Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-312024-01-31false02023-02-010falsefalsefalse NI640794 2023-02-01 2024-01-31 NI640794 2022-02-01 2023-01-31 NI640794 2024-01-31 NI640794 2023-01-31 NI640794 2022-02-01 NI640794 c:Director1 2023-02-01 2024-01-31 NI640794 c:Director2 2023-02-01 2024-01-31 NI640794 c:Director3 2023-02-01 2024-01-31 NI640794 c:RegisteredOffice 2023-02-01 2024-01-31 NI640794 c:Agent1 2023-02-01 2024-01-31 NI640794 c:Agent2 2023-02-01 2024-01-31 NI640794 c:Agent3 2023-02-01 2024-01-31 NI640794 d:Buildings 2023-02-01 2024-01-31 NI640794 d:Buildings 2024-01-31 NI640794 d:Buildings 2023-01-31 NI640794 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI640794 d:Buildings d:ShortLeaseholdAssets 2023-02-01 2024-01-31 NI640794 d:PlantMachinery 2023-02-01 2024-01-31 NI640794 d:MotorVehicles 2023-02-01 2024-01-31 NI640794 d:FurnitureFittings 2023-02-01 2024-01-31 NI640794 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 NI640794 d:FreeholdInvestmentProperty 2023-02-01 2024-01-31 NI640794 d:FreeholdInvestmentProperty 2024-01-31 NI640794 d:CurrentFinancialInstruments 2024-01-31 NI640794 d:CurrentFinancialInstruments 2023-01-31 NI640794 d:Non-currentFinancialInstruments 2024-01-31 NI640794 d:Non-currentFinancialInstruments 2023-01-31 NI640794 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 NI640794 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 NI640794 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 NI640794 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 NI640794 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 NI640794 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 NI640794 d:ShareCapital 2023-02-01 2024-01-31 NI640794 d:ShareCapital 2024-01-31 NI640794 d:ShareCapital 2022-02-01 2023-01-31 NI640794 d:ShareCapital 2023-01-31 NI640794 d:ShareCapital 2022-02-01 NI640794 d:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI640794 d:RetainedEarningsAccumulatedLosses 2024-01-31 NI640794 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 NI640794 d:RetainedEarningsAccumulatedLosses 2023-01-31 NI640794 d:RetainedEarningsAccumulatedLosses 2022-02-01 NI640794 c:OrdinaryShareClass1 2023-02-01 2024-01-31 NI640794 c:OrdinaryShareClass1 2024-01-31 NI640794 c:OrdinaryShareClass1 2023-01-31 NI640794 c:FRS102 2023-02-01 2024-01-31 NI640794 c:Audited 2023-02-01 2024-01-31 NI640794 c:FullAccounts 2023-02-01 2024-01-31 NI640794 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI640794 d:Subsidiary1 2023-02-01 2024-01-31 NI640794 d:Subsidiary1 1 2023-02-01 2024-01-31 NI640794 d:Subsidiary2 2023-02-01 2024-01-31 NI640794 d:Subsidiary2 1 2023-02-01 2024-01-31 NI640794 c:Consolidated 2024-01-31 NI640794 c:ConsolidatedGroupCompanyAccounts 2023-02-01 2024-01-31 NI640794 2 2023-02-01 2024-01-31 NI640794 6 2023-02-01 2024-01-31 NI640794 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI640794










RMC HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
RMC HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
Mr Conor McElmeel 
Mr Malachy McElmeel 
Mrs Rosemary McElmeel 




Registered number
NI640794



Registered office
28 Ballyscandal Road

Armagh

Co Armagh

BT61 8BL




Independent auditors
AAB Group Accountants Limited

Dromalane Mill

The Quays

Newry

Co. Down

BT35 8QS




Bankers
AIB
18-20 Scotch Street

Dungannon

Co Tyrone

BT70 1AR





Danske Bank

Portadown Finance Centre

45-48 High Street

Portadown

Co Armagh

BT62 1LB





Santander

Bridle Road

Bootle

Merseyside

L30 4GB




Solicitors
Sharon Keeley Solicitors
5 College Street

Armagh

Co Armagh

BT61 9BT





 
RMC HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12 - 13
Company statement of changes in equity
14 - 15
Consolidated statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 39


 
RMC HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The Directors present the strategic report for the year ended 31 January 2024.

