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Registered number: 07575324










RG DISTRIBUTORS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RG DISTRIBUTORS LIMITED
 
 
COMPANY INFORMATION


Directors
Duncan Evershed 
John Nelson Abernethie 
Michael Wyatt Barter 
Ben Nigel Brian Doouss 




Registered number
07575324



Registered office
Unit 7 Spring Road
Jade Business Park

Seaham

England

SR7 9DR




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Jesmond

Newcastle upon Tyne

Tyne & Wear

NE2 1QP




Bankers
HSBC UK
1 Centenary Square

Birmingham

B1 1HQ





 
RG DISTRIBUTORS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of income and retained earnings
10
Consolidated balance sheet
11 - 12
Company balance sheet
13 - 14
Consolidated statement of cash flows
15 - 16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 37


 
RG DISTRIBUTORS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the Strategic report for the year ended 31 December 2023. 

Business review
 
In 2023, the group's revenue decreased by 18% (£3,109,380) to £14,489,515, primarily due to delays in deliveries, which impacted stock availability. Additionally, the launch of our new website introduced challenges and disruptions for our customers, negatively impacting sales. 
The ongoing cost of living pressures and a general market downturn have further disrupted the entire industry.
We also experienced a rise in losses to £711,838 (2022: £62,928), largely attributed to higher acquisition costs, which were driven by a shrinking market, increased living expenses, and rising labour costs.

Principal risks and uncertainties
 
The main risks we faced during 2023 included a shrinking market, with competition becoming more intense in the same space. The biggest uncertainty revolves around market compression and the availability of cheaper products. 
Administrative costs have also increased by over 65% (£1,413,001) to £3,448,497, driven by higher labour rates and the Group's efforts to hire more skilled staff to strengthen the foundation and expertise within the business.

Financial key performance indicators
 
Productivity 
Productivity is a key focus for the Shareholders and Directors, and achieving a productivity factor of 4 is critical to maintaining a profitable company. This factor is calculated by dividing the sum of indirect salaries by the Gross Profit. This KPI has been maintained again for 2023 at 4.5 (2022: 6.4). 
Fraud attempts through card payments
Another key performance indicator for the Group is fraud attempts through card payments. During challenging times, the risk of card fraud increases. The Shopify website has built-in automatic checks that alert us to potential fraud. If an order is flagged, it is held until we conduct our own verification. While the majority of fraudulent payments are successfully blocked, some sophisticated attempts may still slip through. This KPI is measured as a percentage of total sales. The group noted no successful attempts of fraud against the Group in the year (2022: Nil).

Other key performance indicators
 
Management performance 
The Directors and Shareholders regularly assess both Group performance and how the staff perceives management. Management value candid feedback, which is gathered every four months through anonymous 360 surveys conducted via Google Forms specifically around management performance. Each individual receives a score, and managers are evaluated based on this feedback. Additionally, areas for improvement are identified, and managers work closely with the CEO to address them.
Supplier audit score
The Group values suppliers who provide high-quality products and maintain an ethical business culture. To ensure these standards are met, we have engaged a third-party partner to audit all our suppliers and provide a performance score. Suppliers who fail to meet the required standards or refuse an audit are no longer retained, and we seek alternative partners.

Page 1

 
RG DISTRIBUTORS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 28 February 2025 and signed on its behalf.



D Evershed
Director

Page 2

 
RG DISTRIBUTORS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Principal activity

The principal activity of the Group continued to be that of catering equipment and packaging distribution. 

Results and dividends

The loss for the year, after taxation, amounted to £711,838 (2022 - loss £62,928).

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

Directors

The directors who served during the year were:

Duncan Evershed 
John Nelson Abernethie 
Michael Wyatt Barter 
Ben Nigel Brian Doouss 

Page 3

 
RG DISTRIBUTORS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The directors and shareholders are committed to continuous improvement, with a focus on two key areas:
   (1) Internal efficiencies; and
   (2) Products
In terms of product, the focus is not on adding new items but on enhancing efficiency and sustainability. Customers are increasingly looking for ways to reduce equipment downtime and labour input, so we are concentrating on improving kitchen throughput without increasing costs. Additionally, we are working on developing higher-quality products under our own brands, with an emphasis on ongoing improvement.

