REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 January 2023 to 31 January 2024 |
for |
Rubber Road Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Period 1 January 2023 to 31 January 2024 |
for |
Rubber Road Limited |
Rubber Road Limited (Registered number: 08233870) |
Contents of the Financial Statements |
for the Period 1 January 2023 to 31 January 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Rubber Road Limited |
Company Information |
for the Period 1 January 2023 to 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Rubber Road Limited (Registered number: 08233870) |
Report of the Directors |
for the Period 1 January 2023 to 31 January 2024 |
The directors present their report with the financial statements of the company for the period 1 January 2023 to 31 January 2024. |
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The financial risk management objectives and policies of the company, including exposure to price risk, credit risk, cash flow risk and liquidity risk are set out in the Strategic Report. |
ACCOUNTING PERIOD |
The accounts are for the 13 month period ended 31/01/24 as the company changed it's year-end from 31 December 2023 to 31-January 2024. The comparative amounts presented in the financial statements (including the related notes) are for the year ended 31 December 2022, therefore the two periods are not entirely comparable. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Rubber Road Limited (Registered number: 08233870) |
Report of the Directors |
for the Period 1 January 2023 to 31 January 2024 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Rubber Road Limited |
Opinion |
We have audited the financial statements of Rubber Road Limited (the 'company') for the period ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
The financial statements of Rubber Road Limited for the year ended 31/12/22 are unaudited. |
Report of the Independent Auditors to the Members of |
Rubber Road Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
We reviewed the industry in which the company operates and gained an understanding of the appropriate legal and regulatory framework. We considered the risk of any acts by the company that were contrary to these laws, including fraud, by designing and performing our audit procedures appropriately, discussing with the company and obtaining sufficient evidence to form our opinion. The risk of not detecting a material misstatement resulting from fraud is greater than the risk of not detecting one due to error, as fraud may involve collusion, forgery, or intentional misrepresentations. |
We focussed on any laws and regulations which could give rise to a material misstatement in the financial statements, to include, but not limited to UK tax legislation and the Companies Act. Our audit procedures included enquires of management and obtaining underlying supporting documentation to agree the disclosures within the financial statements. |
We did not identify any key audit matters relating to irregularities, including fraud during the course of our audit. In accordance with our standard practice we also addressed the risk of management override of internal controls using our audit procedures and by evaluating the risk of material misstatement due to fraud from a bias by the directors. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Rubber Road Limited |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
75 Springfield Road |
Chelmsford |
Essex |
CM2 6JB |
Rubber Road Limited (Registered number: 08233870) |
Income Statement |
for the Period 1 January 2023 to 31 January 2024 |
Period |
1.1.23 |
Year Ended | to |
31.12.22 | 31.1.24 |
(Unaudited) |
£ | Notes | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
768,031 | 9,163 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL PERIOD |
Rubber Road Limited (Registered number: 08233870) |
Other Comprehensive Income |
for the Period 1 January 2023 to 31 January 2024 |
Period |
1.1.23 |
Year Ended | to |
31.12.22 | 31.1.24 |
(Unaudited) |
£ | Notes | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME |
Revaluations in year |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
Rubber Road Limited (Registered number: 08233870) |
Balance Sheet |
31 January 2024 |
31.12.22 | 31.1.24 |
(Unaudited) |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
13 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 18 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Rubber Road Limited (Registered number: 08233870) |
Statement of Changes in Equity |
for the Period 1 January 2023 to 31 January 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
Rubber Road Limited (Registered number: 08233870) |
Cash Flow Statement |
for the Period 1 January 2023 to 31 January 2024 |
