Caseware UK (AP4) 2023.0.135 2023.0.135 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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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. 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.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 Statement of financial position when the Group becomes party to the contractual provisions of the instrument. 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. 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 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.falsetrue2023-01-01false00falsefalse 11550898 2023-01-01 2023-12-31 11550898 2022-01-01 2022-12-31 11550898 2023-12-31 11550898 2022-12-31 11550898 2022-01-01 11550898 1 2023-01-01 2023-12-31 11550898 d:CompanySecretary1 2023-01-01 2023-12-31 11550898 d:Director1 2023-01-01 2023-12-31 11550898 d:RegisteredOffice 2023-01-01 2023-12-31 11550898 d:Agent1 2023-01-01 2023-12-31 11550898 d:Agent2 2023-01-01 2023-12-31 11550898 d:Agent3 2023-01-01 2023-12-31 11550898 c:Buildings c:LongLeaseholdAssets 2023-01-01 2023-12-31 11550898 c:MotorVehicles 2023-01-01 2023-12-31 11550898 c:FurnitureFittings 2023-01-01 2023-12-31 11550898 c:OfficeEquipment 2023-01-01 2023-12-31 11550898 c:ComputerEquipment 2023-01-01 2023-12-31 11550898 c:CurrentFinancialInstruments 2023-12-31 11550898 c:CurrentFinancialInstruments 2022-12-31 11550898 c:ShareCapital 2023-01-01 2023-12-31 11550898 c:ShareCapital 2023-12-31 11550898 c:ShareCapital 2022-12-31 11550898 c:ShareCapital 2022-01-01 11550898 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11550898 c:RetainedEarningsAccumulatedLosses 2023-12-31 11550898 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11550898 c:RetainedEarningsAccumulatedLosses 2022-12-31 11550898 c:RetainedEarningsAccumulatedLosses 2022-01-01 11550898 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11550898 d:OrdinaryShareClass1 2022-01-01 2022-12-31 11550898 d:OrdinaryShareClass1 2023-12-31 11550898 d:FRS102 2023-01-01 2023-12-31 11550898 d:Audited 2023-01-01 2023-12-31 11550898 d:FullAccounts 2023-01-01 2023-12-31 11550898 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11550898 c:Subsidiary1 2023-01-01 2023-12-31 11550898 c:Subsidiary1 1 2023-01-01 2023-12-31 11550898 c:Subsidiary2 2023-01-01 2023-12-31 11550898 c:Subsidiary2 1 2023-01-01 2023-12-31 11550898 c:Subsidiary3 2023-01-01 2023-12-31 11550898 c:Subsidiary3 1 2023-01-01 2023-12-31 11550898 c:Subsidiary4 2023-01-01 2023-12-31 11550898 c:Subsidiary4 1 2023-01-01 2023-12-31 11550898 d:Consolidated 2023-12-31 11550898 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 11550898 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

img62a5.png






Consolidated Financial Statements
RGHVBRM Limited
For the financial year ended 31 December 2023





































Registered number: 11550898

 
RGHVBRM Limited
 

Company Information


Director
R.P. Grimmer 




Company secretary
James Travis



Registered number
11550898



Registered office
Dewmead Farm,
New Inn Road,

Hinxworth,

SG7 5HG

United Kingdom




Independent auditor
Grant Thornton
Chartered Accountants & Statutory Auditors

13-18 City Quay

Dublin 2




Bankers
HSBC
Town Centre

Denestrete

Stevenage

SG1 1BY





Bank of Ireland

PO Box 2124

Belfast

BT1 9RS

Northern Ireland





Bank of Ireland

PO Box 2386

Dublin 1

Ireland




Solicitors
Hopsons Solicitors
2 Imperial Square

Cheltenham

Gloucester

GL50 1QB
United Kingdom





 
RGHVBRM Limited
 

Contents



Page
Group strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11 - 12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 37


 
RGHVBRM Limited
 

Group strategic report
For the financial year ended 31 December 2023

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

Principal activity and business review
 
The principal activity of the group during the year was the marketing and distribution of a range of products for the leisure and garden products market.
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and it’s position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Group during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the group against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
The performance of the group was as follows:


2023
£
2022
£
Turnover
46,572,173
61,442,412
Gross margin %
32.1%
26.5%
EBITDA
2,123,267
4,439,531


The directors are pleased with the overall performance of the business. The results of the Group for the year show a profit before tax of £609,514 (2022: £3,286,185). The shareholders' funds of the Company total £12,606,211 (2022: £12,247,177). The group has reported a profit with an decrease in turnover during the period mainly as a result of normalisation of trading following positive trading trends from Covid-19. The directors continue to expect the company's performance to improve in the succeeding periods based on budgets and projections and actions taken by the company to address any risks affecting the business. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.

