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Registered number: 07907482









RVT GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RVT GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
T Chattell 
P Dupont 
T Dupont 
J Hayward 




Company secretary
P Chattell (Appointed 2 October 2023)
D Dupont (Appointed 2 October 2023)
J S Dupont (Appointed 2 October 2023)
D Hayward (Appointed 2 October 2023)


Registered number
07907482



Registered office
Prospect House
Riverside Industrial Estate

Dartford

Kent

DA1 5BS




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
RVT GROUP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of cash flows
 
11 - 12
Notes to the financial statements
 
13 - 29


 
RVT GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their report and the financial statements for the year ended 31 December 2023.

Business review
 
The directors are very pleased to present the results for the year ended 31 December 2023. The results for the year demonstrate the hard work and dedication of all members of staff and are testament to the working practices and initiatives instigated by the board of directors. The directors consider one of the key drivers of these initiatives to be the investment in staff in the form of various workshops and training groups that have enabled the company to take advantage of the opportunities that have arisen in the year, as well as the ongoing wellbeing and welfare support underpinned by our five values.
This has led to a 25% increase in turnover which is pleasing and has been achieved by focusing on providing outstanding service wrapped offerings and support to our customers, and diversification into multiple industry groups ensuring a sustainable continuance of the company. The company has shown a very pleasing increase in profitability for the current year, which is flattered by the fact the directors have continued to receive a lower salary to allow for increased investment in the company.  Had normal salaries and bonus’ been paid, the net profit after tax would have been closer to the necessary minimum to give the company scope to continue to invest in its operational capability and staff to deliver the required service levels needed to support its growth targets.
The directors are confident that despite the challenges in the economy in recent months, there has so far been no lasting negative impact internally but are conscious of the wider impact to customers. Regular meetings are held to ensure any potential insolvency or bad debts are identified early on in the cycle and are dealt with to ensure the company is not impacted. This has worked well during the year with only a handful of very small bad debts being expensed.

During the year the company has bought back 55 Ordinary and 55 Ordinary B shares of nominal value £1 each. The total consideration for these shares was £1.26m and was settled from the company's cash reserves whilst not impacting on the ongoing working capital of the company. The respective individuals are retiring from the business but the board have put in place sufficient management and operational processes over the past couple of years to ensure that the change in shareholders does not impact on the ability of the company to continue to trade and grow.
 

Principal risks and uncertainties
 
The principal risks and uncertainties facing the company in the main relate to the ongoing fragile economy and geo-political headwinds, the impact on supply chains caused by regional unrest, and competition in the marketplace.
RVT Group invests a lot of resource to ensure Environmental, Social and Governance policies and goals are met. The full report for 2023 can be accessed here https://rvtgroup.co.uk /insights-resources /news/esg-impact-report -2023.

Page 1

 
RVT GROUP LIMITED
 

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

Financial key performance indicators
 
The company has a number of Key Performance Indicators that it utilises to monitor its results. These are constantly reviewed by the board of directors and in addition to the usual Revenue and EBITDA the directors have this year considered that an adjusted EBITDA figure is more relevant to the business to remove fluctuations in costs that the directors consider exceptional to a future purchaser and to normalise the directors earnings for the year.
The directors are pleased to present the following KPI's for the year:
                    
2023               2022                        2021
                               £                    £                      £
Turnover         31,022,716     24,813,508     16,462,065
EBITDA             8,785,843       5,955,816        3,661,022
Adjusted EBITDA            8,975,801
EBITDA %                          28.3%             24.0%                     22.2%


 
This report was approved by the board on 18 November 2024 and signed on its behalf.



P Dupont
Director

Page 2

 
RVT GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 for the company's financial statements and then apply them consistently;

make judgments 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £5,013,262 (2022 - £4,084,729).

Dividends voted during the year amounted to £3,721,168 (2022 - £2,050,976).

Directors

The directors who served during the year were:

T Chattell 
P Dupont 
T Dupont 
J Hayward 

Future developments

The company continued to trade profitably and is currently pursuing opportunities to improve its performance
and financial position.

Page 3

 
RVT GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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'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's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 November 2024 and signed on its behalf.
 





T Dupont
Director

Page 4

 
RVT GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RVT GROUP LIMITED
 

Opinion


We have audited the financial statements of RVT Group Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows 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 company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for 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 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 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

 
RVT GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RVT GROUP 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 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.


