Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-30512023-05-01truefalsesale of cork, plastic and closure products.55falsefalsefalse 00387782 2023-05-01 2024-04-30 00387782 2022-05-01 2023-04-30 00387782 2024-04-30 00387782 2023-04-30 00387782 2022-05-01 00387782 1 2023-05-01 2024-04-30 00387782 d:Director1 2023-05-01 2024-04-30 00387782 d:Director2 2023-05-01 2024-04-30 00387782 d:Director3 2023-05-01 2024-04-30 00387782 d:RegisteredOffice 2023-05-01 2024-04-30 00387782 c:Buildings 2023-05-01 2024-04-30 00387782 c:Buildings 2024-04-30 00387782 c:Buildings 2023-04-30 00387782 c:Buildings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00387782 c:PlantMachinery 2023-05-01 2024-04-30 00387782 c:PlantMachinery 2024-04-30 00387782 c:PlantMachinery 2023-04-30 00387782 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00387782 c:MotorVehicles 2023-05-01 2024-04-30 00387782 c:MotorVehicles 2024-04-30 00387782 c:MotorVehicles 2023-04-30 00387782 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00387782 c:OfficeEquipment 2023-05-01 2024-04-30 00387782 c:OfficeEquipment 2024-04-30 00387782 c:OfficeEquipment 2023-04-30 00387782 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00387782 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00387782 c:Goodwill 2023-05-01 2024-04-30 00387782 c:CurrentFinancialInstruments 2024-04-30 00387782 c:CurrentFinancialInstruments 2023-04-30 00387782 c:Non-currentFinancialInstruments 2024-04-30 00387782 c:Non-currentFinancialInstruments 2023-04-30 00387782 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 00387782 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 00387782 c:ShareCapital 2023-05-01 2024-04-30 00387782 c:ShareCapital 2024-04-30 00387782 c:ShareCapital 2022-05-01 2023-04-30 00387782 c:ShareCapital 2023-04-30 00387782 c:ShareCapital 2022-05-01 00387782 c:CapitalRedemptionReserve 2023-05-01 2024-04-30 00387782 c:CapitalRedemptionReserve 2024-04-30 00387782 c:CapitalRedemptionReserve 2022-05-01 2023-04-30 00387782 c:CapitalRedemptionReserve 2023-04-30 00387782 c:CapitalRedemptionReserve 2022-05-01 00387782 c:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00387782 c:RetainedEarningsAccumulatedLosses 2024-04-30 00387782 c:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00387782 c:RetainedEarningsAccumulatedLosses 2023-04-30 00387782 c:RetainedEarningsAccumulatedLosses 2022-05-01 00387782 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 00387782 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 00387782 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2024-04-30 00387782 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2023-04-30 00387782 d:OrdinaryShareClass1 2023-05-01 2024-04-30 00387782 d:OrdinaryShareClass1 2024-04-30 00387782 d:OrdinaryShareClass2 2023-05-01 2024-04-30 00387782 d:OrdinaryShareClass2 2024-04-30 00387782 d:OrdinaryShareClass3 2023-05-01 2024-04-30 00387782 d:OrdinaryShareClass3 2024-04-30 00387782 d:OrdinaryShareClass4 2023-05-01 2024-04-30 00387782 d:OrdinaryShareClass4 2024-04-30 00387782 d:FRS102 2023-05-01 2024-04-30 00387782 d:Audited 2023-05-01 2024-04-30 00387782 d:FullAccounts 2023-05-01 2024-04-30 00387782 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00387782 c:Subsidiary1 2023-05-01 2024-04-30 00387782 c:Subsidiary1 1 2023-05-01 2024-04-30 00387782 d:Consolidated 2024-04-30 00387782 d:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 00387782 c:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00387782 c:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00387782 2 2023-05-01 2024-04-30 00387782 6 2023-05-01 2024-04-30 00387782 3 2024-04-30 00387782 3 2023-04-30 00387782 f:PoundSterling 2023-05-01 2024-04-30 00387782 c:EntityControlledByKeyManagementPersonnel1 2023-05-01 2024-04-30 00387782 c:EntityControlledByKeyManagementPersonnel1 2024-04-30 00387782 c:EntityControlledByKeyManagementPersonnel2 2023-05-01 2024-04-30 00387782 c:EntityControlledByKeyManagementPersonnel2 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00387782









