Company registration number 00330872 (England and Wales)
RAWLINGS & SON (BRISTOL) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
RAWLINGS & SON (BRISTOL) LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12 - 13
Statement of changes in equity
14
Notes to the financial statements
15 - 30
RAWLINGS & SON (BRISTOL) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr T D Wood
Mrs S G M Harrisingh
Mr J A G Routley
Mr S Pitts
Mr S Thurlow
Secretary
Mr T D Wood
Company number
00330872
Registered office
Unit 3
Crown Road
Warmley
Bristol
England
BS30 8JJ
Auditor
TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
RAWLINGS & SON (BRISTOL) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

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

Review of the business

Year 2023-24 has been a positive trading year as Rawlings Group has continued to invest and grow in Sustainable packaging and equipment solutions.  

Our vision is to ‘Bring brands to Life’ and despite the challenging macro-economic environment, we have managed to do that with thousands of loyal food, drink and cosmetic customers across the UK. 

The year was not without challenges - with high interest rates and continued difficulties around the cost of living and energy for end consumers. Despite this, premium products and quality customers continue to thrive and grow. 

A key acquisition during the year was Paper Bag Co Limited. Completed in September 2023, the business added a key range of sustainable paper and cotton products to our environmental portfolio. 

During the year we strengthened our Leadership team with key hires in HR, Operations, Marketing and Sales. This investment in people has led to an increase in employee satisfaction and a solid foundation for future growth organically, via partnerships and via acquisition of complementary businesses. 

The Directors are grateful for the fantastic team at Rawlings Group. We have now have 4 operating sites across the UK. Communication and teamwork is more complex than it was previously and the speed of client work has increased. The Rawlings team has responded fantastically well to the post Covid world. Most team members have now returned to an office or hybrid model, but we still have a few roles 100% from home. 

Principal risks and uncertainties

The key risk around the glass packaging side of the business is the unknown impact of EPR regulation. Rawlings support the move towards a circular economy and have launched a range of reusable packaging to help move forward this space. Despite this the new regulation is still unclear and needs to be improved to ensure that it represents a fair cost for Brands.

The macro-economic environment is still a risk with recession looking still likely. We are potentially at risk from customers in low paid sectors such as hospitality being impacted by the increased minimum wage and NI costs landing in April 2025. More businesses are facing administration and the food and drink industry has been particularly hit. Constant review of the debtor ledger and ongoing credit limit reviews using external reference agencies have insulated the business from any major issues.

Development and performance

The company continues to invest in organic and acquisitions. We have a pipeline of several potential businesses who will add to our current portfolio of products and services and fill the gaps within our customer base. 

The company will continue to grow organically through a strong customer focus, product knowledge and trusted advice about their particular marketplace. 

RAWLINGS & SON (BRISTOL) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Key performance indicators

The Directors monitor the business through a mixture of financial and non-financial key performance indicators.  

The shareholders consider that key performance indicators to be financial with the emphasis on EBITDA which allows ongoing investment in people, technology and growth both organically and through acquisition

At Group level we have increased Turnover to £30.5 million (increase of over £5 million). Our target of revenues at £50 within 3 years is a priority.

Profitability has also increased with gains invested back into the business, which has allowed us to become increasingly resilient to future market challenges and change.

 

Growth %

2023-24

Growth %

2022-23

Growth %

2021-22

Turnover

7.77%

25.21%

19.60%

Gross Profit

15.17%

30.59%

13.78%

Net Profit before tax

48.16%

-54.02%**

-48.06%

**Adjusted for historic write off of dissolved group company balances owed.

Other information and explanations

This report was approved by the board and its shareholders and is produced on their behalf.