Page 6

 
RVT GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RVT GROUP 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 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:
 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
other management, and from our commercial knowledge and experience of the sector that the company
operates in;
• We focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the company, including the Companies Act 2006, ISO
accreditations, RISQS, the Contractor Health and Safety Assessment Scheme.
• We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and relevant correspondence; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified. The audit team remained alert to instances of non
compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur by:
• Making enquires of management and the board as to where they consider there was susceptibility to fraud
along with their knowledge of actual, suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation.                            • To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates,
including stock provisions and the useful economic life of tangible fixed assets, were indicative of management
bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
 
Page 7

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




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.


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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
22 November 2024
Page 8

 
RVT GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
31,022,716
24,813,508

Cost of sales
  
(12,851,378)
(11,401,595)

Gross profit
  
18,171,338
13,411,913

Administrative expenses
  
(11,300,844)
(8,644,242)

Operating profit
 5 
6,870,494
4,767,671

Interest payable and similar expenses
 9 
(256,713)
(13,338)

Profit before tax
  
6,613,781
4,754,333

Tax on profit
 10 
(1,600,519)
(669,604)

Profit for the financial year
  
5,013,262
4,084,729

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
391,316
-

Total comprehensive income for the year
  
5,404,578
4,084,729

The notes on pages 13 to 29 form part of these financial statements.

Page 9

 
RVT GROUP LIMITED
REGISTERED NUMBER: 07907482

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
5,724,938
4,996,267

  
5,724,938
4,996,267

Current assets
  

Stocks
 13 
1,019,213
689,339

Debtors: amounts falling due within one year
 14 
7,256,304
7,894,267

Cash at bank and in hand
 15 
939,197
1,025,366

  
9,214,714
9,608,972

Creditors: amounts falling due within one year
 16 
(6,269,491)
(4,531,991)

Net current assets
  
 
 
2,945,223
 
 
5,076,981

Total assets less current liabilities
  
8,670,161
10,073,248

Creditors: amounts falling due after more than one year
 17 
(103,839)
(1,916,448)

Provisions for liabilities
  

Deferred tax
 20 
(639,143)
(652,981)

Net assets
  
7,927,179
7,503,819


Capital and reserves
  

Called up share capital 
 21 
9
10

Revaluation reserve
  
391,316
-

Capital redemption reserve
  
1
-

Profit and loss account
  
7,535,853
7,503,809

  
7,927,179
7,503,819


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




P Dupont
T Dupont
Director
Director


Date: 18 November 2024

The notes on pages 13 to 29 form part of these financial statements.

Page 10

 
RVT GROUP LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,013,262
4,084,729

Adjustments for:

Depreciation of tangible assets
1,915,349
1,188,145

Loss on disposal of tangible assets
-
4,347

Interest paid
256,713
13,338

Taxation charge
1,600,519
669,604

(Increase) in stocks
(329,874)
(115,879)

Decrease/(increase) in debtors
637,963
(4,169,067)

Increase in creditors
441,951
1,304,378

Increase/(decrease)) in amounts owed to participating interests
27,640
(15,295)

Corporation tax (paid)
(1,195,936)
(4,950)

Net cash generated from operating activities

8,367,587
2,959,350


Cash flows from investing activities

Purchase of tangible fixed assets
(2,252,704)
(3,543,238)

HP interest paid
(2,470)
(2,634)

Net cash from investing activities

(2,255,174)
(3,545,872)

Cash flows from financing activities

Purchase of ordinary shares
(1,260,050)
-

Repayment of loans
(783,333)
(200,000)

Repayment of/new finance leases
(179,788)
250,239

Dividends paid
(3,721,168)
(2,050,976)

Interest paid
(254,243)
(10,704)

Net cash used in financing activities
(6,198,582)
(2,011,441)

Net (decrease) in cash and cash equivalents
(86,169)
(2,597,963)
Page 11

 
RVT GROUP LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash and cash equivalents at beginning of year
1,025,366
3,623,329

Cash and cash equivalents at the end of year
939,197
1,025,366


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
939,197
1,025,366

939,197
1,025,366


The notes on pages 13 to 29 form part of these financial statements.

Page 12

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RVT Group Limited is a private company limited by shares and incorporated in England & Wales. The address of the registered office is Prospect House, Riverside Industrial Estate, Riverside Way, Dartford, Kent, DA1 5BS. The company's principal activity is that of hiring equipment for noise control, ventilation, heating and cooling.