Business review
 
The principal activity of the group is the manufacture, restoration, wholesale and repair of all kinds of motorised mobility vehicles.
There has been no significant change in these activities during the year. 
Turnover has increased by 7.2% to £24.0m (2023: £22.4m). Overall, a net profit before tax of £1.09m was reported for the year ended 31 January 2024 compared to a net profit before tax of £1.49m reported for the year ended 31 January 2023. The group asset base remains strong, with net assets of £8.6m at 31 January 2024 (2023: £7.9m). The group's directors are satisfied with the group's performance in the year and the emphasis going forward continues to be on securing turnover that will result in sustainable profitability and cash flow. 

Principal risks and uncertainties
 
The group uses financial instruments in its business. The core risks associated with the group's financial instruments (i.e. its cash, operational level of trade receivables and payables) are currency risk, interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Currency risk - A significant proportion of the group's main activities are conducted in the UK. The group's activities in Ireland are conducted in Euro. Variances affecting operational activities in this regard are reflected in cost of sales in the profit and loss accounts in the years in which they arise.
Finance and interest rate risk - The group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability.
Liquidity and cash flow risk - The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The group's policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due.
Credit risk - The group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually monitored.

Financial key performance indicators
 
The group's key performance indicators are as follows:
 

2024
2023
        £
        £
Increase in turnover

7.2%

11.6%
 
Gross margin

15.2%

18.4%
 
Profit before tax

£1.09m

£1.49m
 

Page 1

 
RMC HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Group non-financial and sustainability information statement
 
Environment
The group recognises its responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste whenever possible. 
Human resources
The group's most important resource is its people, their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical. 
Health and safety
The group is committed to achieving the highest practicable standards in health and safety management and strives to makes its sites and offices safe environments for employees and customers alike. 


This report was approved by the board on 29 October 2024 and signed on its behalf.



Mr Conor McElmeel
Director

Mr Malachy McElmeel
Director

Page 2

 
RMC HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 the Group 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 for the Group's financial statements 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 financial statements;

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

The 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company and group continued to be the manufacture, restoration, wholesale and repair of all kinds of motorised mobility vehicles.

Results and dividends

The profit for the year, after taxation, amounted to £979,565 (2023 - £1,226,552).

Ordinary dividends were paid amounting to £100,000. The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year and up to the date of signature of the financial statements were:

Mr Conor McElmeel 
Mr Malachy McElmeel 
Mrs Rosemary McElmeel 

Page 3

 
RMC HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

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

Post balance sheet events

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

Auditors

The auditorsAAB Group Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
AAB Group Accountants Limited were formerly known as FPM Accountants Limited.

This report was approved by the board on 29 October 2024 and signed on its behalf.
 





Mr Conor McElmeel
Director
Mr Malachy McElmeel
Director

Page 4

 
RMC HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RMC HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of RMC Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 January 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Page 5

 
RMC HOLDINGS LIMITED
 

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


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 set out on page 3, 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 Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
RMC HOLDINGS LIMITED
 

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


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 
RMC HOLDINGS LIMITED
 

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


Use of our report
 

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





Teresa Campbell (Senior statutory auditor)
  
for and on behalf of
AAB Group Accountants Limited
 
Statutory Auditors
  
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS

29 October 2024
Page 8

 
RMC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,006,561
22,391,469

Cost of sales
  
(20,349,511)
(18,277,323)

Gross profit
  
3,657,050
4,114,146

Administrative expenses
  
(2,664,636)
(2,741,926)

Other operating income
 5 
87,580
126,152

Operating profit
 6 
1,079,994
1,498,372

Interest receivable and similar income
 10 
16,827
1,155

Interest payable and similar expenses
 11 
(10,128)
(6,701)

