REGISTERED NUMBER: 09123398 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
RUSSELL TREW HOLDINGS LIMITED |
REGISTERED NUMBER: 09123398 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
RUSSELL TREW HOLDINGS LIMITED |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Contents of the Consolidated Financial Statements |
for the year ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Statement of Financial Position | 8 |
Company Statement of Financial Position | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Statement of Cash Flows | 12 |
Notes to the Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Financial Statements | 14 |
RUSSELL TREW HOLDINGS LIMITED |
Company Information |
for the year ended 31 May 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Group Strategic Report |
for the year ended 31 May 2024 |
The directors present their strategic report fo the year ended 31 May 2024. |
Review of business |
The Group continues to operate as a specialist roofing contractor primarily in the refurbishment sector within the construction industry and plans to expand to other selected area's in the UK through regional offices. The company's strategy is to provide excellent service to it's customer base while being competitively priced and completing on time. |
The directors consider the results of the main trading company, Russell Trew Limited, to be satisfactory. |
The trading company has improved its margins and operated a satisfactory debtors cycle throughout the year. The directors monitor key performance and strategic indicators and agree actions to either mitigate against negative movements or exploit opportunities. |
The Group's results results for the year ended 31 May 2024 was a net profit before tax of £3,088,252 (2023 - £2,986,691). |
The Group has a strong Statement of Financial Position. |
Principal risks and uncertainties |
The main trading company does a larger percentage of work within the public sector. Therefore, any reduction in the public sector spending would effect the level of business available from that source. Should this occur, focus will be given to increasing business from the private sector. For this reason, the company will continue its policy of working for a diversity of clients within both the private and public sectors. |
Risk and uncertainty are recognised as normal elements of doing business, the company manages its risk through the application of risk frame cycle involving: |
- Identification |
- Probability |
- Impact |
- Mitigation |
- Contingency |
- Review |
On behalf of the board: |
22 February 2025 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Report of the Directors |
for the year ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
Principal activity |
The principal activity of the group in the year under review was that of specialist roofing contractors. |
Dividends |
No dividends will be distributed for the year ended 31 May 2024. |
Directors |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Auditors |
The auditors, Cooper Parry Group Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Russell Trew Holdings Limited |
Opinion |
We have audited the financial statements of Russell Trew Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 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 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Russell Trew Holdings Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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 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. |
Report of the Independent Auditors to the Members of |
Russell Trew Holdings Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in |
which it operates, and considered the risk of acts by the company that were contrary to applicable laws and |
regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding |
compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material |
misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any |
knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud |
such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
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 Report of the Auditors. |
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 a Report of the Auditors 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 |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Consolidated |
Statement of Comprehensive |
Income |
for the year ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 18,231,446 | 19,537,398 |
Cost of sales | (11,897,191 | ) | (12,726,731 | ) |
Gross profit | 6,334,255 | 6,810,667 |
Administrative expenses | (3,307,283 | ) | (3,849,381 | ) |
3,026,972 | 2,961,286 |
Other operating income | 45,422 | 158,372 |
Operating profit | 5 | 3,072,394 | 3,119,658 |
Change in ownership costs | 6 | - | (147,485 | ) |
3,072,394 | 2,972,173 |
Interest receivable and similar income | 15,858 | 14,518 |
Profit before taxation | 3,088,252 | 2,986,691 |
Tax on profit | 7 | (1,260,037 | ) | (495,584 | ) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year | 1,828,215 | 2,491,107 |
Profit attributable to: |
Owners of the parent | 1,828,215 | 2,491,107 |
Total comprehensive income attributable to: |
Owners of the parent | 1,828,215 | 2,491,107 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Consolidated Statement of Financial Position |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 | 484,919 | 590,635 |
Investments | 10 | - | - |
484,919 | 590,635 |
Current assets |
Debtors | 11 | 3,460,624 | 3,640,694 |
Cash at bank | 1,156,979 | 1,889,810 |
4,617,603 | 5,530,504 |
Creditors |
Amounts falling due within one year | 12 | 1,433,382 | 2,255,214 |
Net current assets | 3,184,221 | 3,275,290 |
Total assets less current liabilities | 3,669,140 | 3,865,925 |
Creditors |
Amounts falling due after more than one year |
13 |
1 |
1 |
Net assets | 3,669,139 | 3,865,924 |
Capital and reserves |
Called up share capital | 15 | 3 | 3 |