Page 1

 
RGHVBRM Limited
 

Group strategic report (continued)
For the financial year ended 31 December 2023

Principal risks and uncertainties
 
The directors consider that the principal risks and uncertainties faced by the group are in the following categories:
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company. 
Brexit risk
The group sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the group does not anticipate a major change to existing trade tariffs on its imported goods.
Competition risk
The directors of the group and company manage competition risk through close attention to customer service levels.
Financial risk
All key financial figures are monitored on an ongoing basis.
People in our business
The continued success of the group and company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.

Future developments

The group plans to continue and grow its present activities.

Financial key performance indicators
 
The company considers the following measures to be important indicators of the underlying performance of the business:
Gross Margin
Gross margin for the year was 32.1% (2022: 26.5%).


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




................................................
R.P. Grimmer
Director

Date: 17 December 2024

Page 2

 
RGHVBRM Limited
 
 
Director's report
For the financial year ended 31 December 2023

The director presents his report and the financial statements for the financial year ended 31 December 2023.

Principal activity

The principal activity of the group during the year was that of a holding company as well as marketing and distribution of a range of products for the leisure and garden products market. The financial statements cover the 12 month period ending 31 December 2023.

Results and dividends

The profit for the financial year, after taxation, amounted to £419,034 (2022 - £2,670,039).

The director has recommended a dividend of £60,000 for the year (2022: £92,321).

Director

The director who served during the financial year was:

R.P. Grimmer 

Future developments

The group plans to continue with the current activities indefinitely.

Research and development activities

The Group engaged in research and development costs of £886,606 (2022: £1,207,982) during the year.

Matters covered in the Group strategic report

As permitted by Section 414 (c) (11) of the Companies Act 2006, the director has elected to disclose information required to be in the director's report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", in the Group Strategic report.

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and

he 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 auditor is aware of that information.

Post balance sheet events

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

Page 3

 
RGHVBRM Limited
 

Director's report (continued)
For the financial year ended 31 December 2023


Auditor

The auditor, Grant Thorntonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
R.P. Grimmer
Director

Date: 17 December 2024

Page 4

 
RGHVBRM Limited
 

Director's responsibilities statement
For the financial year ended 31 December 2023

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

On behalf of the board,




................................................
R.P. Grimmer
Director

Date 17 December 2024

Page 5

 
 
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Independent auditor's report to the members of RGHVBRM Limited
 
Opinion


We have audited the financial statements of RGHVBRM Limited (the 'parent company') and its subsidiaries (the 'Group'), which comprise the Consolidated Statement of comprehensive income, the Consolidated and company Statement of changes in equity, and the Consolidated Statement of cash flows for the financial year ended 31 December 2023, the consolidated and company Statement of financial position as at 31 December 2021, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, RGHVBRM Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Group's and the company as at 31 December 2023 and of the Group financial performance and cash flows for the financial year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
 
Page 6

 
 
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Independent auditor's report to the members of RGHVBRM Limited (continued)



 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Director's report and the Strategic Report. The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Director's report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Director's report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Director's report and the Strategic 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 , 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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.
Page 7

 
 
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Independent auditor's report to the members of RGHVBRM Limited (continued)

Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Group and company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the group's industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

Page 8

 
 
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Independent auditor's report to the members of RGHVBRM Limited (continued)

Responsibilities of the auditor for the audit of the financial statements (continued)

In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, estimating allowance for impairment losses in intangible and tangible fixed assets and allowances for impairment of trade and other debtors; and
review of the financial statements disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities
 

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



 
 
Tracey Sullivan (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
Dublin 2
17 December 2024
Page 9

 
RGHVBRM Limited
 

Consolidated statement of comprehensive income
For the financial year ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
46,572,173
61,442,412

Cost of sales
  
(31,588,305)
(45,218,461)

Gross profit
  
14,983,868
16,223,951

Distribution costs
  
(5,225,350)
(5,178,655)

Exceptional distribution costs
  
-
(203,377)

Administrative expenses
  
(7,977,350)
(6,584,012)

Other operating income
  
120,000
-

Exceptional other operating charges
  
(430,943)
(255,462)

Operating profit
 5 
1,470,225
4,002,445

Interest payable and similar expenses
 9 
(860,711)
(716,260)

Profit before taxation
  
609,514
3,286,185

Tax on profit
 10 
(190,480)
(616,146)

Profit for the financial year
  
419,034
2,670,039

Profit for the financial year attributable to:
  

Owners of the parent company
  
419,034
2,670,039

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 19 to 37 form part of these financial statements.