Disclosure of information to auditors

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

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

Post balance sheet events

On 31 January 2025, the Company sold its entire shareholding in its subsidiary, G M (Packaging) Limited, to a certain current shareholders of RG Distributors Limited, along with new investors, for £3.14 million.
There have been no other significant events affecting the Group since the year end.

Auditors

The auditors, Ryecroft Glenton were appointed in the year. Ryecroft Glenton will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 February 2025 and signed on its behalf.
 





Duncan Evershed
Director

Page 4

 
RG DISTRIBUTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RG DISTRIBUTORS LIMITED
 

Opinion


We have audited the financial statements of RG Distributors Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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.


Page 5

 
RG DISTRIBUTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RG DISTRIBUTORS LIMITED (CONTINUED)


Other information


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


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
RG DISTRIBUTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RG DISTRIBUTORS LIMITED (CONTINUED)


Responsibilities of directors
 

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


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


Page 7

 
RG DISTRIBUTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RG DISTRIBUTORS 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 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 Group financial statements.


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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the Responsible Individual ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the Company through discussions with directors and   other management, and from our commercial knowledge and experience of the food packaging sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Company, including the Companies Act 2006, taxation   legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
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 considered there was susceptibility to fraud and their   knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC and the Company’s legal advisors (where relevant).
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.


 
Page 8

 
RG DISTRIBUTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RG DISTRIBUTORS LIMITED (CONTINUED)


Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities 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.


Other matters 
 

The comparative figures in these financial statements were not subject to audit, as the Company at the time was exempt under s477 of the Companies Act 2006.


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 2006Our 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.





Ian Smith (Senior Statutory Auditor)
for and on behalf of
Ryecroft Glenton
Chartered Accountants & Statutory Auditors
32 Portland Terrace
Jesmond
Newcastle upon Tyne
Tyne & Wear
NE2 1QP

28 February 2025
Page 9

 
RG DISTRIBUTORS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
14,489,515
17,598,895

Cost of sales
  
(10,036,921)
(13,835,402)

Gross profit
  
4,452,594
3,763,493

Distribution costs
  
(1,579,195)
(1,626,101)

Administrative expenses
  
(3,448,497)
(2,035,496)

Other operating income
 5 
10,772
7,181

Operating (loss)/profit
 6 
(564,326)
109,077

Interest receivable and similar income
 8 
11,469
3,662

Interest payable and similar expenses
 9 
(155,749)
(151,982)

Loss before tax
  
(708,606)
(39,243)

Tax on loss
 10 
(3,232)
(23,685)

Loss after tax
  
(711,838)
(62,928)

  

  

Retained earnings at the beginning of the year
  
1,100,845
1,163,773

  
1,100,845
1,163,773

Loss for the year attributable to the owners of the parent
  
(711,838)
(62,928)

Retained earnings at the end of the year
  
389,007
1,100,845

Non-controlling interest at the end of the year
  

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 18 to 37 form part of these financial statements.

Page 10

 
RG DISTRIBUTORS LIMITED
REGISTERED NUMBER: 07575324

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
1,143,414
1,271,474

Tangible assets
 12 
540,275
627,273

  
1,683,689
1,898,747

Current assets
  

Stocks
 14 
2,310,721
3,041,867

Debtors: amounts falling due within one year
 15 
1,159,217
1,270,136

Cash at bank and in hand
 16 
1,252,109
979,968

  
4,722,047
5,291,971

Creditors: amounts falling due within one year
 17 
(4,001,041)
(3,857,764)

Net current assets
  
 
 
721,006
 
 
1,434,207

Total assets less current liabilities
  
2,404,695
3,332,954

Creditors: amounts falling due after more than one year
 18 
(1,977,146)
(2,082,527)

Provisions for liabilities
  

Deferred tax
 21 
(22,242)
(149,482)

Other provisions
 22 
(16,200)
-

  
 
 
(38,442)
 
 
(149,482)

Net assets
  
389,107
1,100,945


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
389,007
1,100,845

  
389,107
1,100,945


Page 11

 
RG DISTRIBUTORS LIMITED
REGISTERED NUMBER: 07575324
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.