RANKINS PARTNERS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
RANKINS PARTNERS LIMITED
 
 
COMPANY INFORMATION


Directors
J W Rankin 
E N Rankin 
N G Spencer-Jones 




Registered number
00387782



Registered office
3C Drakes Farm
Drakes Drive

Long Crendon

Buckinghamshire

HP18 9BA




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
RANKINS PARTNERS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12 - 13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16 - 17
Consolidated statement of cash flows
18 - 19
Consolidated analysis of net debt
20
Notes to the financial statements
21 - 42


 
RANKINS PARTNERS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Business review
 
The results for the year show a group turnover of £16,941,129 (2023 - £20,493,082) and a gross profit of £6,620,294 (2023 - £7,355,253).
After a period of significant growth immediately following the global pandemic, our customers have experienced weakened consumer demand and this has led to decreased sales in the current year.  The business remains fundamentally strong and equipped to respond to market changes. The business continues its investment in additional capacity and new capabilities, making the business less reliant on contractors and third parties. 
The directors continue to be confident about the future of the business.

Principal risks and uncertainties
 
The group's primary financial instruments are trade debtors and trade creditors, which arise directly from its operations.
The main risks that arise from the group's financial instruments are those of credit risk.
Credit risk
The group trades only with recognised creditworthy third parties. Accounts receivable balances are monitored on an ongoing basis with the result that the group's exposure to bad debts is not significant.
Foreign currency risk
The group utilises forward exchange contracts to mitigate currency risks.

Financial key performance indicators
 
The group monitors turnover and profitability on an ongoing basis.

Page 1

 
RANKINS PARTNERS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Environmental Policy
 
Through the development of Project NOVA, the company has a roadmap for a sustainable future. 
The group has established a clear set of environmental objectives that have been designed for our operations, products and culture. During the current year, we have maintained Carbon Neutral status for our manufacturing operation at Plasmotec in Brackley, United Kingdom. We have continued to maintain FSC accreditation for our forestry management practices at our farms in Portugal. 
Whilst we are very proud of these achievements, we will continue to monitor global issues and further develop our strategies and objectives in line with environmental risks. 
Our environmental objectives are:
to specify the use of environmentally compatible materials and methods of production and to further encourage, when possible re-use or recycling; 
to limit the use of natural resources by the economical use of sustainable resources;
to use waste minimisation techniques;
to minimise the impact of the company's activities on the community;
to minimise the effect of company vehicles on the environment;
to run staff awareness programmes.

One of our fundamental aims is that suppliers should share our environmental commitment.


This report was approved by the board on 24 January 2025 and signed on its behalf.



J W Rankin
Director

Page 2

 
RANKINS PARTNERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


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

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

Results and dividends

The profit for the year, after taxation, amounted to £1,504,789 (2023 - £2,421,798).

Dividends of £148,000 (2023 - £456,549) were paid during the year.  

Directors

The directors who served during the year were:

J W Rankin 
E N Rankin 
N G Spencer-Jones 

Page 3

 
RANKINS PARTNERS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Future developments

The group continues to monitor the market for opportunities to further develop the product range that it can offer to its customers.
Matters included in the strategic report
The group has chosen, in accordance with section 414C of the Companies Act 2006, to set out the following information which would otherwise be required to be contained in the  director's report within the group strategic report:
(a) Business review; and
(b) Financial risk management objective and policies.

Disclosure of information to auditors

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

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

Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

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

This report was approved by the board on 24 January 2025 and signed on its behalf.
 





J W Rankin
Director

Page 4

 
RANKINS PARTNERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED
 

Opinion


We have audited the financial statements of Rankins Partners Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


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


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.