On behalf of the board

Mr T D Wood
Director
27 February 2025
RAWLINGS & SON (BRISTOL) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of wholesale of packaging supplies.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr T D Wood
Mrs S G M Harrisingh
Mr J A G Routley
Mr S Pitts
Mr S Thurlow
Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

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

 

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

 

 

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

RAWLINGS & SON (BRISTOL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr T D Wood
Director
27 February 2025
RAWLINGS & SON (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAWLINGS & SON (BRISTOL) LIMITED
- 6 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

RAWLINGS & SON (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAWLINGS & SON (BRISTOL) LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

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:

 

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

RAWLINGS & SON (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAWLINGS & SON (BRISTOL) LIMITED
- 8 -

Our approach was as follows:

 

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

 

 

 

RAWLINGS & SON (BRISTOL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAWLINGS & SON (BRISTOL) LIMITED
- 9 -

Use of our report

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

Amanda Kruger FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
27 February 2025
Office: Bristol
RAWLINGS & SON (BRISTOL) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
26,926,042
24,984,632
Cost of sales
(20,994,526)
(19,834,577)
Gross profit
5,931,516
5,150,055
Administrative expenses
(5,460,376)
(5,027,646)
Other operating income
95,896
90,465
Operating profit
4
567,036
212,874
Interest receivable and similar income
8
137
1,507
Interest payable and similar expenses
9
(113,074)
(3,421)
Amounts written off investments
10
(22)
95,526
Profit before taxation
454,077
306,486
Tax on profit
11
(187,824)
(79,687)
Profit for the financial year
266,253
226,799

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RAWLINGS & SON (BRISTOL) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
£
£
Profit for the year
266,253
226,799
Other comprehensive income
-
-
Total comprehensive income for the year
266,253
226,799
RAWLINGS & SON (BRISTOL) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
210,542
278,323
Other intangible assets
13
142,734
150,315
Total intangible assets
353,276
428,638
Tangible assets
12
317,071
343,938
Investments
14
3,779,197
2,181
4,449,544
774,757
Current assets
Stocks
16
3,662,530
4,038,757
Debtors
17
5,672,018
5,542,997
Cash at bank and in hand
104,375
212,768
9,438,923
9,794,522
Creditors: amounts falling due within one year
18
(7,745,345)
(4,959,925)
Net current assets
1,693,578
4,834,597
Total assets less current liabilities
6,143,122
5,609,354
Creditors: amounts falling due after more than one year
19
(249,167)
-
0
Provisions for liabilities
Deferred tax liability
21
104,333
85,985
(104,333)
(85,985)
Net assets
5,789,622
5,523,369
Capital and reserves
Called up share capital
23
30,905
30,905
Capital redemption reserve
20
20
Profit and loss reserves
5,758,697
5,492,444
Total equity
5,789,622
5,523,369
RAWLINGS & SON (BRISTOL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 13 -

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

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
Mr T D Wood
Director
Company registration number 00330872 (England and Wales)
RAWLINGS & SON (BRISTOL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
30,905
20
5,265,645
5,296,570
Year ended 31 May 2023:
Profit and total comprehensive income
-
-
226,799
226,799
Balance at 31 May 2023
30,905
20
5,492,444
5,523,369
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
266,253
266,253
Balance at 31 May 2024
30,905
20
5,758,697
5,789,622
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
1
Accounting policies
Company information

Rawlings & Son (Bristol) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Crown Road, Warmley, Bristol, England, BS30 8JJ.

1.1
Accounting convention

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

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

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

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

 

 

The financial statements of the company are consolidated in the financial statements of Rawlings & Sons (Bristol) Holdings Limited. These consolidated financial statements are available from its registered office, Unit 3 Crown Road, Warmley, Bristol, England, BS30 8JJ.

1.2
Going concern

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

1.3
Turnover

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

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of installation services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014 and 2021, is being amortised evenly over its estimated useful life of 5 years.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Software
5 years
1.7
Tangible fixed assets

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

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

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Moulds
10% straight line

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

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Cost is calculated using the first in first out method.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
1.14
Taxation

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

Current tax

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
1.18
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

 

Rawlings & Sons (Bristol) Limited consider the following judgements and estimates to have had the most significant effect on amounts recognised in the financial statements.