Profit before taxation
  
1,086,693
1,492,826

Tax on profit
 12 
(107,128)
(266,274)

Profit for the financial year
  
979,565
1,226,552

  

Other comprehensive income 1
  
(92,629)
126,430

Other comprehensive income for the year
  
(92,629)
126,430

Total comprehensive income for the year
  
886,936
1,352,982

Profit for the year attributable to:
  

Owners of the parent company
  
979,565
1,226,552

  
979,565
1,226,552

Total comprehensive income for the year attributable to:
  

Owners of the parent company
  
886,936
1,352,982

  
886,936
1,352,982

The notes on pages 18 to 39 form part of these financial statements.

Page 9

 
RMC HOLDINGS LIMITED
REGISTERED NUMBER: NI640794

CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
2,429,846
2,207,912

Investment property
 17 
206,000
-

  
2,635,846
2,207,912

Current assets
  

Stocks
 18 
3,801,614
3,308,737

Debtors: amounts falling due within one year
 19 
1,053,222
1,009,701

Cash at bank and in hand
 20 
2,803,480
2,777,028

  
7,658,316
7,095,466

Creditors: amounts falling due within one year
 21 
(1,353,960)
(1,146,087)

Net current assets
  
 
 
6,304,356
 
 
5,949,379

Total assets less current liabilities
  
8,940,202
8,157,291

Creditors: amounts falling due after more than one year
 22 
(101,584)
(113,943)

Provisions for liabilities
  

Deferred taxation
 24 
(198,313)
(189,979)

  
 
 
(198,313)
 
 
(189,979)

Net assets excluding pension asset
  
8,640,305
7,853,369

Net assets
  
8,640,305
7,853,369


Capital and reserves
  

Called up share capital 
 25 
159
159

Profit and loss account
  
8,640,146
7,853,210

Equity attributable to owners of the parent company
  
8,640,305
7,853,369

  
8,640,305
7,853,369


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2024.




Mr Conor McElmeel
Mr Malachy McElmeel
Director
Director

The notes on pages 18 to 39 form part of these financial statements.

Page 10

 
RMC HOLDINGS LIMITED
REGISTERED NUMBER: NI640794

COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
901,084
888,940

Investments
 16 
120
120

Investment Property
 17 
206,000
-

  
1,107,204
889,060

Current assets
  

Debtors: amounts falling due within one year
 19 
791,264
159

Cash at bank and in hand
 20 
720,511
951,492

  
1,511,775
951,651

Creditors: amounts falling due within one year
 21 
(38,617)
(31,052)

Net current assets
  
 
 
1,473,158
 
 
920,599

Total assets less current liabilities
  
2,580,362
1,809,659

  

Creditors: amounts falling due after more than one year
 22 
(101,584)
(113,943)

  

Net assets excluding pension asset
  
2,478,778
1,695,716

Net assets
  
2,478,778
1,695,716


Capital and reserves
  

Called up share capital 
 25 
159
159

Profit and loss account brought forward
  
1,695,557
1,726,951

Profit for the year
  
883,062
8,606

Other changes in the profit and loss account

  

(100,000)
(40,000)

Profit and loss account carried forward
  
2,478,619
1,695,557

  
2,478,778
1,695,716


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2024.


Mr Conor McElmeel
Mr Malachy McElmeel
Director
Director

The notes on pages 18 to 39 form part of these financial statements.

Page 11

 
RMC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£

At 1 February 2023
159
7,853,210
7,853,369
7,853,369


Comprehensive income for the year

Profit for the year

-
979,565
979,565
979,565

Other movement type 1
-
(92,629)
(92,629)
(92,629)


Other comprehensive income for the year
-
(92,629)
(92,629)
(92,629)


Total comprehensive income for the year
-
886,936
886,936
886,936


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)
(100,000)


At 31 January 2024
159
8,640,146
8,640,305
8,640,305


The notes on pages 18 to 39 form part of these financial statements.