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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 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'.

Page 13

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;
the company 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 company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company 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.

 
2.5

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.

 
2.6

Borrowing costs

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

Page 14

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

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 reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

 
2.9

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.

 
2.10

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.

Page 15

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:

Depreciation is provided on the following basis:

Long-term leasehold property
-
10% Straight line
Plant and machinery
-
20%/33% Straight line
Motor vehicles
-
25% Reducing balance
Office equipment
-
15% Reducing balance

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

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

At each reporting 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.

 
2.13

Debtors

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

Page 16

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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 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 company's cash management.

 
2.15

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.

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

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

Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument in any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Page 17

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

 
2.18

Dividends

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies. As part of the revaluation of plant and machinery in the current year the directors have taken consideration of the estimated market value of the items to arrive at the considered market value.
Elements of stock totaling £205,110 (2022: £272,336) include estimated costings for producing the finished item that are based on historic estimated time incurred and charge rates of internal staff.
 


4.


Turnover

The whole of the turnover is attributable to principal business activity as disclosed in note 1.
A turnover analysis is not provided because, in the opinion of the directors, this would be prejudicial to the business.

All turnover arose within the United Kingdom.

Page 18

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
4,476
8,447

Other operating lease rentals
794,408
628,194


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
15,000
13,750

7.


Employees

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


2023
2022
£
£

Wages and salaries
7,161,048
5,583,851

Social security costs
822,994
765,251

Cost of defined contribution scheme
182,714
140,337

8,166,756
6,489,439


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


        2023
        2022
            No.
            No.







Directors
4
4



Employees
98
78

102
82

Page 19

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
128,357
129,243

Company contributions to defined contribution pension schemes
1,318
1,321

129,675
130,564


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


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
22,833
10,704

Other loan interest payable
231,410
-

Finance leases and hire purchase contracts
2,470
2,634

256,713
13,338


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,614,357
419,601

Adjustments in respect of previous periods
-
(72,584)


Total current tax
1,614,357
347,017

Deferred tax


Origination and reversal of timing differences
(13,838)
322,587


Tax on profit
1,600,519
669,604
Page 20

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19%/25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
6,613,781
4,754,333


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
1,653,445
903,323

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,775
6,132

Depreciation for the year in excess of /(lower than) capital allowances
54,682
(307,193)

Research and development relief
-
(182,661)

Patent box relief for prior year
-
(72,584)

Deferred tax charges/ (credit)
(13,838)
322,587

Change in tax rate
(101,545)
-

Total tax charge for the year
1,600,519
669,604


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
5,000,000



At 31 December 2023

5,000,000



Amortisation


At 1 January 2023
5,000,000



At 31 December 2023

5,000,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 22

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
708,850
8,094,466
60,704
849,960
9,713,980


Additions
930
2,140,797
-
110,977
2,252,704


Revaluations
-
391,316
-
-
391,316



At 31 December 2023

709,780
10,626,579
60,704
960,937
12,358,000



Depreciation


At 1 January 2023
555,819
3,723,865
30,816
407,213
4,717,713


Charge for the year on owned assets
44,853
1,671,169
7,472
79,211
1,802,705


Charge for the year on financed assets
-
112,644
-
-
112,644



At 31 December 2023

600,672
5,507,678
38,288
486,424
6,633,062



Net book value



At 31 December 2023
109,108
5,118,901
22,416
474,513
5,724,938



At 31 December 2022
153,031
4,370,601
29,888
442,747
4,996,267

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2023
2022
£
£



Plant and machinery
254,766
367,410

254,766
367,410

Page 23

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cost or valuation at 31 December 2023 is as follows:

Plant and machinery
£


At cost
10,235,263
At valuation:

31 December 2023
391,316



10,626,579

If the plant and machinery had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
10,235,263
-

Accumulated depreciation
(5,507,678)
-

Net book value
4,727,585
-


13.


