Company Registration No. 01797052 (England and Wales)
Unusual Rigging Limited
Annual report and financial statements
For the year ended 31 March 2024
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
COMPANY INFORMATION
Directors
P Jacobi
B Rose
S Tiernan
A Harper
S Porter
S Stone
M Priestley
Secretary
P Jacobi
Company number
01797052
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Auditor
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
Business address
The Wharf
Litchborough Road
Bugbrooke
Northampton NN7 3QB
Bankers
Lloyds Banking Group plc
98 Victoria Street
London
SW1E 5JL
Handelsbanken plc
3rd Floor, 86 Jermyn Street
London
SW1Y 6JD
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Statement of total comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The company enjoyed an excellent year with an increase in turnover of 5.0% compared to 2023. The increase in activity was however accompanied by an increase in direct costs and administrative expenses by 23.7% and 18.7% respectively. This has resulted in a net profit after tax of £1,502,266 (2023: £3,046,517).

Principal risks and uncertainties

The directors consider the main risks faced by the business are managing the variation associated with large one-off events together with the associated technical challenges of projects involving the provision of rigging services. The directors are aware of these complexities and have developed sophisticated job planning systems to manage the resources needed for each project and have become recognised experts within rigging and live events services.

Development and performance

In the opinion of the directors, the company was in a strong position at the year end having enjoyed good profitability during the year. However, the net assets and shareholders' funds decreased marginally from £11.07m in 2023 to £10.6m at the year end.

Key performance indicators

The company's management monitor the performance of the business including reviewing individual contracts, management information including the management accounts, resource and staffing requirements. The main key performance indicators are gross profit margin which was 32.6% compared to 42.8% in the previous year, the net profit margin which was 10.8% compared to 23.0% in the previous year and the net current asset ratio which has decreased from 3.41 to 2.17.

On behalf of the board

A Harper
Director
11 December 2024
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Principal activities

The principal activities of the company primarily involves providing services to performing arts and other industries, including the fabrication and installation of rigging in theatres, museums, stadiums, arenas, conference centres and outdoor venues, theatre and stage engineering and specialised metal work.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P Jacobi
B Rose
S Tiernan
A Harper
S Porter
S Stone
M Priestley
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000. The directors do not recommend payment of a final dividend.

Financial instruments
Treasury operations and financial instruments

The company operates a treasury function which is responsible for managing the liquidity and interest risks associated with the company’s activities.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

Unusual Rigging Limited continues to expand its portfolio of rigging activities in different sectors. The directors aim to maintain the significant presence in the theatre and stage engineering sectors. Based on these results and current economic climate, the directors are satisfied with the results for the year and the company's future trading prospects.

Auditor

The auditor, MGR Weston Kay LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A Harper
Director
11 December 2024
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNUSUAL RIGGING LIMITED
- 4 -
Opinion

We have audited the financial statements of Unusual Rigging Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

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

Opinions on other matters prescribed by the Companies Act 2006

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

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNUSUAL RIGGING LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

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

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNUSUAL RIGGING LIMITED
- 6 -

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

 

As part of our planning of the audit work required, we obtained an understanding of the legal and regulatory frameworks that are applicable to the entity via enquiries of the company's management, carrying out analytical procedures, holding discussions amongst the engagement team and using our knowledge of the sector. We determined that the most significant laws and regulations were relating to:

 

 

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as FRS102 and the Companies Act 2006.

 

Based on the results of our risk assessment we designed our audit procedures to identify instances of non-compliance with the laws and regulations and the fraud risks identified. This included enquiries of management to understand their policies and procedures for compliance with those regulations and we completed the following tests:

 

 

We also assessed the risk of material misstatement in relation to fraud in respect of the following:

 

 

Based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. This included the risk of management bias and the risk of making inappropriate accounting entries.

 

No significant issues were identified during our testing.

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities, including fraud, rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusions, forgery, intentional omissions, misrepresentations or the override of internal controls.

 

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNUSUAL RIGGING LIMITED
- 7 -

Use of our report

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

Sarah Yardley BSc ACA (Senior Statutory Auditor)
For and on behalf of MGR Weston Kay LLP
Chartered Accountants
Statutory Auditor
55 Loudoun Road
St John's Wood
London
NW8 0DL
11 December 2024
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,603,436
16,763,185
Cost of sales
(11,858,041)
(9,585,144)
Gross profit
5,745,395
7,178,041
Administrative expenses
(4,036,370)
(3,399,588)
Operating profit
4
1,709,025
3,778,453
Interest receivable and similar income
8
223,959
90,416
Interest payable and similar expenses
9
(26,760)
(21,349)
Profit before taxation
1,906,224
3,847,520
Tax on profit
10
(403,958)
(801,003)
Profit for the financial year
1,502,266
3,046,517
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,678,375
3,026,953
Current assets
Stocks
13
89,530
89,239
Debtors
14
3,702,746
3,817,461
Cash at bank and in hand
8,457,415
8,500,243
12,249,691
12,406,943
Creditors: amounts falling due within one year
15
(5,390,017)
(3,635,583)
Net current assets
6,859,674
8,771,360
Total assets less current liabilities
11,538,049
11,798,313
Creditors: amounts falling due after more than one year
16
(469,013)
(176,876)
Provisions for liabilities
Deferred tax liability
18
490,771
545,438
(490,771)
(545,438)
Net assets
10,578,265
11,075,999
Capital and reserves
Called up share capital
19
100,000
100,000
Profit and loss reserves
10,478,265
10,975,999
Total equity
10,578,265
11,075,999
The financial statements were approved by the board of directors and authorised for issue on 11 December 2024 and are signed on its behalf by:
A  Harper
Director
Company Registration No. 01797052
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100,000
9,929,482
10,029,482
Year ended 31 March 2023:
Profit and total comprehensive income
-
3,046,517
3,046,517
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 March 2023
100,000
10,975,999
11,075,999
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,502,266
1,502,266
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 March 2024
100,000
10,478,265
10,578,265
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Unusual Rigging Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historic cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Unusual Industries Limited. These consolidated financial statements are available from its registered office, 55 Loudoun Road, St. John's Wood, London, NW8 0DL.