Page 12

 
RMC HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022
159
6,540,228
6,540,387


Comprehensive income for the year

Profit for the year

-
1,226,552
1,226,552

Other movement type 1
-
126,430
126,430


Other comprehensive income for the year
-
126,430
126,430


Total comprehensive income for the year
-
1,352,982
1,352,982


Contributions by and distributions to owners

Dividends: Equity capital
-
(40,000)
(40,000)


Total transactions with owners
-
(40,000)
(40,000)


At 31 January 2023
159
7,853,210
7,853,369


The notes on pages 18 to 39 form part of these financial statements.

Page 13

 
RMC HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2023
159
1,695,557
1,695,716


Comprehensive income for the year

Profit for the year

-
883,062
883,062


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
883,062
883,062


Contributions by and distributions to owners

Dividends: Equity capital
-
(100,000)
(100,000)


Total transactions with owners
-
(100,000)
(100,000)


At 31 January 2024
159
2,478,619
2,478,778


The notes on pages 18 to 39 form part of these financial statements.

Page 14

 
RMC HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2022
159
1,726,951
1,727,110


Comprehensive income for the year

Profit for the year

-
8,606
8,606


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
8,606
8,606


Contributions by and distributions to owners

Dividends: Equity capital
-
(40,000)
(40,000)


Total transactions with owners
-
(40,000)
(40,000)


At 31 January 2023
159
1,695,557
1,695,716


The notes on pages 18 to 39 form part of these financial statements.

Page 15

 
RMC HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
979,565
1,226,552

Adjustments for:

Depreciation of tangible assets
189,999
157,606

Loss on disposal of tangible assets
(7,742)
7,786

Interest paid
10,128
6,701

Interest received
(16,827)
(1,155)

Taxation charge
107,128
266,274

(Increase) in stocks
(492,877)
(501,207)

(Increase) in debtors
(15,946)
(148,166)

Increase/(decrease) in creditors
300,918
(277,698)

Corporation tax (paid)
(228,494)
(28,850)

Net cash generated from operating activities

825,852
707,843


Cash flows from investing activities

Purchase of tangible fixed assets
(464,785)
(487,825)

Sale of tangible fixed assets
54,032
259,489

Purchase of investment properties
(206,000)
-

Interest received
16,827
1,155

Net cash from investing activities

(599,926)
(227,181)

Cash flows from financing activities

Repayment of loans
(14,465)
(17,882)

Dividends paid
(82,692)
(40,000)

Interest paid
(10,128)
(6,701)

Net cash used in financing activities
(107,285)
(64,583)

Net increase in cash and cash equivalents
118,641
416,079

Cash and cash equivalents at beginning of year
2,777,028
2,234,519

Foreign exchange gains and losses
(92,189)
126,430

Cash and cash equivalents at the end of year
2,803,480
2,777,028


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,803,480
2,777,028

2,803,480
2,777,028


The notes on pages 18 to 39 form part of these financial statements.

Page 16

 
RMC HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

2,777,028

26,452

2,803,480

Debt due after 1 year

(113,943)

12,359

(101,584)

Debt due within 1 year

(19,384)

4,348

(15,036)


2,643,701
43,159
2,686,860

The notes on pages 18 to 39 form part of these financial statements.

Page 17

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

RMC Holdings Ltd is a private limited by shares company domiciled and incorporated in {#cd26}. The registered office is 28 Ballyscandal Road, Armagh, Co. Armagh, BT61 8BL.
The group consists of RMC Holdings Ltd and all of its subsidiaries.
The subsidiary companies included in the financial statements are as follows:
1. McElmeel Mobility Services Limited, a company incorporated in Northern Ireland, whose principal activity is that of the manufacture, restoration, wholesale and repair of all kinds of motorised mobility vehicles and is 100% owned by RMC Holdings Ltd; and
2. Motability Ireland Ltd, a company incorporated in the Republic of Ireland, whose principal activity is the conversion, sale and hire of adapted mobility vehicles and is 100% owned by RMC Holdings Ltd. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 18

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Group as lessee

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

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

 
2.6

Government grants

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

 
2.7

Interest income

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

 
2.8

Finance costs

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

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

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

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

Page 20

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

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

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

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

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


 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Patents & licences
-
20%
Straight line

Page 21

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

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

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Short-term leasehold property
-
Plant and machinery
-
10%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.16

Stocks

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

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

 
2.17

Debtors

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

 
2.18

Cash and cash equivalents

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

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

 
2.19

Creditors

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

 
2.20

Provisions for liabilities

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

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Page 23

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at
Page 24

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

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

Page 25

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgements in applying accounting policies 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
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful Economic Life of Tangbile Assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. 
.