Page 5

 
RANKINS PARTNERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)


Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.


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 or apparent material misstatements, 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 
Page 6

 
RANKINS PARTNERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)


Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes  opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector ;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
 o Companies Act 2006.
 o FRS102.
 o Tax legislation.
 o Health and Safety legislation.
 o Employment legislation.
 
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of; 
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and
As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies
Page 7

 
RANKINS PARTNERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)


 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; 
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. 
 
The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and 
Posting of unusual journals or transactions.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
 
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
RANKINS PARTNERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.



Mark Hancock (FCA) (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

 
Date: 
24 January 2025
Page 9

 
RANKINS PARTNERS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
Restated
2023
Note
£
£

  

Turnover
 4 
16,941,129
20,493,082

Cost of sales
  
(10,320,835)
(13,137,829)

Gross profit
  
6,620,294
7,355,253

Distribution costs
  
(432,769)
(553,674)

Administrative expenses
  
(4,152,554)
(3,784,433)

Other operating income
 5 
358
-

Operating profit
 6 
2,035,329
3,017,146

Interest receivable and similar income
 10 
26,049
10,198

Interest payable and similar expenses
 11 
(515)
(2,184)

Profit before tax
  
2,060,863
3,025,160

Tax on profit
 12 
(556,074)
(603,362)

Profit for the financial year
  
1,504,789
2,421,798

Total comprehensive income for the year
  
1,504,789
2,421,798

Profit for the year attributable to:
  

Owners of the parent company
  
1,504,789
2,421,798

  
1,504,789
2,421,798

The notes on pages 21 to 42 form part of these financial statements.

Page 10

 
RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
554,831
618,769

Tangible assets
 15 
3,393,017
2,845,620

  
3,947,848
3,464,389

Current assets
  

Stocks
 17 
2,358,675
3,140,217

Debtors: amounts falling due within one year
 18 
3,699,772
4,982,321

Cash at bank and in hand
 19 
2,115,472
849,131

  
8,173,919
8,971,669

Creditors: amounts falling due within one year
 20 
(1,418,708)
(3,137,731)

Net current assets
  
 
 
6,755,211
 
 
5,833,938

Total assets less current liabilities
  
10,703,059
9,298,327

Provisions for liabilities
  

Deferred taxation
 22 
(134,260)
(86,317)

Net assets
  
10,568,799
9,212,010


Capital and reserves
  

Called up share capital 
 23 
40,163
40,163

Capital redemption reserve
 24 
9,937
9,937

Profit and loss account
 24 
10,518,699
9,161,910

Equity attributable to owners of the parent Company
  
10,568,799
9,212,010

  
10,568,799
9,212,010


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.



J W Rankin
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 11

 
RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,218,912
1,108,513

Investments
 16 
2,049,928
2,049,928

  
3,268,840
3,158,441

Current assets
  

Stocks
 17 
2,209,568
2,989,160

Debtors: amounts falling due after more than one year
 18 
600,000
375,000

Debtors: amounts falling due within one year
 18 
3,454,048
4,768,269

Cash at bank and in hand
 19 
1,938,546
682,440

  
8,202,162
8,814,869

Creditors: amounts falling due within one year
 20 
(1,208,211)
(2,937,837)

Net current assets
  
 
 
6,993,951
 
 
5,877,032

Total assets less current liabilities
  
10,262,791
9,035,473

  

Provisions for liabilities
  

Deferred taxation
 22 
(75,745)
(43,575)

Net assets
  
10,187,046
8,991,898

Page 12

 
RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£


Capital and reserves
  

Called up share capital 
 23 
40,163
40,163

Capital redemption reserve
 24 
9,937
9,937

Profit and loss account brought forward
  
8,941,798
7,004,596

Profit for the year
  
1,343,148
2,393,751

Other changes in the profit and loss account

  

(148,000)
(456,549)

Profit and loss account carried forward
  
10,136,946
8,941,798

  
10,187,046
8,991,898


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.