Page 10

 
RGHVBRM Limited
Registered number:11550898

Consolidated statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 13 
3,142,147
2,985,027

Tangible assets
 15 
1,866,099
1,333,627

  
5,008,246
4,318,654

Current assets
  

Stocks
 16 
15,277,998
18,849,749

Debtors: amounts falling due within one year
 17 
5,459,356
5,845,223

Cash at bank and in hand
 18 
348,721
531,198

  
21,086,075
25,226,170

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(12,431,589)
(15,498,767)

Net current assets
  
 
 
8,654,486
 
 
9,727,403

Total assets less current liabilities
  
13,662,732
14,046,057

Creditors: amounts falling due after more than one year
 20 
(972,697)
(1,715,056)

Provisions for liabilities
  

Deferred taxation
 22 
(83,824)
(83,824)

  
 
 
(83,824)
 
 
(83,824)

Net assets excluding pension asset
  
12,606,211
12,247,177

Net assets
  
12,606,211
12,247,177


Capital and reserves
  

Called up share capital 
 23 
101
101

Profit and loss account
 24 
12,606,110
12,247,076

Equity attributable to owners of the parent company
  
12,606,211
12,247,177

  
12,606,211
12,247,177


Page 11

 
RGHVBRM Limited
Registered number:11550898

Consolidated statement of financial position (continued)
As at 31 December 2023

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




................................................
R.P. Grimmer
Director

Date: 17 December 2024

The notes on pages 19 to 37 form part of these financial statements.

Page 12

 
RGHVBRM Limited
Registered number:11550898

Company statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investments
 14 
5,481,793
4,976,792

  
5,481,793
4,976,792

Current assets
  

Debtors: amounts falling due within one year
 17 
-
1

  
-
1

Current liabilities
  

Creditors: amounts falling due within one year
 19 
(4,976,692)
(4,976,692)

Net current liabilities
  
 
 
(4,976,692)
 
 
(4,976,691)

Net assets
  
505,101
101


Capital and reserves
  

Called up share capital 
 23 
101
101

Profit and loss account
 24 
505,000
-

  
505,101
101


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




................................................
R.P. Grimmer
Director

Date: 17 December 2024

The notes on pages 19 to 37 form part of these financial statements.

Page 13

 
RGHVBRM Limited
 

Consolidated statement of changes in equity
For the financial year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
101
12,247,076
12,247,177


Comprehensive income for the financial year

Profit for the financial year
-
419,034
419,034


Contributions by and distributions to owners

Dividends: Equity capital
-
(60,000)
(60,000)


At 31 December 2023
101
12,606,110
12,606,211


The notes on pages 19 to 37 form part of these financial statements.


Consolidated statement of changes in equity
For the financial year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
101
9,669,358
9,669,459


Comprehensive income for the year

Profit for the year
-
2,670,039
2,670,039


Contributions by and distributions to owners

Dividends: Equity capital
-
(92,321)
(92,321)


At 31 December 2022
101
12,247,076
12,247,177


The notes on pages 19 to 37 form part of these financial statements.

Page 14

 
RGHVBRM Limited
 

Company statement of changes in equity
For the financial year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
101
-
101


Comprehensive income for the year

Profit for the financial year
-
505,000
505,000
Total comprehensive income for the financial year
-
505,000
505,000


At 31 December 2023
101
505,000
505,101



Company statement of changes in equity
For the financial year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
101
-
101


Comprehensive income for the year

Profit for the year
-
92,321
92,321


Contributions by and distributions to owners

Dividends: Equity capital
-
(92,321)
(92,321)


At 31 December 2022
101
-
101


The notes on pages 19 to 37 form part of these financial statements.

