

These financial statements were authorised for issue by the Board on 14 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 years straight line

Fixtures and fittings

5 years straight line

Motor vehicles

4 years straight line

Leasehold property

10% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

10,748,683

10,316,535

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

9,338,833

9,345,662

Europe

1,186,322

970,873

Rest of world

223,528

-

10,748,683

10,316,535

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain/(loss) on disposal of Tangible assets

12,000

(3,806)

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

490,495

456,383

(Profit)/loss on disposal of property, plant and equipment

(12,000)

3,806

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

109,021

1,785

Other finance income

8,119

2,276

117,140

4,061

7

Interest payable and similar expenses

2024
£

2023
£

Foreign exchange losses

(55)

-

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,718,316

1,599,460

Social security costs

180,523

171,038

Pension costs, defined contribution scheme

148,170

94,292

Other employee expense

264,553

266,549

2,311,562

2,131,339

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
No.

2023
No.

Production

22

30

Administration and support

3

3

Research and development

1

1

Sales

2

2

Distribution

3

3

Other departments

10

8

41

47

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

192,085

175,105

Contributions paid to money purchase schemes

87,560

44,167

279,645

219,272

In respect of the highest paid director:

2024
£

2023
£

Remuneration

96,585

95,500

Company contributions to money purchase pension schemes

7,920

7,640

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,750

-


 

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

445,131

165,672

Deferred taxation

Arising from origination and reversal of timing differences

(10,095)

170,467

Tax expense in the income statement

435,036

336,139

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,710,444

1,192,148

Corporation tax at standard rate

427,611

226,508

Tax increase/(decrease) from effect of capital allowances and depreciation

21,605

(61,140)

Tax (decrease)/increase from other short-term timing differences

(10,095)

170,467

Effect of expense not deductible in determining taxable profit (tax loss)

(4,085)

304

Total tax charge

435,036

336,139

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

360,206

-

360,206

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

370,301

-

370,301

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Tangible assets

Leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,628,126

217,033

1,752,364

786,937

4,384,460

Additions

289,668

15,280

77,980

-

382,928

Disposals

-

-

-

(70,683)

(70,683)

At 31 March 2024

1,917,794

232,313

1,830,344

716,254

4,696,705

Depreciation

At 1 April 2023

366,604

210,781

1,237,511

430,687

2,245,583

Charge for the year

180,189

3,759

169,312

137,235

490,495

Eliminated on disposal

-

-

-

(70,683)

(70,683)

At 31 March 2024

546,793

214,540

1,406,823

497,239

2,665,395

Carrying amount

At 31 March 2024

1,371,001

17,773

423,521

219,015

2,031,310

At 31 March 2023

1,261,522

6,252

514,852

356,249

2,138,875

Included within the net book value of land and buildings above is £1,371,001 (2023 - £1,261,522) in respect of leasehold land and buildings.
 

13

Stocks

2024
£

2023
£

Raw materials and consumables

1,755,469

1,823,578

14

Debtors

Current

2024
£

2023
£

Trade debtors

1,175,551

1,105,620

Other debtors

2,785

3,742

Prepayments

34,601

33,348

 

1,212,937

1,142,710

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Cash and cash equivalents

2024
£

2023
£

Cash at bank

4,362,387

3,477,374

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

454,266

484,131

Amounts due to group undertakings

22

3,588,819

3,285,856

Social security and other taxes

 

320,175

177,451

Other payables

 

32,502

32,506

Accruals

 

30,675

35,751

Corporation tax liability

11

166,131

62,620

 

4,592,568

4,078,315

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

370,301

370,301

Increase (decrease) in existing provisions

(10,095)

(10,095)

At 31 March 2024

360,206

360,206

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £148,170 (2023 - £94,292).

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

20

Dividends

2024

2023

£

£

Interim dividend

1,000,000

500,000

 

 

21

Commitments

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £Nil (2023 - £38,606).

 

Rutpen Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

22

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr D Roberts

Loan to the director

1,227

(1,227)

-

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr D Roberts

Loan to the director

5,376

33,963

(38,112)

1,227

Other transactions with directors

As at 31 March 2024 the company owed a director £18,910 (2023: £18,918).

Summary of transactions with other related parties

During the year, Rutpen Limited made purchases from a company with a common director amounting to £173,325.

There is a creditor balance outstanding at the year end of £6,696 (2023: £6,696) which relates to a loan given to the company by the brother of a director, who is also an employee.

23

Parent and ultimate parent undertaking

The company's immediate parent is Rutpen Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Membury Airfield, Lambourn Woodlands, Hungerford, Berkshire, RG17 7TJ.