Duncan Evershed
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 12

 
RG DISTRIBUTORS LIMITED
REGISTERED NUMBER: 07575324

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
91,755
29,556

Tangible assets
 12 
463,021
538,631

Investments
 13 
2,184,945
2,184,945

  
2,739,721
2,753,132

Current assets
  

Stocks
 14 
1,876,813
2,605,127

Debtors: amounts falling due within one year
 15 
294,538
829,365

Cash at bank and in hand
 16 
329,204
362,773

  
2,500,555
3,797,265

Creditors: amounts falling due within one year
 17 
(2,531,117)
(3,583,475)

Net current (liabilities)/assets
  
 
 
(30,562)
 
 
213,790

Total assets less current liabilities
  
2,709,159
2,966,922

  

Creditors: amounts falling due after more than one year
 18 
(1,965,871)
(2,063,058)

Provisions for liabilities
  

Deferred taxation
 21 
-
(129,388)

Other provisions
 22 
(16,200)
-

  
 
 
(16,200)
 
 
(129,388)

Net assets excluding pension asset
  
727,088
774,476

Net assets
  
727,088
774,476


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account brought forward
 24 
774,376
1,165,987

Loss for the year
 24 
(47,388)
(391,611)

Profit and loss account carried forward
 24 
726,988
774,376

  
727,088
774,476


Page 13

 
RG DISTRIBUTORS LIMITED
REGISTERED NUMBER: 07575324
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.


Duncan Evershed
Director

The notes on pages 18 to 37 form part of these financial statements.

Page 14

 
RG DISTRIBUTORS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(711,838)
(62,928)

Adjustments for:

Amortisation of intangible assets
239,395
3,418

Depreciation of tangible assets
113,790
75,387

Loss on disposal of tangible assets
22,830
-

Government grants
(10,772)
(7,181)

Interest paid
155,749
161,901

Interest received
(11,469)
(3,662)

Taxation charge
3,232
30,190

Decrease in stocks
731,146
613,107

Decrease/(increase) in debtors
110,919
(316,157)

Increase in creditors
534,122
278,160

(Decrease)/increase in amounts owed to join ventures
(67,900)
95,000

Increase in provisions
16,200
-

Corporation tax (paid)/received
(93,819)
131,683

Net cash generated from operating activities

1,031,585
998,918


Cash flows from investing activities

Purchase of intangible fixed assets
(111,335)
(26,341)

Purchase of tangible fixed assets
(50,622)
(227,796)

Sale of tangible fixed assets
1,000
-

Government grants received
10,772
7,181

Purchase of fixed asset investments
-
(1,332,774)

Interest received
11,469
3,662

HP interest paid
(3,209)
(9,919)

Net cash from investing activities

(141,925)
(1,585,987)

Cash flows from financing activities

Repayment of loans
(30,484)
(46,519)

Other new loans
-
1,975,000

Repayment of other loans
(500,000)
-

Repayment of/new finance leases
(72,981)
163,431

Interest paid
(152,540)
(151,982)

Net cash used in financing activities
(756,005)
1,939,930

Net increase in cash and cash equivalents
133,655
1,352,861

Cash and cash equivalents at beginning of year
683,897
(668,963)
Page 15

 
RG DISTRIBUTORS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


Cash and cash equivalents at the end of year
817,552
683,898


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,252,109
979,968

Bank overdrafts
(434,557)
(296,070)

817,552
683,898


The notes on pages 18 to 37 form part of these financial statements.

Page 16

 
RG DISTRIBUTORS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

979,968

272,141

1,252,109

Bank overdrafts

(296,070)

(138,487)

(434,557)

Debt due after 1 year

(75,153)

32,400

(42,753)

Debt due within 1 year

(960,824)

508,495

(452,329)

Finance leases

(230,355)

72,981

(157,374)


(582,434)
747,530
165,096

The notes on pages 18 to 37 form part of these financial statements.

Page 17

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RG Distributors Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07575324. The registered office address is Unit 7, Spring Road, Jade Business Park, Seaham, SR7 9DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Monetary amounts in these financial statements are rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

Page 18

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

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

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

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 20

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.

Other intangible assets

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

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

        Amortisation is provided on the following basis:



                   Computer software                       -          33% straight line

                   Goodwill                                       -          10% & 20% straight line

 
2.13

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line / 20% straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
straight line / 15% reducing balance
Office equipment
-
20%
straight line

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

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

Page 21

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Page 23

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the Director is 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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Turnover
14,489,515
17,598,895



5.