Page 15

 
RGHVBRM Limited
 

Consolidated statement of cash flows
For the financial year ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
419,034
2,670,039

Adjustments for:

Amortisation of intangible assets
366,975
275,462

Depreciation of tangible assets
286,067
161,624

Interest paid
861,047
716,260

Taxation charge
190,480
616,146

Decrease/(increase) in stocks
3,571,751
(2,970,082)

Decrease in debtors
385,867
3,315,540

(Decrease) in creditors
(113,989)
(1,547,782)

Corporation tax received/(paid)
181,867
(1,391,377)

Net cash generated from operating activities

6,149,099
1,845,830


Cash flows from investing activities

Purchase of intangible fixed assets
(524,095)
(3,247,982)

Purchase of tangible fixed assets
(818,539)
(874,090)

HP interest paid
(22,949)
(931)

Dividends received
(60,000)
(92,321)

Net cash from investing activities

(1,425,583)
(4,215,324)

Cash flows from financing activities

New secured loans
-
4,048,389

Repayment of loans
(1,129,982)
(2,914,619)

Repayment of/new finance leases
344,025
(2,075)

Interest paid
(838,098)
(715,329)

Net cash used in financing activities
(1,624,055)
416,366

Net increase/(decrease) in cash and cash equivalents
3,099,461
(1,953,128)

Cash and cash equivalents at beginning of financial year
(5,719,949)
(3,766,821)

Cash and cash equivalents at the end of financial year
(2,620,488)
(5,719,949)


Cash and cash equivalents at the end of financial year comprise:
Page 16

 
RGHVBRM Limited
 

Consolidated statement of cash flows (continued)
For the financial year ended 31 December 2023


2023
2022

£
£



Cash at bank and in hand
348,721
531,198

Bank overdrafts
(2,969,209)
(6,251,147)

(2,620,488)
(5,719,949)


The notes on pages 19 to 37 form part of these financial statements.

Page 17

 
RGHVBRM Limited
 

Consolidated Analysis of Net Debt
For the financial year ended 31 December 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

531,198

(182,477)

348,721

Invoice factoring

(6,251,147)

3,281,938

(2,969,209)

Debt due after 1 year

-

(708,079)

(708,079)

Debt due within 1 year

(4,089,160)

123,005

(3,966,155)

Hire purchase leases

(4,227)

(344,025)

(348,252)


(9,813,336)
2,170,362
(7,642,974)

The notes on pages 19 to 37 form part of these financial statements.

Page 18

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

1.


General information

RGHVBRM Limited is a members limited company which is registered and incorporated in the United Kingdom. The company's registered address is Dewmead Farm, New Inn Road, Hinxworth, Hertfordshire, SG7 5HG, United Kingdom.

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.

  
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 Consolidated Statement of financial position, 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.

 
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'.

Page 19

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.3
Foreign currency translation (continued)

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.

 
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

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 20

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its remaining useful economic life of 10 years.
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.

 
2.8

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.

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.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the life of the lease (6 years)
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% straight line
Office equipment
-
25% straight line
Computer equipment
-
25% 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.

 
2.9

 Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 21

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

 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.

 
2.12

 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.

 
2.13

 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.

 
2.14

 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 Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

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.

Page 22

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.14
 Financial instruments (continued)

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 a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 23

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.14
 Financial instruments (continued)


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.

 
2.15

 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

 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.

Page 24

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)

 
2.17

 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.

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.

 
2.18

 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.19

 Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.20

 Borrowing costs

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

 
2.21

 Current and deferred taxation

The tax expense for the financial 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 and the Group operate and generate income.

Page 25

 
RGHVBRM Limited
 

Notes to the financial statements
For the financial year ended 31 December 2023

2.Accounting policies (continued)


2.21
 Current and deferred taxation (continued)

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;
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 reporting date.


 
2.22

 Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses:

Doubtful debts
The company estimates allowances for doubtful trade and other debtors based on assessment of specific trading accounts where the company has objective evidence default on payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases judgement used is based on the best available facts and circumstances.
Estimating useful lives of depreciable assets
Tangible fixed assets, other than investments properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Estimating allowance for impairment losses in intangible and tangible assets
The company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the company considers important which could trigger an impairment review include the following:
Page 26

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)

1)Significant underperformance relative to expected historical or projected future operating results
2)Significant changes in the manner of use of the acquired assets or the strategy for overall business; and
3)Significant negative industry or economic trends.