 

i) Useful economic lives of tangible fixed assets

The useful economic lives of tangible fixed assets, their residual values and the impairment reviews is a significant area requiring management judgement. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other relevant factors.

 

ii) Useful economic lives of intangible fixed assets

The useful economic lives of intangible fixed assets, their residual values and the impairment reviews is a significant area requiring management judgement. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other relevant factors.

 

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods and installation services
26,926,042
24,984,632
2024
2023
£
£
Other revenue
Interest income
137
1,507
Rental income arising from investment properties
72,205
44,197
Sundry income
23,691
46,268
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
7,793
2,615
Research and development costs
43,193
44,757
Fees payable to the company's auditor for the audit of the company's financial statements
21,000
20,000
Depreciation of owned tangible fixed assets
64,208
73,525
Loss/(profit) on disposal of tangible fixed assets
406
(4,684)
Amortisation of intangible assets
125,362
121,632
Operating lease charges
606,799
508,854
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,000
20,000
6
Employees

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

2024
2023
Number
Number
Management
9
9
Admin & Sales
42
38
Warehouse & Production
23
19
Engineering
8
8
Total
82
74
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,793,560
2,526,385
Social security costs
265,531
264,291
Pension costs
118,895
157,671
3,177,986
2,948,347
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
417,110
364,841
Company pension contributions to defined contribution schemes
44,562
44,806
461,672
409,647

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

 

No director earned more than £200,000 in 2024 nor 2023.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
137
1,507
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
5,153
3,421
Interest on invoice finance arrangements
62,478
-
0
Other interest on financial liabilities
45,443
-
0
113,074
3,421
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
10
Amounts written off investments
2024
2023
£
£
Loss on disposal of fixed asset investments
(22)
-
0
Amounts written back to current loans
-
95,526
(22)
95,526
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
135,940
68,192
Adjustments in respect of prior periods
33,536
(457)
Total current tax
169,476
67,735
Deferred tax
Origination and reversal of timing differences
18,348
11,952
Total tax charge
187,824
79,687

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

2024
2023
£
£
Profit before taxation
454,077
306,486
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
113,519
76,622
Tax effect of expenses that are not deductible in determining taxable profit
20,899
22,796
Group relief
(19,386)
4,236
Permanent capital allowances in excess of depreciation
39,256
(23,967)
Under/(over) provided in prior years
33,536
-
0
Taxation charge for the year
187,824
79,687
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 25 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Moulds
Total
£
£
£
£
£
Cost
At 1 June 2023
140,147
220,071
107,466
137,930
605,614
Additions
10,314
14,831
-
0
12,755
37,900
Disposals
(14,262)
(52,979)
(14,945)
-
0
(82,186)
At 31 May 2024
136,199
181,923
92,521
150,685
561,328
Depreciation and impairment
At 1 June 2023
47,793
125,516
47,840
40,527
261,676
Depreciation charged in the year
14,940
20,443
14,300
14,525
64,208
Eliminated in respect of disposals
(14,262)
(52,420)
(14,945)
-
0
(81,627)
At 31 May 2024
48,471
93,539
47,195
55,052
244,257
Carrying amount
At 31 May 2024
87,728
88,384
45,326
95,633
317,071
At 31 May 2023
92,354
94,555
59,626
97,403
343,938
13
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 June 2023
437,904
287,904
725,808
Additions
-
0
50,000
50,000
At 31 May 2024
437,904
337,904
775,808
Amortisation and impairment
At 1 June 2023
159,581
137,589
297,170
Amortisation charged for the year
67,781
57,581
125,362
At 31 May 2024
227,362
195,170
422,532
Carrying amount
At 31 May 2024
210,542
142,734
353,276
At 31 May 2023
278,323
150,315
428,638
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
3,777,038
22
Unlisted investments
2,159
2,159
3,779,197
2,181
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
22
2,159
2,181
Additions
3,777,038
-
3,777,038
Disposals
(22)
-
(22)
At 31 May 2024
3,777,038
2,159
3,779,197
Carrying amount
At 31 May 2024
3,777,038
2,159
3,779,197
At 31 May 2023
22
2,159
2,181
15
Subsidiaries

On the 29th August 2023 Rutland Preserves Limited and Big Brown Carrier Bag Suppliers Limited were dissolved.