Other operating income

2023
2022
£
£

Government grants receivable
10,772
7,181

10,772
7,181



6.


Operating (loss)/profit

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

2023
2022
£
£

Exchange differences
(27,105)
39,474

Other operating lease rentals
291,325
90,221

Fees payable to the companies auditor for the audit of the Group's
financial statements
41,000
-

Depreciation
117,234
87,219

Amortisation
23,569
4,793

(Profit)/ loss on disposal of tangible fixed assets
19,386
-

Page 24

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,335,346
826,370
965,130
516,317

Social security costs
130,608
93,243
94,969
60,100

Cost of defined contribution scheme
24,562
18,463
19,289
12,706

1,490,516
938,076
1,079,388
589,123


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration, distribution and sales
38
19
28
8



Management
2
2
1
1

40
21
29
9


8.


Interest receivable

2023
2022
£
£


Other interest receivable
11,469
3,662


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
48,149
24,497

Other loan interest payable
104,110
117,566

Finance leases and hire purchase contracts
3,209
9,919

Other interest payable
281
-

155,749
151,982

Page 25

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
136,418
(46,016)

Adjustments in respect of previous periods
(5,946)
-


130,472
(46,016)


Total current tax
130,472
(46,016)

Deferred tax


Origination and reversal of timing differences
(127,240)
69,701

Total deferred tax
(127,240)
69,701


Tax on loss
3,232
23,685

 
 
Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(708,606)
(39,242)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(166,664)
(7,456)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
50,762
-

Capital allowances for year in excess of depreciation
638
(14,023)

Other differences leading to an increase (decrease) in the tax charge
7,250
-

Adjustments to tax charge in respect of previous periods - deferred tax
111,246
4,823

Remeasurement of deferred tax for changes in tax rates
-
40,341

Total tax charge for the year
3,232
23,685

Page 26

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
69,015
1,263,293
1,332,308


Additions
34,394
-
34,394


Additions - internal
76,941
-
76,941


Disposals
(25,574)
-
(25,574)



At 31 December 2023

154,776
1,263,293
1,418,069



Amortisation


At 1 January 2023
30,834
30,000
60,834


Charge for the year on owned assets
23,569
215,826
239,395


On disposals
(25,574)
-
(25,574)



At 31 December 2023

28,829
245,826
274,655



Net book value



At 31 December 2023
125,947
1,017,467
1,143,414



At 31 December 2022
38,181
1,233,293
1,271,474



Page 27

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           11.Intangible assets (continued)

Company




Computer software

£



Cost


At 1 January 2023
59,015


Additions - internal
76,941


Disposals
(25,574)



At 31 December 2023

110,382



Amortisation


At 1 January 2023
29,459


Charge for the year
14,742


On disposals
(25,574)



At 31 December 2023

18,627



Net book value



At 31 December 2023
91,755



At 31 December 2022
29,556

Page 28

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
362,185
72,457
207,494
152,702
794,838


Additions
-
-
34,451
16,171
50,622


Disposals
-
-
(44,621)
(23,808)
(68,429)



At 31 December 2023

362,185
72,457
197,324
145,065
777,031



Depreciation


At 1 January 2023
39,546
23,129
60,132
44,758
167,565


Charge for the year on owned assets
42,261
12,332
31,369
27,828
113,790


Disposals
-
-
(20,791)
(23,808)
(44,599)



At 31 December 2023

81,807
35,461
70,710
48,778
236,756



Net book value



At 31 December 2023
280,378
36,996
126,614
96,287
540,275



At 31 December 2022
322,639
49,328
147,362
107,944
627,273

Page 29

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2023
362,185
137,242
152,702
652,129


Additions
-
5,789
16,171
21,960


Disposals
-
(2,248)
(23,808)
(26,056)



At 31 December 2023

362,185
140,783
145,065
648,033



Depreciation


At 1 January 2023
39,546
29,194
44,758
113,498


Charge for the year on owned assets
42,261
27,481
27,828
97,570


Disposals
-
(2,248)
(23,808)
(26,056)