Period |
1.1.23 |
Year Ended | to |
31.12.22 | 31.1.24 |
(Unaudited) |
£ | Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
( |
) | Interest paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
( |
) | Purchase of tangible fixed assets | ( |
) |
( |
) | Net cash from investing activities | ( |
) |
Cash flows from financing activities |
63,734 | Amount introduced by directors | - |
( |
) | Equity dividends paid | ( |
) |
( |
) | Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
209,560 | Cash and cash equivalents at beginning of period |
2 |
294,625 | Cash and cash equivalents at end of period |
2 |
81,078 |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Cash Flow Statement |
for the Period 1 January 2023 to 31 January 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Bank loans | 258,223 | (114,813 | ) |
Finance costs | 271,633 | 186,484 |
593,132 | 864,025 |
Decrease in stocks |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 January 2024 |
31.1.24 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 81,078 | 294,625 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 294,625 | 209,560 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 294,625 | (213,547 | ) | 81,078 |
294,625 | ( |
) | 81,078 |
Debt |
Debts falling due within 1 year | (363,557 | ) | 148,259 | (215,298 | ) |
Debts falling due after 1 year | (890,879 | ) | (406,482 | ) | (1,297,361 | ) |
(1,254,436 | ) | (258,223 | ) | (1,512,659 | ) |
Total | (959,811 | ) | (471,770 | ) | (1,431,581 | ) |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements |
for the Period 1 January 2023 to 31 January 2024 |
1. | STATUTORY INFORMATION |
Rubber Road Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including expectations of future events that |
are believed to be reasonable under the circumstances. |
Turnover |
Turnover comprises 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. |
The company recognises revenue when: |
the amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, |
direct labour costs and those overheads that have been incurred in bringing the inventories to their |
present location and condition. At each reporting date, stocks are assessed for impairment. If stocks |
are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the |
impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow companies are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipt discounted at a market rate. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, Accounts payable are classified as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised costing using the effective interest method. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
Derivative are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in the financial costs or financial income as appropriate, unless they are included in a hedging arrangement. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
United Kingdom |
Europe |
United States of America |
Australia/ New Zealand | 388,977 | 1,092,458 |
Rest of the world | 27,814 | 2,510 |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
Marketing | 6 | 6 |
Sales | 10 | 8 |
Finance | 6 | 6 |
Logistics & production | 11 | 7 |
Admin | 9 | 8 |
Design team | 14 | 12 |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director for the period ended 31 January 2024 is as follows: |
Period |
1.1.23 |
to |
31.1.24 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Bank loan interest |
Factoring charges |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the period was as follows: |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax | (26,576 | ) | 2,249 |
R&D | - | (164,328 | ) |
Total tax (credit)/charge | (26,576 | ) | 2,249 |
Tax effects relating to effects of other comprehensive income |
1.1.23 to 31.1.24 |
Gross | Tax | Net |
£ | £ | £ |
Revaluations in year | (147,122 | ) | 627,208 |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
8. | DIVIDENDS |
Period |
1.1.23 |
to | Year Ended |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Ordinary A shares of £0.01 each |
Interim |
Ordinary B shares of £0.01 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
Totals | property | machinery | fittings | equipment |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Revaluations |
At 31 January 2024 |
DEPRECIATION |
At 1 January 2023 |
Charge for period |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 December 2022 |
Cost or valuation at 31 January 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
Totals | property | machinery | fittings | equipment |
£ | £ | £ | £ | £ |
Valuation in 2023 | 774,331 | 774,331 | - | - | - |
Cost | 1,421,964 | 1,096,185 | 64,043 | 80,306 | 181,430 |
2,196,295 | 1,870,516 | 64,043 | 80,306 | 181,430 |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
