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REGISTERED NUMBER: 01744021 (England and Wales)


















RABART DECORATORS MERCHANTS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15 to 16

Notes to the Consolidated Financial Statements 17 to 29


RABART DECORATORS MERCHANTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S Bush
R A Bush
M S Bush
A J Bush



SECRETARY: S Bush



REGISTERED OFFICE: Pontsarn Road
Pant Industrial Estate
Dowlais
Merthyr Tydfil
Mid Glamorgan
CF48 2SR



REGISTERED NUMBER: 01744021 (England and Wales)



AUDITORS: MHA
Statutory Auditor
Swansea, United Kingdom



AUDITORS OFFICE: MHA House
Charter Court
Swansea Enterprise Park
Swansea
SA7 9FS

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group uses the following key performance indicators :

2023 2022
Turnover £19,112,654 £19,027,918
Gross profit 29.8% 30.9%
Profit before tax 1.7% 4.3%

PRINCIPAL RISKS AND UNCERTAINTIES
As the group operates in an environment with changing demand patterns, there is always the threat of loss of sales through not moving with the times. This however is being managed by the group by constantly being in touch with suppliers regarding new products.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group operates a number of risk management policies designed to minimise its exposure to financial risk, including key financial controls which are reviewed regularly to ensure that risk is mitigated and opportunities fully explored.

DEVELOPMENTS AND PERFORMANCE
The market continues to be challenging and price increases continue to put pressure on margins.

The group continues to improve its Balance Sheet going forward and its cash position remains strong.

The group remains committed to achieving continued profitable growth going forward.

ON BEHALF OF THE BOARD:





M S Bush - Director


17 March 2025

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of trade and retail sale of decorating materials.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £220,000.

FUTURE DEVELOPMENTS
The group will continue to focus on sustained profitability and growth.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S Bush
R A Bush
M S Bush
A J Bush

Other changes in directors holding office are as follows:

A Bush ceased to be a director after 31 December 2023 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
Included in the group's strategic report is a review of the business and a description of the principal risks and uncertainties facing the group.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, MHA, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





M S Bush - Director


17 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RABART DECORATORS MERCHANTS LIMITED


Opinion
We have audited the financial statements of Rabart Decorators Merchants Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RABART DECORATORS MERCHANTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud ;
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred ;
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations ;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias :
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
RABART DECORATORS MERCHANTS LIMITED


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




Brian Garland BA ACA (Senior Statutory Auditor)
for and on behalf of MHA
Statutory Auditor
Swansea, United Kingdom

27 March 2025


MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership
in England and Wales (registered number OC312313).

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 19,112,654 19,027,918

Cost of sales 13,416,754 13,142,130
GROSS PROFIT 5,695,900 5,885,788

Distribution costs 83,602 -
Administrative expenses 5,236,788 5,023,267
5,320,390 5,023,267
OPERATING PROFIT 4 375,510 862,521

Interest receivable and similar income 310 59
375,820 862,580

Interest payable and similar expenses 5 47,678 51,706
PROFIT BEFORE TAXATION 328,142 810,874

Tax on profit 6 91,472 53,242
PROFIT FOR THE FINANCIAL YEAR 236,670 757,632
Profit attributable to:
Owners of the parent 236,670 757,632

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 236,670 757,632


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

236,670

757,632

Total comprehensive income attributable to:
Owners of the parent 236,670 757,632

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 339,410 389,960
Tangible assets 10 2,794,057 2,965,163
Investments 11 - -
Investment property 12 160,000 160,000
3,293,467 3,515,123

CURRENT ASSETS
Stocks 13 3,801,278 3,873,484
Debtors 14 2,142,871 2,166,689
Investments 15 14,000 14,000
Cash at bank and in hand 473,184 795,878
6,431,333 6,850,051
CREDITORS
Amounts falling due within one year 16 3,289,803 3,938,056
NET CURRENT ASSETS 3,141,530 2,911,995
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,434,997

6,427,118

CREDITORS
Amounts falling due after more than one
year

17

(1,333,373

)

(1,307,982

)

PROVISIONS FOR LIABILITIES 21 (131,266 ) (167,824 )
NET ASSETS 4,970,358 4,951,312

CAPITAL AND RESERVES
Called up share capital 22 2,400 24
Retained earnings 23 4,967,958 4,951,288
SHAREHOLDERS' FUNDS 4,970,358 4,951,312