At 31 December 2023

81,807
54,427
48,778
185,012



Net book value



At 31 December 2023
280,378
86,356
96,287
463,021



At 31 December 2022
322,639
108,048
107,944
538,631






Page 30

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2,184,945



At 31 December 2023
2,184,945





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

G M Packaging (UK) Limited
Unit 7, Spring Road, Murton, Seaham, SR7 9DR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

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

G M Packaging (UK) Limited
829,497
417,342


14.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Finished goods and goods for resale
2,310,721
3,041,867
1,876,813
2,605,127

2,310,721
3,041,867
1,876,813
2,605,127


Page 31

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
858,009
436,157
31,541
-

Amounts owed by group undertakings
-
-
80,481
31,295

Other debtors
136,540
60,770
136,540
60,770

Prepayments and accrued income
164,668
773,209
45,976
737,300

1,159,217
1,270,136
294,538
829,365



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,252,109
979,968
329,204
362,773

Less: bank overdrafts
(434,557)
(296,070)
(432,092)
(296,043)

817,552
683,898
(102,888)
66,730


Page 32

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
434,557
296,070
432,092
296,043

Bank loans
33,145
31,229
25,087
23,306

Other loans
325,000
825,000
325,000
825,000

Trade creditors
1,476,373
1,569,335
640,845
1,021,224

Amounts owed to group undertakings
-
-
24,606
560,199

Amounts owed to joint ventures
27,100
95,000
27,100
95,000

Corporation tax
136,418
99,767
-
-

Other taxation and social security
550,505
595,889
361,292
484,368

Obligations under finance lease and hire purchase contracts
72,981
72,981
72,981
72,981

Other creditors
133,589
112,987
133,589
112,987

Accruals and deferred income
811,373
159,506
488,525
92,367

4,001,041
3,857,764
2,531,117
3,583,475


The company's banking facilities are secured by a debenture on the bank's standard form dated 22 April
2020.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
42,753
75,153
31,478
55,684

Net obligations under finance leases and hire purchase contracts
84,393
157,374
84,393
157,374

Amounts owed to joint ventures
450,000
450,000
450,000
450,000

Other creditors
1,400,000
1,400,000
1,400,000
1,400,000

1,977,146
2,082,527
1,965,871
2,063,058


Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.

Page 33

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
72,981
72,981

Between 1-5 years
84,393
157,374

157,374
230,355


20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,252,109
979,968
329,204
362,773




Financial assets measured at fair value through profit or loss comprises of cash and bank.

Page 34

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group





2023


£






At beginning of year
(149,482)


Charged to profit or loss
127,240



At end of year
(22,242)

Company




2023


£






At beginning of year
(129,388)


Charged to profit or loss
129,388



At end of year
-
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(22,242)
(149,482)
-
(129,388)

(22,242)
(149,482)
-
(129,388)


22.


Provisions


Group and Company





Dilapidation provision

£





Charged to profit or loss
16,200



At 31 December 2023
16,200

Page 35

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



450 (2022 - 450) Ordinary A shares shares of £0.10 each
45
45
550 (2022 - 550) Ordinary B shares shares of £0.10 each
55
55

100

100



24.


Reserves

Profit and loss account

The profit and loss account balance represents cumulative retained profits and losses. 


25.


Pension commitments

The Group 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. 
The charge to the profit and loss in respect of defined contributions for the year totalled £24,562 (2022:
£18,463). Contributions totalling £4,420 (2022: £1,182) were payable to the fund at the balance sheet
date and are included in creditors.


26.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
65,868
65,868

Later than 1 year and not later than 5 years
29,277
69,004

95,145
134,872
Page 36

 
RG DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Related party transactions

Included within other creditors is an amount owed to B Doous a director £825,000 (2022: £825,000) and an amount owed to J Abernethie a director £575,000 (2022: £575,000).
Also included within other creditors is an amount owed to Headway Point Limited, a company controlled by D Evershed, totalling £477,100 (2022: £545,000), and an amount owed to MWB Investments, a company controlled by M Barter, totalling £325,000 (£825,000).
The loans carry an interest charge and are repayable on demand.


28.


Controlling party

The ultimate controlling party is deemed to be Headway Point Limited by virtue of them being the majority shareholder.

Page 37