1.2
Turnover

Turnover represents the value of all services supplied by the company based on the dates the work is undertaken and equipment provided net of value added tax.

 

Turnover on equipment sales is recognised on delivery date.

 

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear, compared with the total expected costs for that contract.

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

In the opinion of the directors it would be seriously prejudicial to the company's interests if turnover by class and geographical area is disclosed.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Foreign currency exchange losses
30,559
24,218
Depreciation of owned tangible fixed assets
608,654
449,464
Depreciation of tangible fixed assets held under finance leases
356,499
162,684
Profit on disposal of tangible fixed assets
(61,271)
(21,520)
Operating lease charges
886
3,376
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
5
Auditors' remuneration
2024
2023
£
£
Fees payable to company's auditor for the audit of the company's annual accounts
27,000
24,000
Other services persuant to legislation - tax and other services
14,116
11,988
41,116
35,988
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administrative staff
18
16
Production staff
57
49
75
65

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,555,529
3,089,317
Social security costs
389,016
345,308
Pension costs
404,335
255,840
4,348,880
3,690,465
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
496,092
494,119
Company pension contributions to defined contribution schemes
186,000
117,300
682,092
611,419

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 5).

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Directors' remuneration
(Continued)
- 15 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
130,093
112,894
Company pension contributions to defined contribution schemes
48,750
33,050
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Bank interest
223,959
90,416
9
Interest payable and similar expenses
2024
2023
£
£
Interest on hire purchase contracts
26,760
21,349
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
458,624
678,949
Deferred tax
Origination and reversal of timing differences
(54,666)
122,054
Total tax charge
403,958
801,003
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 16 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,906,224
3,847,520
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
476,556
731,029
Tax effect of expenses that are not deductible in determining taxable profit
230,954
86,046
Gains not taxable
(15,318)
(4,089)
Capital allowances
(233,568)
(134,037)
Deferred tax - origination and reversal of timing differences
(54,666)
122,054
Taxation charge for the year
403,958
801,003
11
Dividends
2024
2023
£
£
Ordinary interim paid
2,000,000
2,000,000
2,000,000
2,000,000
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
12
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
9,994,056
947,121
10,941,177
Additions
1,954,412
938,606
2,893,018
Disposals
(98,996)
(620,281)
(719,277)
At 31 March 2024
11,849,472
1,265,446
13,114,918
Depreciation and impairment
At 1 April 2023
7,456,412
457,812
7,914,224
Depreciation charged in the year
673,808
291,345
965,153
Eliminated in respect of disposals
(85,085)
(357,749)
(442,834)
At 31 March 2024
8,045,135
391,408
8,436,543
Carrying amount
At 31 March 2024
3,804,337
874,038
4,678,375
At 31 March 2023
2,537,644
489,309
3,026,953

The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.

2024
2023
£
£
Plant and machinery
161,308
189,774
Motor vehicles
900,635
387,583
1,061,943
577,357
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
89,530
89,239
UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,336,673
2,322,857
Amount due from parent undertaking
223,353
664,590
Prepayments and accrued income
1,142,720
830,014
3,702,746
3,817,461
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under hire purchase
17
293,251
191,179
Trade creditors
2,399,885
840,057
Amounts due to group undertakings
50,367
3,152
Corporation tax
313,565
450,350
Other taxation and social security
111,408
95,552
Other creditors
54,114
-
0
Accruals and deferred income
2,167,427
2,055,293
5,390,017
3,635,583
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under hire purchase
17
469,013
176,876
17
Hire purchase obligations
2024
2023
Future minimum lease payments due under hire purchase:
£
£
Within one year
293,251
191,179
In two to five years
469,013
176,876
762,264
368,055

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
490,771
545,438
2024
Movements in the year:
£
Liability at 1 April 2023
545,438
Credit to profit or loss
(54,667)
Liability at 31 March 2024
490,771

The deferred tax balance set out above is not expected to materially change in the next 12 months, other than the reversal of the short term timing differences.

19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
404,335
255,840

The company operates defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

21
Controlling party

The ultimate parent company is Unusual Industries Limited, a company registered in England and Wales. At the date of the approval of the accounts the ultimate controlling party was A Harper.

 

Unusual Industries Limited has included the company in its group accounts, copies of which are available from its registered office, 55 Loudoun Road, St. John's Wood, London, NW8 0DL.

UNUSUAL RIGGING LIMITED
Unusual Rigging Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
22
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

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