In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the company is required to make estimates and assumptions that can materially affect the financial statements.

These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows.

An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.


4.


Turnover

The whole of the turnover is attributable to its principal activity. The director considers it to be seriously prejudicial to the interests of the company to disclose information regarding turnover, therefore the fact that such information has not been disclosed must be stated in accordance with SI2008/410, schedule 1(68).


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
286,067
161,624

Amortisation of intangible assets, including goodwill
359,806
275,462

Exchange differences
(323,638)
99,562

Fees payable to the Group's auditor and its associates for the audit of the Company's annual financial statements
47,055
39,912

Fees payable to the Group's auditor and its associates for the non-audit services:
- corporation tax compliance
20,000
20,000

Cost of defined contribution scheme
118,556
107,347

Page 27

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

6.


Exceptional items

2023
2022
£
£


Exceptional items
430,943
458,839

Management performed an assessment of exceptional costs. In the prior year, these arose from once off legal costs incurred by the company. In the current year, exceptional costs arose from the closure of one of the Company’s warehouses.


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
2022
£
£

Wages and salaries
4,329,941
5,238,591

Social security costs
332,430
356,245

Cost of defined contribution scheme
95,916
107,347

4,758,287
5,702,183


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


        2023
        2022
            No.
            No.







Number of administration and warehouse staff
89
81



Number of sales staff
30
25

119
106


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
684,051
622,212


The highest paid director received remuneration of £186,831 (2022 - £150,800).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,978 (2022 - £10,556).

The number of directors to whom pension benefits are accruing is 5 (2022: 5).
Director's remuneration includes amounts paid to directors of subsidiary entities.

Page 28

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
435,219
405,111

Finance leases and hire purchase contracts
22,949
931

Other interest payable
402,543
310,218

860,711
716,260


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
15,480
588,167

Adjustments in respect of previous periods
175,000
-


Total current tax
190,480
588,167

Deferred tax


Origination and reversal of timing differences
-
27,979

Total deferred tax
-
27,979


Tax on profit
190,480
616,146

Factors affecting tax charge for the financial year

The tax assessed for the financial year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:
2023
2022
£
£


Profit on ordinary activities before tax
609,514
3,286,185


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
143,242
624,375

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
153,051
93,619

Capital allowances for financial year in excess of depreciation
(1,753)
(445)

Adjustments to tax charge in respect of prior periods
-
27,979

R&D tax credit
(76,795)
(129,382)

Other timing difference
(27,265)
-

Total tax charge for the financial year
190,480
616,146
Page 29

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023
 
10.Taxation (continued)



Factors that may affect future tax charges

There are no factors affecting future tax charges.


11.


Dividends

2023
2022
£
£


Dividends
60,000
92,321


12.


Parent company profit for the year

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 profit after tax of the parent company for the financial year was £505,000 (2022 - £92,321).


13.


Intangible assets

Group and Company





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
164,479
-
3,523,648
3,688,127


Additions
-
19,095
505,000
524,095



At 31 December 2023

164,479
19,095
4,028,648
4,212,222



Amortisation


At 1 January 2023
157,310
-
545,790
703,100


Charge for the financial year on owned assets
7,169
-
359,806
366,975



At 31 December 2023

164,479
-
905,596
1,070,075



Net book value



At 31 December 2023
-
19,095
3,123,052
3,142,147



At 31 December 2022
7,169
-
2,977,858
2,985,027

Page 30

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,976,793


Additions
505,000



At 31 December 2023
5,481,793





Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Leisuregrow Products Limited
Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG
Ordinary
100%
Broomco (1356) Limited
Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG
Ordinary
100%
Erin Limited
Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG
Ordinary
100%
Atkin and Thyme Limited
Dewmead Farm, New Inn Road, Hinxworth, Baldock, Hertfordshire, SG7 5HG
Ordinary
100%

An additional £505,000 in consideration was paid in 2023 for the acquisition of Atkins & Thyme.

Page 31
 

RGHVBRM Limited
 
 
 

Notes to the financial statements
For the financial year ended 31 December 2023


15.