J W Rankin
Director

The notes on pages 21 to 42 form part of these financial statements.

Page 13
 

 
RANKINS PARTNERS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£


At 1 May 2023
40,163
9,937
9,161,910
9,212,010
9,212,010



Comprehensive income for the year


Profit for the year
-
-
1,504,789
1,504,789
1,504,789

Total comprehensive income for the year
-
-
1,504,789
1,504,789
1,504,789



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(148,000)
(148,000)
(148,000)



Total transactions with owners
-
-
(148,000)
(148,000)
(148,000)



At 30 April 2024
40,163
9,937
10,518,699
10,568,799
10,568,799



The notes on pages 21 to 42 form part of these financial statements.

Page 14

 

 
RANKINS PARTNERS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023



Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£
£


At 1 May 2022
40,163
9,937
7,196,661
7,246,761
7,246,761



Comprehensive income for the year


Profit for the year
-
-
2,421,798
2,421,798
2,421,798

Total comprehensive income for the year
-
-
2,421,798
2,421,798
2,421,798


Dividends: Equity capital
-
-
(456,549)
(456,549)
(456,549)



Total transactions with owners
-
-
(456,549)
(456,549)
(456,549)



At 30 April 2023
40,163
9,937
9,161,910
9,212,010
9,212,010



The notes on pages 21 to 42 form part of these financial statements.

Page 15
 
RANKINS PARTNERS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
40,163
9,937
8,941,798
8,991,898


Comprehensive income for the year

Profit for the year
-
-
1,343,148
1,343,148
Total comprehensive income for the year
-
-
1,343,148
1,343,148


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(148,000)
(148,000)


Total transactions with owners
-
-
(148,000)
(148,000)


At 30 April 2024
40,163
9,937
10,136,946
10,187,046


The notes on pages 21 to 42 form part of these financial statements.

Page 16

 
RANKINS PARTNERS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
40,163
9,937
7,004,596
7,054,696


Comprehensive income for the year

Profit for the year
-
-
2,393,751
2,393,751
Total comprehensive income for the year
-
-
2,393,751
2,393,751

Dividends: Equity capital
-
-
(456,549)
(456,549)


Total transactions with owners
-
-
(456,549)
(456,549)


At 30 April 2023
40,163
9,937
8,941,798
8,991,898


The notes on pages 21 to 42 form part of these financial statements.

Page 17

 
RANKINS PARTNERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,504,789
2,421,798

Adjustments for:

Amortisation of intangible assets
63,938
63,938

Depreciation of tangible assets
174,371
125,441

Gain/(loss) on disposal of tangible assets
8,179
(15,365)

Interest payable
515
2,184

Interest receivable
(26,049)
(10,198)

Taxation charge
555,375
603,362

Decrease/(increase) in stocks
781,542
(813,803)

Decrease/(increase) in debtors
1,214,561
(979,330)

(Decrease)/increase in creditors
(1,584,132)
323,890

Corporation tax (paid)
(570,709)
(399,943)

Net cash generated from operating activities

2,122,380
1,321,974


Cash flows from investing activities

Purchase of tangible fixed assets
(760,173)
(667,896)

Sale of tangible fixed assets
26,600
16,399

Interest received
26,049
10,198

Net cash from investing activities

(707,524)
(641,299)
Page 18

 
RANKINS PARTNERS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(148,000)
(456,549)

Interest paid
(515)
(2,184)

Net cash used in financing activities
(148,515)
(458,733)

Net increase in cash and cash equivalents
1,266,341
221,942

Cash and cash equivalents at beginning of year
849,131
627,189

Cash and cash equivalents at the end of year
2,115,472
849,131


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,115,472
849,131

2,115,472
849,131


The notes on pages 21 to 42 form part of these financial statements.

Page 19

 
RANKINS PARTNERS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

849,131

1,266,341

2,115,472


849,131
1,266,341
2,115,472

The notes on pages 21 to 42 form part of these financial statements.