If freehold properties had not been revalued they would have been included at the following historical cost: |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Cost | 1,096,185 | - |
Aggregate depreciation | 120,516 | - |
Freehold properties were valued on an open market basis on 15 March 2023 by Eddisons Commercial Limited . |
10. | STOCKS |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Social security and other taxes |
VAT | 249,115 | 240,947 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Bank loans (see note 14) |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 644,027 | - |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Bank loans |
The bank loans are secured by debenture and guarantee, and a charge over contract monies from Rubber Road Ltd and a legal mortgage over Attimore Barn and Unit A Viking Industrial Estate. |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
17. | FINANCIAL INSTRUMENTS |
Financial assets measured at amortised cost: |
Period end 31/01/24 |
Year end 31/12/22 |
Cash at bank | 81,078 | 294,625 |
Trade debtors | 3,425,417 | 2,579,941 |
Other debtors | 5,463 | 6,087 |
Total | 3,511,958 | 2,880,653 |
Financial liabilities measured at amortised cost: |
Period end 31/01/24 |
Year end 31/12/22 |
Trade creditors | 1,102,199 | 675,676 |
Bank loans | 1,512,659 | 1,254,436 |
Other creditors | 1,883,695 | 1,089,329 |
Total | 4,498,553 | 3,019,441 |
Bank loans: |
The company has a loan with Close Brother which is repayable over the period until 2026 and the interest rate on the loan is 22.12%. |
The company has a loan with Funding Circle which is repayable over the period until 2026 and the interest rate on the loan is 19.2%. |
The company has a loan with Conister which is repayable over the period until 2029 and the interest rate on the loan is 25.6%. |
The company has a loan with HSBC which is repayable over the period until 2030 and the interest rate on the loan is 4.45%. |
The company has a second loan with HSBC which is repayable over the period until 2039 and the interest rate on the loan is 2.25%. |
Bank loans are repayable as follows: |
Period end 31/01/24 |
Year end 31/12/22 |
Within one year | 197,396 | 363,557 |
Between 2-5 years | 1,315,263 | 890,879 |
More than 5 years | 637,884 | 0 |
Total | 2,150,543 | 1,254,436 |
18. | PROVISIONS FOR LIABILITIES |
31.1.24 | 31.12.22 |
(Unaudited) |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 147,123 | - |
160,181 | 39,635 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during period | ( |
) |
Property revaluation | 147,123 |
Balance at 31 January 2024 |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.12.22 |
value: | £ | £ |
Ordinary A | £0.01 | 50 | 50 |
Ordinary B | £0.01 | 50 | 50 |
100 | 100 |
Ordinary A shares hold a right to attend and vote at general meetings and to receive dividend distributions. |
Ordinary B shares hold a right to attend and vote at general meetings and to receive dividend distributions. |
20. | RESERVES |
Retained | Revaluation |
Totals | earnings | reserve |
£ | £ | £ |
At 1 January 2023 | 3,620,104 |
Profit for the period |
Dividends | ( |
) | ( |
) |
Property revaluation | 627,208 | - | 627,208 |
At 31 January 2024 | 4,015,776 |
21. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £260,000 were paid to the directors . |
At 31 January 2024 the company was owed £1,377,751 (at 31 December 2022: £900,812) by various entities whom ae related by common control. All transactions and trading took place at arms length and under normal trading terms. |
22. | POST BALANCE SHEET EVENTS |
There were no post balance sheet events that require being brought to the attention of the shareholders or creditors. |
Rubber Road Limited (Registered number: 08233870) |
Notes to the Financial Statements - continued |
for the Period 1 January 2023 to 31 January 2024 |
23. | SHARE-BASED PAYMENT TRANSACTIONS |
The Company operates an Approved EMI Share option plan. The majority Shareholders and Directors have absolute discretion as to the selection of the persons to whom an option is granted by the company. |
The options are granted with a fixed exercise price and are exercisable in line with the terms set out in the Plan Rules. |
Options which have been granted vest in line with the vesting schedule communicated to each option holder at the date of the grant. |
Exercise of options will only occur when the exercise conditions have been fulfilled. |
No provision is made in the financial statements due to the fact that the grant price is the same as the exercise price and no benefit arises. |
No options were exercised during the current or prior period. There are 800 options in place at the year end. |
The weighted average exercise price of share options at £75 (2022: £75). |