Tangible fixed assets


Group







Long-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
1,199,601
41,845
949,682
67,428
660,078
2,918,634


Additions
478,362
-
278,336
-
61,841
818,539


Disposals
-
-
(242)
-
(11,199)
(11,441)



At 31 December 2023

1,677,963
41,845
1,227,776
67,428
710,720
3,725,732



Depreciation


At 1 January 2023
463,485
28,663
504,924
65,258
522,677
1,585,007


Charge for the financial year on owned assets
133,609
7,664
77,294
554
55,747
274,868


Disposals
-
-
(242)
-
-
(242)



At 31 December 2023

597,094
36,327
581,976
65,812
578,424
1,859,633



Net book value



At 31 December 2023
1,080,869
5,518
645,800
1,616
132,296
1,866,099

Page 32  
 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

16.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
15,277,998
18,849,749


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

An impairment loss of £Nil (2022: £Nil) was recognised in cost of sales against stock during the year due to slow moving stock.


17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
4,241,894
4,625,975
-
-

Other debtors
325,416
333,856
-
1

Prepayments and accrued income
892,046
885,392
-
-

5,459,356
5,845,223
-
1


An impairment loss of £217,348 (2022: £183,662) was recognized against trade debtors.


18.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
348,721
531,198

Less: bank overdrafts
(2,969,209)
(6,251,147)

(2,620,488)
(5,719,949)


Page 33

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
2,969,209
6,251,147
-
-

Bank loans
3,966,155
4,089,160
-
-

Trade creditors
3,957,188
3,874,025
-
-

Amounts owed to group undertakings
-
-
4,976,692
4,976,692

Corporation tax
482,690
110,343
-
-

Other taxation and social security
565,518
402,771
-
-

Obligations under finance lease and hire purchase contracts
83,634
4,227
-
-

Other creditors
26,791
405,081
-
-

Accruals and deferred income
380,404
362,013
-
-

12,431,589
15,498,767
4,976,692
4,976,692


The group's financing facility includes a shipment credit facility of £4,000,000 to cover working capital and liquidity commitments. The shipping credit facility is repayable on demand and interest rates of 2.57% over base were charged during 2023.
These are secured by:

Debenture comprising fixed and floating charges over all the assets and undertaking of the Company including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future;
charge over contract monies of the Company; and
general pledge over documents and goods from the Company.

Hire purchase contracts are secured by way of the underlying asset.

The directors loan is repayable on demand and there is zero interest charged.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
708,079
1,715,056

Net obligations under finance leases and hire purchase contracts
264,618
-

972,697
1,715,056




Page 34

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
3,966,155
4,089,160


Amounts falling due 2-5 years

Bank loans
708,079
1,715,056


4,674,234
5,804,216


The group's financing facility includes a shipment credit facility of £6,000,000 to cover working capital and liquidity commitments.
These are secured by:

Debenture comprising fixed and floating charges over all the assets and undertaking of the group including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future;
charge over contract monies of the group; and
general pledge over documents and goods from the group.


22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(83,824)
(55,845)


Charged to profit or loss
-
(27,979)



At end of year
(83,824)
(83,824)

Page 35

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023
 
22.Deferred taxation (continued)

Company


2023
2022






At end of year
-
-

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(83,824)
(83,824)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,100 Ordinary shares of £0.01 each
101
101



24.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses. 


25.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £118,556 (2021: £107,347). Contributions totalling £26,788 (2021: £25,317) were payable to the fund at the reporting date and are included in other creditors.


26.


Commitments under operating leases

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

Page 36

 
RGHVBRM Limited
 
 
Notes to the financial statements
For the financial year ended 31 December 2023

27.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 ("Related party disclosure) not to disclose transactions with members of the group headed by RGHVBRM Limited on the grounds that 100% of the voting rights are controlled within that group. This is both the smallest and largest group to consolidate the results of the Company.

There was an amount owing to Mr R.P. Grimmer, managing director and ultimate controlling party, of £261,600 in the prior year. This was subsequently paid during the financial year.

Key management personnel compensation for the year amounted to £Nil (2022: £Nil).


28.


Post balance sheet events

Post year-end the Company (RGHVBRM Limited) in its capacity as the new holding company for Leisuregrow Products Limited and Broomco Limited has agreed a settlement with the Liquidator of Leisuregrow Holdings Limited, the previous holding company of these subsidiary companies in the amount of £1,200,000 which falls payable in 2024 and 2025.


29.


Controlling party

The Company was under the control of Mr R.P. Grimmer throughout the current and previous year.

Page 37