Page 20

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Rankins Partners Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3C Drakes Farm, Drakes Drive, Long Crendon, Buckinghamshire, HP18 9BA.
The group specialises in the sale of cork, plastic and closure products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the 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

Going concern

The directors have taken consideration of the impact of inflationary pressures from the aftermath of Brexit on the business. However the directors are mindful that conditions in the market are uncertain and at the date of this report, it is not possible to reliably determine the effects that these events will have on the company in the future. Nevertheless, the directors note that the company is trading adequately and if this continues, they will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the Statement of financial position date. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

Page 21

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

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 the Consolidated statement of comprehensive income 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 the Consolidated statement of comprehensive income within 'other operating income'.

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

The results of the overseas branch are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas branches 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 branches at actual rate are recognised in the other comprehensive income. 

Page 22

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.7

Government grants

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

 
2.8

Interest income

Interest income is recognised in the Consolidated statement of comprehensive income using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to the Consolidated statement of comprehensive income 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 23

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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

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

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated statement of comprehensive income  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.

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.

Page 24

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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 useful economic life.

Other intangible assets

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

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

 
2.13

Tangible fixed assets

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

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 bases:

Freehold property
-
straight line over ten to twenty years
Plant and machinery
-
10% straight line
Motor vehicles
-
25% straight line
Furniture, fittings and equipment
-
20% straight line

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

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

Fixed assets located in Portugal are depreciated in line with rates stipulated by Portuguese tax law.

Page 25

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.15

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 the Consolidated statement of comprehensive income.

 
2.16

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.

 
2.17

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.

 
2.18

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.

Page 26

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate
can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of
the obligation, and are measured at the best estimate at the reporting date of the expenditure
required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.
 


 
2.20

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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 27

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.21

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgement in applying the above accounting policies that has had the most significant effect on the amounts recognised in the financial statements:
The directors have had to determine whether there are indicators of impairment of the company's tangible and intangible assets. The factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset.
Other key sources of estimation uncertainty:
1. Tangible fixed assets 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 a number of factors. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
2. The directors have made key assumptions in the determination of provisions held at the balance sheet date, representing their best estimate of future liabilities.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the group.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
15,954,396
19,632,305

Rest of Europe
973,239
792,831

Rest of the world
13,494
67,946

16,941,129
20,493,082


Page 28

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Other operating income

2024
2023
£
£

Other operating income
358
-

358
-



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
174,371
125,441

Exchange differences
86,372
(157,267)

Other operating lease rentals
50,330
70,999

Amortisation
63,938
63,938

Loss/(gain) on sale of assets
8,179
(15,365)


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Group's auditor for the audit of the Group's annual financial statements
16,355
15,800


8.


Employees

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


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


Wages and salaries
2,329,587
2,265,253
1,729,691
1,659,194

Social security costs
264,207
277,414
214,902
221,615

Cost of defined contribution scheme
201,621
144,633
186,830
127,652

2,795,415
2,687,300
2,131,423
2,008,461

The average monthly number of employees, including the directors, during the year was 51 (2023 - 55).

Page 29

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
587,909
633,691

Group contributions to defined contribution pension schemes
60,000
4,000

647,909
637,691


During the year, the retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contributions pension scheme.
The highest paid director recieved remuneration of £509,260 
(2023 - £519,043).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 
(2023 - £4,000).
Only the directors are considered to be Key Management Personnel and remuneration is disclosed above.



10.