Retained earnings | 3,669,136 | 3,865,921 |
Shareholders' funds | 3,669,139 | 3,865,924 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2025 and were signed on its behalf by: |
Mr R Trew - Director |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Company Statement of Financial Position |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 9 |
Investments | 10 |
Current assets |
Debtors | 11 |
Cash at bank |
Creditors |
Amounts falling due within one year | 12 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
13 |
Net assets |
Capital and reserves |
Called up share capital | 15 |
Retained earnings |
Shareholders' funds |
Company's profit for the financial year | 963,378 | 3,356,272 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Consolidated Statement of Changes in Equity |
for the year ended 31 May 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 3 | 10,219,672 | 477,352 | 10,697,027 |
Changes in equity |
Total comprehensive income | - | 2,406,249 | (477,352 | ) | 1,928,897 |
Contributions to EOT | - | (8,760,000 | ) | - | (8,760,000 | ) |
Balance at 31 May 2023 | 3 | 3,865,921 | - | 3,865,924 |
Changes in equity |
Total comprehensive income | - | 1,828,215 | - | 1,828,215 |
Contributions to EOT | - | (2,025,000 | ) | - | (2,025,000 | ) |
Balance at 31 May 2024 | 3 | 3,669,136 | - | 3,669,139 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Company Statement of Changes in Equity |
for the year ended 31 May 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Contributions to EOT | - | (8,760,000 | ) | - | (8,760,000 | ) |
Balance at 31 May 2023 |
Changes in equity |
Total comprehensive income | - |
Contributions to EOT | - | (2,025,000 | ) | - | (2,025,000 | ) |
Balance at 31 May 2024 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Consolidated Statement of Cash Flows |
for the year ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,762,674 | 3,766,564 |
Tax paid | (1,451,464 | ) | (282,830 | ) |
Net cash from operating activities | 1,311,210 | 3,483,734 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (51,899 | ) | (177,068 | ) |
Sale of tangible fixed assets | 17,000 | 27,458 |
Sale of fixed asset investments | - | 4,019,612 |
Sale of investment property | - | 359,100 |
Interest received | 15,858 | 14,518 |
Net cash from investing activities | (19,041 | ) | 4,243,620 |
Cash flows from financing activities |
Amount introduced by directors | - | 100,000 |
EOT distributions | (2,025,000 | ) | (8,760,000 | ) |
Net cash from financing activities | (2,025,000 | ) | (8,660,000 | ) |
Decrease in cash and cash equivalents | (732,831 | ) | (932,646 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,889,810 |
2,822,456 |
Cash and cash equivalents at end of year | 2 | 1,156,979 | 1,889,810 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Statement of Cash Flows |
for the year ended 31 May 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
2024 | 2023 |
£ | £ |
Profit before taxation | 3,088,252 | 2,986,691 |
Depreciation charges | 151,738 | 183,918 |
Profit on disposal of fixed assets | (11,123 | ) | (157,177 | ) |
Finance income | (15,858 | ) | (14,518 | ) |
3,213,009 | 2,998,914 |
Decrease in stocks | - | 151,528 |
Decrease in trade and other debtors | 125,280 | 384,553 |
(Decrease)/increase in trade and other creditors | (575,615 | ) | 231,569 |
Cash generated from operations | 2,762,674 | 3,766,564 |
2. | Cash and cash equivalents |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 1,156,979 | 1,889,810 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 1,889,810 | 2,822,456 |
3. | Analysis of changes in net funds |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,889,810 | (732,831 | ) | 1,156,979 |
1,889,810 | (732,831 | ) | 1,156,979 |
Debt |
Debts falling due after 1 year | (1 | ) | - | (1 | ) |
(1 | ) | - | (1 | ) |
Total | 1,889,809 | (732,831 | ) | 1,156,978 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements |
for the year ended 31 May 2024 |
1. | Statutory information |
Russell Trew Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. The directors have reviewed the company's cashflows over the next twelve months from the date of signing the financial statements and considers that, based on the support that is likely to be available, the company will be able to meet its debts as and when they fall due. |
Basis of consolidation |
All financial statements are made up to 31 May 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 are eliminated on consolidation. Inrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are consolidated in the groups financial statements from the date that control commences until the date that control ceases. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
Critical judgements |
The following judgements (apart from those involving estimates) have the most significant effect on amounts recognised in the financial statements. |
Work in progress |
The directors assess any contracts that are in progress at the year end, with due consideration to the accounting policy applied to turnover, as noted below. This assessment is made on a contract by contract basis to review the stage of completion between the last survey date and the year end. The directors apply their judgement, based on their knowledge of the business and industry to determine the stage of completion and the quantum of turnover and profit, or foreseeable losses that need to be adjusted for at the year end. |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
2. | Accounting policies - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Where the outcome of long term contract can established reliably, revenue and costs are recognised by |
reference to the stage of completion of the contract activity at the balance sheet date. The extent to which the contract is complete is determined by the total costs incurred to date as a percentage of the total anticipated costs of the entire contract. Variations in contract work, claims and incentive payments are included only to the extent they have been agreed with the purchaser. |