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Paper Bag Co (South West) Ltd
Unit 6 Woodlands Industrial Estate, Eden Vale Road, Westbury, Wiltshire, England, BA13 3Qs
Ordinary
100.00
16
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,662,530
4,038,757
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,148,914
2,880,356
Amounts owed by group undertakings
2,872,165
2,344,206
Other debtors
405,982
128,123
Prepayments and accrued income
244,957
190,312
5,672,018
5,542,997
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Other borrowings
20
1,252,326
259,644
Trade creditors
2,214,589
2,301,321
Amounts owed to group undertakings
1,257,515
555,484
Corporation tax
135,940
68,192
Other taxation and social security
537,179
487,772
Other creditors
2,296,950
1,212,676
Accruals and deferred income
50,846
74,836
7,745,345
4,959,925

Other creditors include deferred consideration of £706,875 (2023: £nil) on the acquisition of Paper Bag Co (South West) Ltd.

19
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
249,167
-
0

Other creditors relates to the deferred consideration of £249,167 (2023: £nil) on the acquisition of Paper Bag Co (South West) Ltd.

RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
20
Loans and overdrafts
2024
2023
£
£
Other loans
1,252,326
259,644
Payable within one year
1,252,326
259,644

HSBC bank have several charges registered on the company dated 19.12.2022, 5.01.2023, 24.08.2023, and the 20.10.2023.

The charge registered on the 24.08.2023 is in relation to a fixed and floating charge In Rawlings & Son (Bristol) Limited over all property of the company.

 

The charge registered on the 20.10.2023 is in relation to the legal assignment of contract monies relating to the invoice financing facility in Rawlings & Son (Bristol) Limited.

 

Other loans include invoice financing with HSBC bank.

21
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
104,333
85,985
2024
Movements in the year:
£
Liability at 1 June 2023
85,985
Charge to profit or loss
18,348
Liability at 31 May 2024
104,333
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,895
157,671

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,905
30,905
30,905
30,905
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
447,018
417,726
Between two and five years
100,368
559,880
547,386
977,606

In November 2024 the company entered into an operating lease commitment. The liability committed to is: £114,638 due in less than 1 year, £942,592 due in 2 to 5 years, and £1,200,627 due in more than 5 years.

25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchase of services
2024
2023
£
£
Entities which director has control
7,289
7,289
RAWLINGS & SON (BRISTOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
25
Related party transactions
(Continued)
- 30 -
Other information

During the year rent payments were made to a self invested pension plan in which the directors and related parties have an interest. Rent paid amounted to £275,500 (2023: £242,708).

 

The balance owed to related parties at the year-end was £45,607 (2023: £607)

 

26
Ultimate controlling party

The ultimate parent company is Rawlings & Son (Bristol) Holdings Limited, a company registered in England and Wales. The parent company prepares audited consolidated accounts for the whole group. Therefore, the company has taken an exemption under the Companies Act not to prepare group accounts as it is a wholly owned subsidiary. Copies of the consolidated accounts can be obtained from Unit 3 Crown Road, Warmley, Bristol BS30 8JJ.

27
Directors' transactions

The company has outstanding loans with its directors.

 

The amount owed to T Wood was £2,582 (2023: £102,734) in respect of which £12,596 interest has been charged and paid in the year.

 

The amount owed to J Routley was £500,000 (2023: £500,000) in respect of which £32,835 interest has been charged and paid in the year.

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