Interest receivable

2024
2023
£
£


Bank interest receivable
26,049
10,198

26,049
10,198


11.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
515
2,184

515
2,184

Page 30

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
494,605
598,324

Adjustments in respect of previous periods
-
(2,037)


494,605
596,287

Foreign tax


Foreign tax on income for the year
13,526
6,461

Total current tax
508,131
602,748

Deferred tax


Origination and reversal of timing differences
47,943
614

Total deferred tax
47,943
614


Taxation on profit on ordinary activities
556,074
603,362
Page 31

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,060,863
3,025,160


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
515,216
574,780

Effects of:


Non-tax deductible amortisation of goodwill and impairment
15,985
12,148

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,189
146

Decelerated/(accelerated) capital allowances
(42,690)
1,258

Short term timing difference leading to an increase in taxation
(2,569)
1,221

Tax rate increase
-
15,271

Marginal relief
-
(39)

Deferred tax charge
47,943
614

Prior year
-
(2,037)

Total tax charge for the year
556,074
603,362


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid
148,000
456,549

148,000
456,549

The directors had an interest in dividends paid amounting to £148,000 (2023 - £456,549).

Page 32

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Intangible assets

Group 





Goodwill

£



Cost


At 1 May 2023
839,271



At 30 April 2024

839,271



Amortisation


At 1 May 2023
220,502


Charge for the year on owned assets
63,938



At 30 April 2024

284,440



Net book value



At 30 April 2024
554,831



At 30 April 2023
618,769



Page 33

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 May 2023
2,901,485
1,289,137
191,184
165,329
211,230
4,758,365


Additions
428,361
111,434
167,927
29,386
23,065
760,173


Disposals
-
(60,904)
(47,812)
(17,856)
(32,374)
(158,946)



At 30 April 2024

3,329,846
1,339,667
311,299
176,859
201,921
5,359,592



Depreciation


At 1 May 2023
730,144
772,351
154,341
111,278
144,631
1,912,745


Charge for the year
13,147
79,301
37,680
25,421
18,822
174,371


Disposals
-
(59,634)
(11,953)
(17,856)
(31,098)
(120,541)



At 30 April 2024

743,291
792,018
180,068
118,843
132,355
1,966,575



Net book value



At 30 April 2024
2,586,555
547,649
131,231
58,016
69,566
3,393,017



At 30 April 2022
2,171,341
516,786
36,843
54,051
66,599
2,845,620

Page 34

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Company






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£

Cost 


At 1 May 2023
1,390,580
1,007,945
191,184
124,275
2,713,984


Additions
11,061
53,735
167,927
18,553
251,276


Disposals
-
(2,112)
(47,812)
(17,856)
(67,780)



At 30 April 2024

1,401,641
1,059,568
311,299
124,972
2,897,480



Depreciation


At 1 May 2023
730,144
614,204
154,341
106,782
1,605,471


Charge for the year 
13,147
42,264
37,680
11,927
105,018


Disposals
-
(2,112)
(11,953)
(17,856)
(31,921)



At 30 April 2024

743,291
654,356
180,068
100,853
1,678,568



Net book value



At 30 April 2024
658,350
405,212
131,231
24,119
1,218,912



At 30 April 2023
660,436
393,741
36,843
17,493
1,108,513






Page 35

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost


At 1 May 2023
98
29,458
29,556


Disposals
-
(29,458)
(29,458)



At 30 April 2024

98
-
98



Impairment


At 1 May 2023
98
29,458
29,556


Impairment on disposals
-
(29,458)
(29,458)



At 30 April 2024

98
-
98



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
-
-
-

Page 36

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost 


At 1 May 2023
2,050,026
29,458
2,079,484


Disposals
-
(29,458)
(29,458)



At 30 April 2024

2,050,026
-
2,050,026



Impairment


At 1 May 2023
98
29,458
29,556


Impairment on disposals
-
(29,458)
(29,458)



At 30 April 2024

98
-
98



Net book value



At 30 April 2024
2,049,928
-
2,049,928



At 30 April 2023
2,049,928
-
2,049,928


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Plasmotec Limited
Manufacture of plastic products
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Plasmotec Limited

1,887,343
237,099

Page 37

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Stocks

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

Raw materials and consumables
50,374
62,554
-
-

Work in progress
8,757
15,308
-
-

Finished goods and goods for resale
2,299,544
3,062,355
2,209,568
2,989,160

2,358,675
3,140,217
2,209,568
2,989,160



18.