Stocks

2023
2022
£
£

Raw materials and consumables
1,019,213
689,339

1,019,213
689,339


Page 24

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
6,387,516
6,489,870

Other debtors
698,954
1,302,854

Prepayments and accrued income
169,834
101,543

7,256,304
7,894,267



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
939,197
1,025,366

939,197
1,025,366



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
200,000

Trade creditors
1,306,251
1,897,007

Amounts owed to other participating interests
108,381
80,741

Corporation tax
838,022
419,601

Other taxation and social security
891,132
859,937

Obligations under finance lease and hire purchase contracts
195,436
189,481

Other creditors
2,435,577
514,255

Accruals and deferred income
494,692
370,969

6,269,491
4,531,991


Page 25

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
583,333

Net obligations under finance leases and hire purchase contracts
103,839
289,582

Other creditors
-
1,043,533

103,839
1,916,448


The bank loans amounting to £nil (2022: £783,333) shown in creditors due within one year and after one year are secured by way of:
a) A first legal charge over the freehold property of Rentavent Properties LLP.
b) An unlimited all monies cross guarantee between the company and Rentavent Properties LLP.
c) An omnibus guarantee and set off agreement between the bank and RVT Group Limited, Rentavent
    Properties LLP and United Concepts LLP.
Hire purchase amounts included within creditors due within and after one year are secured over the assets to which they relate.


18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
200,000

Amounts falling due 1-2 years

Bank loans
-
200,000

Amounts falling due 2-5 years

Bank loans
-
383,333


-
783,333


Page 26

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
195,436
189,481

Between 1-5 years
103,839
289,582

299,275
479,063


20.


Deferred taxation




2023
2022


£

£






At beginning of year
(652,981)
(330,394)


Charged to profit or loss
13,838
(322,587)



At end of year
(639,143)
(652,981)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(639,143)
(652,981)

(639,143)
(652,981)

Page 27

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



300 (2022 - 55) Ordinary shares of £0.01 each
3.00
0.55
350 (2022 - 55) Ordinary 'B' shares of £0.01 each
3.50
0.55
100 (2022 - 100) Ordinary 'C' shares of £0.01 each
1.00
1.00
50 (2022 - 80) Ordinary 'D' shares of £0.01 each
0.50
0.80
120 (2022 - 10) Ordinary 'E' shares of £0.01 each
1.20
0.10
Nil (2022 - 10) Ordinary 'F' shares of £0.01 each
-
0.10
Nil (2022 - 10) Ordinary 'G' shares of £0.01 each
-
0.10
Nil (2022 - 100) Ordinary 'H' shares of £0.01 each
-
1.00
Nil (2022 - 100) Ordinary 'I' shares of £0.01 each
-
1.00
Nil (2022 - 100) Ordinary 'J' shares of £0.01 each
-
1.00
Nil (2022 - 100) Ordinary 'K' shares of £0.01 each
-
1.00
Nil (2022 - 100) Ordinary 'L' shares of £0.01 each
-
1.00
Nil (2022 - 100) Ordinary 'M' shares of £0.01 each
-
1.00
Nil (2022 - 35) Ordinary 'B' shares of £0.01 each
-
0.35
Nil (2022 - 45) Ordinary 'R', 'S', 'T', 'U', 'V' 'W', 'X', 'Y', 'Z' shares of £0.01 each
-
0.45

9.20

10.00

On 14 March 2023, the company repurchased 55 Ordinary £0.01 shares and 55 Ordinary 'B' £0.01 shares at the aggregate amount of £1,260,050.
On 21 December 2023, the company issued 30 Ordinary 'N' £0.01 shares at par value.
Subsequent to the issue of the N shares the entire share capital was reclassified into just Ordinary, B Ordinary, C Ordinary, D Ordinary and E Ordinary shares all with the same nominal value of £0.01



22.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £182,714 (2022: £139,016). The outstanding contributions at the year end amounted to £34,533 (2022: £14,256).

Page 28

 
RVT GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
194,892
204,289

Later than 1 year and not later than 5 years
62,379
176,770

257,271
381,059


24.


Related party transactions

The directors had an interest in dividends paid of £1,678,389 (2022: £945,000).
During the year, the company paid rent of £175,000 
(2022: £175,000) to Rentavent Properties LLP, an entity in which the directors are members. At the year end a balance was due to Rentavent Properties LLP amounting to £80,741 (2021: £96,036).
At the year end the directors were owed £1,888,556 in aggregate 
(2022: £1,543,533) and the balance is shown within other creditors due within one year and after one year.
At the year end amounts were owed of £416,011 
(2022: £NIL)  to a previous director shown within other creditors due within one year.
During the year the company has made sales to a company with common directors of £180,168 (2022: £232,843) and was owed £685,268 (2022: £1,043,477) by that company.


25.


Controlling party

There is no one ultimate controlling party of the company.

 
Page 29