4.


Turnover

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


2024
2023
£
£

Manufacture and conversion of mobility vehicles
24,006,561
22,391,469

24,006,561
22,391,469


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,821,591
15,659,882

Rest of Europe
7,184,970
6,731,587

24,006,561
22,391,469


Page 26

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
-
20,121

Sundry income
87,580
106,031

87,580
126,152



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned tangible fixed assets
191,975
157,606

Exchange differences
11,493
3,530

Other operating lease rentals
39,065
66,272

(Profit)/loss on disposal of tangible assets
(7,742)
7,786


7.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
5,170
5,170

Fees payable to the company's auditors in respect of:

The auditing of accounts of associates of the company
13,900
13,900

Page 27

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,590,215
2,373,390

Social security costs
179,487
165,717

Cost of defined contribution scheme
43,113
33,060

2,812,815
2,572,167


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


        2024
        2023
            No.
            No.







Production
69
62



Administration
18
17

87
79

The company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
65,778
209,852

65,778
209,852


The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £NIL).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
16,827
1,155

16,827
1,155

Page 28

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
10,128
6,701

10,128
6,701


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
98,716
204,903

Adjustments in respect of previous periods
78
358


98,794
205,261


Total current tax
98,794
205,261

Deferred tax


Origination and reversal of timing differences
8,334
61,013

Total deferred tax
8,334
61,013


Tax on profit
107,128
266,274
Page 29

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,086,693
1,492,826


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
260,806
283,637

Effects of:


Expenses not deductible for tax purposes
(115)
-

Capital allowances for year in excess of depreciation
(12,807)
(10,225)

Adjustments to tax charge in respect of prior periods
(25,749)
(25,749)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(84,205)
(55,487)

Double taxation relief
(98)
423

Deferred tax movement
8,334
61,013

Marginal relief
(535)
-

Under/(over) provided in prior years
128
358

Effect of overseas tax rates
(38,631)
12,304

Total tax charge for the year
107,128
266,274


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Final paid
100,000
40,000

100,000
40,000

Page 30

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Intangible assets

Group and Company





Licenses

£



Cost


At 1 February 2023
27,609



At 31 January 2024

27,609



Amortisation


At 1 February 2023
27,609



At 31 January 2024

27,609



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 31

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Tangible fixed assets

Group






Freehold property
Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2023
1,729,154
139,590
542,047
484,788
211,097
3,106,676


Additions
97,947
85,753
61,612
181,992
37,481
464,785


Disposals
-
-
(71,503)
(77,097)
(74,505)
(223,105)


Exchange adjustments
-
(4,515)
(5,122)
(2,317)
(2,689)
(14,643)



At 31 January 2024

1,827,101
220,828
527,034
587,366
171,384
3,333,713



Depreciation


At 1 February 2023
181,750
32,709
344,058
200,148
140,099
898,764


Charge for the year on owned assets
37,523
15,131
37,483
69,454
30,408
189,999


Disposals
-
-
(71,161)
(31,693)
(73,961)
(176,815)


Exchange adjustments
-
(1,058)
(3,984)
(742)
(2,297)
(8,081)



At 31 January 2024

219,273
46,782
306,396
237,167
94,249
903,867



Net book value



At 31 January 2024
1,607,828
174,046
220,638
350,199
77,135
2,429,846



At 31 January 2023
1,547,404
106,881
197,989
284,640
70,998
2,207,912

Page 32

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           15.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 February 2023
963,575


Additions
32,057



At 31 January 2024

995,632



Depreciation


At 1 February 2023
74,635


Charge for the year on owned assets
19,913



At 31 January 2024

94,548



Net book value



At 31 January 2024
901,084



At 31 January 2023
888,940






There are no tangible assets held under finance leases or hire purchase contracts.