Debtors

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


Amounts owed from group undertakings
-
-
600,000
375,000

-
-
600,000
375,000


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


Trade debtors
1,874,563
3,088,069
1,628,839
2,874,017

Other debtors
1,820,368
1,891,982
1,820,368
1,891,982

Prepayments and accrued income
4,841
2,270
4,841
2,270

3,699,772
4,982,321
3,454,048
4,768,269



19.


Cash and cash equivalents

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

Cash at bank and in hand
2,115,472
849,131
1,938,546
682,440

2,115,472
849,131
1,938,546
682,440


Page 38

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Creditors: Amounts falling due within one year

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

Trade creditors
639,382
1,257,736
547,430
1,085,988

Amounts owed to group undertakings
-
-
-
62,778

Corporation tax
182,854
317,745
113,426
300,617

Other taxation and social security
358,562
701,803
320,185
641,613

Other creditors
127,683
754,371
127,683
751,140

Accruals and deferred income
110,227
106,076
99,487
95,701

1,418,708
3,137,731
1,208,211
2,937,837



21.


Financial instruments

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

Financial assets

Financial assets that are debt instruments measured at amortised costs
3,805,983
4,980,051
4,448,810
5,140,999


Financial liabilities

Financial liabilities measured at amortised costs
767,065
2,012,107
1,073,336
1,899,906


Financial assets that are debt instruments are measured at amortised cost comprise trade and other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised costs comprise trade and other creditors and amounts owed to group undertakings.

Page 39

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
86,317
85,703


Charged to the Statement of comprehensive income
47,943
614



At end of year
134,260
86,317

Company


2024
2023


£

£






At beginning of year
43,575
42,961


Charged to the Statement of comprehensive income
32,170
614



At end of year
75,745
43,575

The provision for deferred taxation is made up as follows:

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

Accelerated capital allowances
134,260
86,317
75,745
43,575

134,260
86,317
75,745
43,575

Page 40

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21,000 Ordinary 'A' shares of £1 each
21,000
21,000
18,417 Ordinary 'B' shares of £1 each
18,417
18,417
646 Ordinary 'C' shares of £1 each
646
646
100 Ordinary 'D' shares of £1 each
100
100

40,163

40,163


The Ordinary 'A', 'B' and 'C' shares rank pari passu in every respect except that dividends may be declared at different rates on different classes of share.
The Ordinary 'D' shares carry no voting rights and can only receive dividends at the discretion of the directors. The Ordinary 'D' shares will not share in the distribution of proceeds in the event of a sale or winding up of the company. 



24.


Reserves

Capital redemption reserve

The capital redemption reserve arose on the repurchase of shares by the business in the year ended 30 April 2007.

Profit and loss account

The profit and loss account includes all current and prior year 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 £201,621 (2023 - £144,633). Contributions totalling £Nil (2023 - £3,231) were payable to the fund at the reporting date and are included in creditors.

Page 41

 
RANKINS PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

26.


Related party transactions

The company has taken advantage of the exemption conferred by FRS102 and has not disclosed transactions between wholly owned group companies.
 
Included within other creditors is an amount of £97,808 (2023 - £740,000) due to the directors. The loans are interest free and repayable on demand.
 
Included within other debtors are amounts totalling €2,087,290 (£1,782,942(2023 - €2,087,290 (£1,874,026)) due from NR Tops Lda, a company with common shareholders and directors, that is registered in Portugal.


27.


Post balance sheet events

There are no subsequent evets that require disclosure or adjustments to the financial statements.


28.


Prior year restatement

The directors have amended the analysis of certain items in the Statement of comprehensive income between cost of sales and administrative expenses to better reflect the nature of the expenditure. This has resulted in cost of sales for the year ended 30 April 2023 increasing by £116,945, gross profit decreasing by £116,945 and administrative expenses decreasing by £116,945. There have been no change to the operating profit, the retained profit for the year of the Statement of financial position.


29.


Controlling party

The company is controlled by the Rankin family.

 
Page 42