Where the outcome of a long term contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred where is is probable they will be recoverable. Contract costs are |
recognised in the period in which they are incurred. When it is probable that total contract costs will exceed |
total contract revenue, the expected loss is recognised as an expense immediately. |
The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contracts costs incurred for the work performed to date compared to the estimated total contract costs, Costs incurred in the year in connection with future activity on a contract are excluded from contract costs is determining the stage of completion. These costs are presented as work in progress provided they are considered recoverable. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
3. | Employees and directors |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,902,857 | 2,196,425 |
Social security costs | 246,370 | 300,653 |
Other pension costs | 31,019 | 41,945 |
2,180,246 | 2,539,023 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Employees |
The average number of employees by undertakings that were proportionately consolidated during the year was 25 (2023 - 28 ) . |
4. | Directors' emoluments |
2024 | 2023 |
£ | £ |
Directors' remuneration | 625,300 | 575,200 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 200,100 | 245,100 |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 164,565 | 230,733 |
Other operating leases | 60,027 | 58,785 |
Depreciation - owned assets | 151,738 | 183,918 |
Profit on disposal of fixed assets | (11,123 | ) | (157,177 | ) |
Auditors' remuneration | 12,500 | 8,000 |
Gifts & donations | 48,627 | 68,876 |
6. | Exceptional items |
2024 | 2023 |
£ | £ |
Change in ownership costs | - | (147,485 | ) |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 818,843 | 609,038 |
Tax - prior year adjustment | 441,194 | (28,596 | ) |
Total current tax | 1,260,037 | 580,442 |
Deferred tax | - | (84,858 | ) |
Tax on profit | 1,260,037 | 495,584 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 3,088,252 | 2,986,691 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
772,063 |
567,471 |
Effects of: |
Expenses not deductible for tax purposes | 38,991 | 54,663 |
Capital allowances in excess of depreciation | - | (17,490 | ) |
Depreciation in excess of capital allowances | 10,570 | - |
Adjustments to tax charge in respect of previous periods | 441,194 | (28,596 | ) |
Deferred tax | - | (84,858 | ) |
Profit/loss on disposal of assets | (2,781 | ) | (29,864 | ) |
Adjustment for apportioned days at 25% | - | 34,258 |
Total tax charge | 1,260,037 | 495,584 |
8. | Individual statement of comprehensive income |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
9. | Tangible fixed assets |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2023 | 117,933 | 1,043,185 | 1,161,118 |
Additions | 8,773 | 43,126 | 51,899 |
Disposals | - | (33,021 | ) | (33,021 | ) |
At 31 May 2024 | 126,706 | 1,053,290 | 1,179,996 |
Depreciation |
At 1 June 2023 | 87,746 | 482,737 | 570,483 |
Charge for year | 5,009 | 146,729 | 151,738 |
Eliminated on disposal | - | (27,144 | ) | (27,144 | ) |
At 31 May 2024 | 92,755 | 602,322 | 695,077 |
Net book value |
At 31 May 2024 | 33,951 | 450,968 | 484,919 |
At 31 May 2023 | 30,187 | 560,448 | 590,635 |
Company |
Motor |
vehicles |
£ |
Cost |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
10. | Fixed asset investments |
Company |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 June 2023 |
and 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Russell Trew Limited (Registration Number: 03560884) |
Registered office: Unit 4c Standard Industrial Estate, Henley Road, London, E16 2ES |
Nature of business: Specialist contractors |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 1,887,976 | 1,023,140 |
Profit for the year | 1,740,329 | 2,308,990 |
Russell Trew (London) Limited (Registration Number: 09470355) |
Registered office: Unit 4c Standard Industrial Estate, Henley Road, London, United Kingdom, E16 2ES |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (207 | ) | (207 | ) |
Russell Trew (Midlands) Limited (Registration Number: 0947058) |
Registered office: Unit 4c Standard Industrial Estate, Henley Road, London, United Kingdom, E16 2ES |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (207 | ) | (207 | ) |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
11. | Debtors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,502,467 | 2,503,108 |
Retentions receivable | 492,915 | 523,404 | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 484 | 960 |
Work in progress | 425,361 | 531,811 | - | - |
Tax | - | 54,790 |
Prepayments | 39,397 | 26,621 |
3,460,624 | 3,640,694 |
12. | Creditors: amounts falling due within one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 683,961 | 865,453 |
Tax | 320,675 | 566,892 |
Social security and other taxes | 122,391 | 212,739 |
VAT | 223,965 | 555,769 | 12,636 | 41,290 |
Other creditors | 66,890 | 39,311 |
Accruals and deferred income | 15,500 | 15,050 |
1,433,382 | 2,255,214 |
13. | Creditors: amounts falling due after more than one year |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Preference shares (see note 14) | 1 | 1 |
14. | Loans |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due between two and five | years: |
Preference shares | 1 | 1 | 1 | 1 |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Preference shares | 1 | 1 | 1 |
RUSSELL TREW HOLDINGS LIMITED (REGISTERED NUMBER: 09123398) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 May 2024 |
15. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 0.000 | 1 | 3 | 3 |
During the year the 3 Ordinary Shares at £1 were sub divided to 30,000 Ordinary Shares at £0.0001. |
16. | Related party disclosures |
The company has taken 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |