Company registration number SC714161 (Scotland)
RBSC GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
RBSC GROUP LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 25
RBSC GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A Skinner
Mr D Graham
Mr A Beautyman
Secretary
Mr A Skinner
Company number
SC714161
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
RBSC GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

This year has been another strong year for the group delivering growth and resilience, both financial and organisational, in line with our strategic targets. During the period revenue has increased by 19% to £11.54 million with an associated increase in profit over the previous year.

Principal risks and uncertainties

The Directors have assessed the two main risks to RBSC Group over the next trading period as general UK economic uncertainty and competition from other companies within the Defence and Energy domains. The Board considers that the quality of our personnel, the group’s reputation, financial resilience and our strategic approach will mitigate these risks.

Financial Risk Management

The group continues to deliver strong self-funded growth, with a key focus on financial resilience through retained earnings and revenue streams.

Summary

The Directors are delighted with this year’s performance and believe that the opportunities for the next financial year provide exciting prospects for further continued growth against our strategic objectives.

On behalf of the board

Mr A Skinner
Director
30 January 2025
RBSC GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of business management and consultancy.

Results and dividends

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

Ordinary dividends were paid amounting to £187,501 (2023: £312,390). The directors do not recommend payment of a further dividend.

Directors

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

Mr A Skinner
Mr D Graham
Mr A Beautyman
Mr C Steel
(Resigned 3 May 2024)
Auditor

Consilium Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company is aware of that information.

RBSC GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A Skinner
Director
30 January 2025
RBSC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RBSC GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of RBSC Group Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 FRS 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

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:

RBSC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RBSC GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

RBSC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RBSC GROUP LIMITED
- 7 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Other matters which we are required to address

As the group claimed exemption from audit in the previous year, the comparative figures in the financial statements are unaudited.

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.

David Holt (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
30 January 2025
RBSC GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,535,888
9,695,306
Cost of sales
(7,963,640)
(7,002,659)
Gross profit
3,572,248
2,692,647
Administrative expenses
(1,067,612)
(1,022,136)
Operating profit
4
2,504,636
1,670,511
Interest receivable and similar income
7
29,215
6,366
Interest payable and similar expenses
8
-
0
(1,024)
Profit before taxation
2,533,851
1,675,853
Tax on profit
9
(152,354)
308,909
Profit for the financial year
2,381,497
1,984,762
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
RBSC GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
11
(318,348)
(795,870)
Tangible assets
12
6,209
30,842
Current assets
Stocks
15
906,274
836,447
Debtors
16
1,621,913
2,227,487
Cash at bank and in hand
4,861,756
2,840,458
7,389,943
5,904,392
Creditors: amounts falling due within one year
17
(1,889,868)
(2,139,266)
Net current assets
5,500,075
3,765,126
Total assets less current liabilities
5,187,936
3,000,098
Provisions for liabilities
Deferred tax liability
18
1,552
7,710
(1,552)
(7,710)
Net assets
5,186,384
2,992,388
Capital and reserves
Called up share capital
20
100
100
Other reserves
1,107,920
1,107,920
Profit and loss reserves
4,078,364
1,884,368
Total equity
5,186,384
2,992,388

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr A Skinner
Director
Company registration number SC714161 (Scotland)
RBSC GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
2,268,920
2,268,920
Current assets
Debtors
16
900,000
1,100,000
Cash at bank and in hand
100
100
900,100
1,100,100
Creditors: amounts falling due within one year
17
-
(200,000)
Net current assets
900,100
900,100
Net assets
3,169,020
3,169,020
Capital and reserves
Called up share capital
20
100
100
Merger relief reserve
1,107,920
1,107,920
Profit and loss reserves
2,061,000
2,061,000
Total equity
3,169,020
3,169,020

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £187,501 (2023 - £1,612,390 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr A Skinner
Director
Company Registration No. SC714161
RBSC GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
100
1,107,920
211,996
1,320,016
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,984,762
1,984,762
Dividends
10
-
-
(312,390)
(312,390)
Balance at 30 April 2023
100
1,107,920
1,884,368
2,992,388
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
2,381,497
2,381,497
Dividends
10
-
-
(187,501)
(187,501)
Balance at 30 April 2024
100
1,107,920
4,078,364
5,186,384
RBSC GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
1,107,920
761,000
1,869,020
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,612,390
1,612,390
Dividends
10
-
-
(312,390)
(312,390)
Balance at 30 April 2023
100
1,107,920
2,061,000
3,169,020
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
187,501
187,501
Dividends
10
-
-
(187,501)
(187,501)
Balance at 30 April 2024
100
1,107,920
2,061,000
3,169,020
RBSC GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,554,738
882,118
Interest paid
-
0
(1,024)
Income taxes refunded
618,746
510,703
Net cash inflow from operating activities
2,173,484
1,391,797
Investing activities
Purchase of tangible fixed assets
(7,900)
(10,955)
Proceeds on disposal of tangible fixed assets
-
525
Interest received
29,215
6,366
Net cash generated from/(used in) investing activities
21,315
(4,064)
Financing activities
Repayment of directors loan
14,000
32,000
Dividends paid to equity shareholders
(187,501)
(312,390)
Net cash used in financing activities
(173,501)
(280,390)
Net increase in cash and cash equivalents
2,021,298
1,107,343
Cash and cash equivalents at beginning of year
2,840,458
1,733,115
Cash and cash equivalents at end of year
4,861,756
2,840,458
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

RBSC Group Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, Scotland, G2 2LB .

 

The group consists of RBSC Group Limited and all of its subsidiaries.

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 historical cost convention. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company RBSC Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is three years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

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

Plant and equipment
- 25% straight line
Computers
- 33% straight line

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 recognised in the profit and loss account.

RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
Stocks

Work in progress is valued at the lower of cost and net realisable value,

 

Costs includes amounts for labour, materials and appropriate overheads, Net realisable value is based on estimated invoice price less further costs expected to be incurred to completion and disposal.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.16
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

 

In preparing the financial statements the directors have made the following key judgements:

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,535,888
9,695,306
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
29,215
6,366
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
2,500
-
Depreciation of owned tangible fixed assets
32,533
21,262
Profit on disposal of tangible fixed assets
-
(525)
Amortisation of intangible assets
(477,522)
(477,522)
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
82
79
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,364,087
6,277,143
-
0
-
0
Social security costs
898,091
800,830
-
-
Pension costs
1,132,712
537,448
-
0
-
0
8,394,890
7,615,421
-
0
-
0
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
742,829
796,611
Company pension contributions to defined contribution schemes
57,071
52,950
799,900
849,561
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
243,961
240,491
Company pension contributions to defined contribution schemes
7,921
41,675
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
29,215
3,659
Other interest income
-
2,707
Total income
29,215
6,366
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
1,024
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
137,835
(307,482)
Adjustments in respect of prior periods
20,677
1,150
Total current tax
158,512
(306,332)
Deferred tax
Origination and reversal of timing differences
(6,158)
(2,577)
Total tax charge/(credit)
152,354
(308,909)
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 21 -

The actual charge/(credit) 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
2,533,851
1,675,853
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
633,463
318,412
Tax effect of expenses that are not deductible in determining taxable profit
2,586
4,438
Tax effect of income not taxable in determining taxable profit
(119,381)
(90,729)
Unutilised tax losses carried forward
-
0
(13,876)
Adjustments in respect of prior years
20,678
1,150
Research and development tax credit
(384,992)
(604,496)
Difference between CT rate and loss surrender rate for R&D
-
0
83,851
Other movements
-
0
(7,659)
Taxation charge/(credit)
152,354
(308,909)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
187,501
312,390
11
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 May 2023 and 30 April 2024
(1,432,566)
Amortisation and impairment
At 1 May 2023
(636,696)
Amortisation charged for the year
(477,522)
At 30 April 2024
(1,114,218)
Carrying amount
At 30 April 2024
(318,348)
At 30 April 2023
(795,870)
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
12
Tangible fixed assets
Group
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 May 2023
9,879
74,758
84,637
Additions
-
0
7,900
7,900
At 30 April 2024
9,879
82,658
92,537
Depreciation and impairment
At 1 May 2023
9,879
43,916
53,795
Depreciation charged in the year
-
0
32,533
32,533
At 30 April 2024
9,879
76,449
86,328
Carrying amount
At 30 April 2024
-
0
6,209
6,209
At 30 April 2023
-
0
30,842
30,842
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
As restated
Investments in subsidiaries
14
-
0
-
0
2,268,920
2,268,920
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
2,268,920
Carrying amount
At 30 April 2024
2,268,920
At 30 April 2023
2,268,920
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
RB Safety Consultants Limited
C/O Consilium Charitered Accountants, 169 West Geogre Street, Glasgow, United Kingdom, G2 2LB
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
906,274
836,447
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,490,136
1,382,839
-
0
-
0
Corporation tax recoverable
-
0
728,857
-
0
-
0
Amounts owed by group undertakings
-
-
900,000
1,100,000
Other debtors
105,022
70,175
-
0
-
0
Prepayments and accrued income
26,755
45,616
-
0
-
0
1,621,913
2,227,487
900,000
1,100,000
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
39,653
68,534
-
0
-
0
Corporation tax payable
80,018
31,617
-
0
-
0
Other taxation and social security
819,400
810,859
-
-
Other creditors
14,398
256,809
-
0
200,000
Accruals and deferred income
936,399
971,447
-
0
-
0
1,889,868
2,139,266
-
0
200,000
RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,552
7,710
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
7,710
-
Credit to profit or loss
(6,158)
-
Liability at 30 April 2024
1,552
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,132,712
537,448

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Controlling party

The ultimate controlling party is Andrew Beautyman, by virtue of his majority shareholding.

RBSC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
22
Related party transactions

The company has taken the advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Included within other debtors is an amount totalling £56,000 (2023 - £70,000) due from a director. The loan is interest free and repayable on demand.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

23
Cash generated from group operations
2024
2023
£
£
Profit after taxation
2,381,497
1,984,762
Adjustments for:
Taxation charged/(credited)
152,354
(308,909)
Finance costs
-
0
1,024
Investment income
(29,215)
(6,366)
Gain on disposal of tangible fixed assets
-
(525)
Amortisation and impairment of intangible assets
(477,522)
(477,522)
Depreciation and impairment of tangible fixed assets
32,533
21,262
Movements in working capital:
Increase in stocks
(69,827)
(82,811)
Increase in debtors
(137,283)
(329,105)
(Decrease)/increase in creditors
(297,799)
80,308
Cash generated from operations
1,554,738
882,118
24
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,840,458
2,021,298
4,861,756
25
Prior Period Adjustment

In the company balance sheet, the prior year figures have been adjusted to amend the value of the investment in subsidiaries and to incorporate a merger relief reserve in relation to the value of share capital rolled into the new holding company in January 2022.

 

Initially the value of the these shares issued in RBSC Group were accounted for at their nominal value. The directors have reviewed this as part of the process of preparing the first set of consolidated accounts for the group and feel that the revised method of accounting more accurately reflects the substance of the transaction and the value of the investment in its subsidiary.

 

This has no impact on the income statement of the subsidiary undertaking, RB Safety Consultants Limited.

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