Page 33

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2023
120



At 31 January 2024
120





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

McElmeel Mobility Services Limited
Northern Ireland
Ordinary
100%
Motability Ireland Limited
Republic of Ireland
Ordinary
100%

Page 34

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Investment property

Group


Freehold investment property

£



Valuation


Additions at cost
206,000



At 31 January 2024
206,000

The 2024 valuations were made by CPS Property, on an open market value for existing use basis.



At 31 January 2024




Company





Freehold investment property

£



Valuation


Additions at cost
206,000



At 31 January 2024
206,000

The 2024 valuations were made by CPS Property, on an open market value for existing use basis.


18.


Stocks

Group
Group
2024
2023
£
£

Work in progress
84,292
92,439

Finished goods and goods for resale
3,717,322
3,216,298

3,801,614
3,308,737


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 35

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
646,423
594,224
-
-

Amounts owed by group undertakings
-
-
790,159
-

Other debtors
16,019
38,960
625
159

Prepayments and accrued income
346,105
376,517
480
-

Tax recoverable
44,675
-
-
-

1,053,222
1,009,701
791,264
159



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,803,480
2,777,028
720,511
951,492

2,803,480
2,777,028
720,511
951,492



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
14,465
16,571
14,465
16,571

Trade creditors
491,166
349,660
-
-

Corporation tax
79,345
181,470
579
9,311

Other taxation and social security
309,956
289,186
-
-

Other creditors
415,278
176,744
17,369
-

Accruals and deferred income
43,750
132,456
6,204
5,170

1,353,960
1,146,087
38,617
31,052


Page 36

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
101,584
113,943
101,584
113,943

101,584
113,943
101,584
113,943



The following liabilities were secured:



Details of security provided:

Bank of Ireland hold a fixed charge over the property at 21 Ashbourne Industrial Park, Ashbourne, County Meath as security on borrowings.
Northern Bank Ltd hold a floating charge over the undertakings of the company and all its property.

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.


23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
14,465
16,571
14,465
16,571


14,465
16,571
14,465
16,571

Amounts falling due after one year

Bank loans
101,584
113,943
101,584
113,943


101,584
113,943
101,584
113,943



116,049
130,514
116,049
130,514


Bank of Ireland hold a fixed charge over the property at 21 Ashbourne Industrial Estate, Ashbourne, Co Meath as security on borrowings.

Page 37

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

24.


Deferred taxation


Group



2024


£






At beginning of year
(189,979)


Charged to profit or loss
(8,334)



At end of year
(198,313)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(198,313)
(189,979)

(198,313)
(189,979)


The deferred tax liability set out above is expected to reverse within 60 months and relates to acceleratedcapital allowances that are expected to mature within the same period. 


25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



159 (2023 - 159) Ordinary shares shares of £1.00 each
159
159



26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,113 (2023 - £33,060).
 

Page 38

 
RMC HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

27.


Commitments under operating leases

The Group and the company had no commitments under non-cancellable operating leases at the balance sheet date.


28.


Related party transactions

The company has taken the exemption in FRS102 not to disclose transactions with any companies that are wholly owned within the group.
During the year a director received an amount of £9,770 (2023: £9,770) in respect of consultancy services provided to the company.
During the year a director received an amount of £11,830 (2023: £11,830) in respect of rent for premises used.
During the year the company purchased property and land from a related party for £238,057.
During the year dividends of £100,000 were paid (2023: £40,000).
As at 31 January 2024 there is an amount of £2,813 (2023: £2,813) included in other creditors due to the directors.
This balance is unsecured, interest free and repayable on demand.


29.


Controlling party

The ultimate controlling party of RMC Holdings Limited is Mr Conor McElmeel.

Page 39