Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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RANKINS PARTNERS LIMITED
COMPANY INFORMATION
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RANKINS PARTNERS LIMITED
CONTENTS
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RANKINS PARTNERS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their group strategic report for the year ended 30 April 2024.
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.
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.
The group monitors turnover and profitability on an ongoing basis.
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RANKINS PARTNERS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
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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.
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.
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 2006. They 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.
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.
The directors who served during the year were:
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RANKINS PARTNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
There are no subsequent events that require disclosure or adjustments to the financial statements.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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RANKINS PARTNERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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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 statements, 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 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.
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
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.
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RANKINS PARTNERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes 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: o Companies Act 2006. o FRS102. o Tax legislation. o Employment legislation.
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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.
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RANKINS PARTNERS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RANKINS PARTNERS LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Middlesex
UB8 2FX
Date:
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RANKINS PARTNERS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 January 2025.
The notes on pages 21 to 42 form part of these financial statements.
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RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
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RANKINS PARTNERS LIMITED
REGISTERED NUMBER: 00387782
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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