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





M S Bush - Director


RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 9,000 15,000
Tangible assets 10 2,641,093 2,815,550
Investments 11 1,243,729 1,243,729
Investment property 12 160,000 160,000
4,053,822 4,234,279

CURRENT ASSETS
Stocks 13 3,124,469 3,161,548
Debtors 14 1,850,544 1,923,607
Investments 15 14,000 14,000
Cash at bank and in hand 246,400 520,186
5,235,413 5,619,341
CREDITORS
Amounts falling due within one year 16 3,179,809 3,682,898
NET CURRENT ASSETS 2,055,604 1,936,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,109,426

6,170,722

CREDITORS
Amounts falling due after more than one
year

17

(1,333,373

)

(1,304,216

)

PROVISIONS FOR LIABILITIES 21 (106,237 ) (144,200 )
NET ASSETS 4,669,816 4,722,306

CAPITAL AND RESERVES
Called up share capital 22 2,400 24
Retained earnings 23 4,667,416 4,722,282
SHAREHOLDERS' FUNDS 4,669,816 4,722,306

Company's profit for the financial year 165,134 624,583

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





M S Bush - Director


RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 24 4,413,656 4,413,680

Changes in equity
Dividends - (220,000 ) (220,000 )
Total comprehensive income - 757,632 757,632
Balance at 31 December 2022 24 4,951,288 4,951,312

Changes in equity
Issue of share capital 2,376 - 2,376
Dividends - (220,000 ) (220,000 )
Total comprehensive income - 236,670 236,670
Balance at 31 December 2023 2,400 4,967,958 4,970,358

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 24 4,317,699 4,317,723

Changes in equity
Dividends - (220,000 ) (220,000 )
Total comprehensive income - 624,583 624,583
Balance at 31 December 2022 24 4,722,282 4,722,306

Changes in equity
Issue of share capital 2,376 - 2,376
Dividends - (220,000 ) (220,000 )
Total comprehensive income - 165,134 165,134
Balance at 31 December 2023 2,400 4,667,416 4,669,816

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 474,757 1,242,732
Interest paid (46,835 ) (50,344 )
Interest element of hire purchase
payments paid

(843

)

(1,362

)
Tax paid (284,647 ) (79,591 )
Net cash from operating activities 142,432 1,111,435

Cash flows from investing activities
Purchase of tangible fixed assets (215,963 ) (784,339 )
Sale of tangible fixed assets 39,773 75,550
Interest received 310 59
Net cash from investing activities (175,880 ) (708,730 )

Cash flows from financing activities
Capital repayments in year (71,622 ) (62,104 )
Share issue 2,376 -
Equity dividends paid (220,000 ) (220,000 )
Net cash from financing activities (289,246 ) (282,104 )

(Decrease)/increase in cash and cash equivalents (322,694 ) 120,601
Cash and cash equivalents at
beginning of year

2

795,878

675,277

Cash and cash equivalents at end of
year

2

473,184

795,878

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 328,142 810,874
Depreciation charges 389,744 355,437
Loss/(profit) on disposal of fixed assets 8,154 (24,916 )
Finance costs 47,678 51,706
Finance income (310 ) (59 )
773,408 1,193,042
Decrease/(increase) in stocks 72,206 (559,784 )
Decrease/(increase) in trade and other debtors 47,112 (116,266 )
(Decrease)/increase in trade and other creditors (417,969 ) 725,740
Cash generated from operations 474,757 1,242,732

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 473,184 795,878
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 795,878 675,277


RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 795,878 (322,694 ) 473,184
795,878 (322,694 ) 473,184

Liquid resources
Current asset investments 14,000 - 14,000
14,000 - 14,000
Debt
Finance leases (219,878 ) 71,622 (148,256 )
Debts falling due within 1 year (71,147 ) - (71,147 )
Debts falling due after 1 year (1,169,207 ) (83,891 ) (1,253,098 )
(1,460,232 ) (12,269 ) (1,472,501 )
Total (650,354 ) (334,963 ) (985,317 )

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Rabart Decorators Merchants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in the financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Rabart Decorators Merchants Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

Useful economic lives of fixed assets
Each class of assets is reviewed to identify the expected usage and longevity, expected physical wear and tear and any other factors that would impact upon the assessed useful economic lives of the asset classes. Depreciation rates are reviewed each year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - over term of lease
Plant and machinery - 20% on cost and 15% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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.

Basic financial liabilities, including trade and other creditors and bank loans, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
In preparing the financial statements, the directors have considered the current financial position of the group and likely future cashflows. The group has reported a profit in the current financial year, and has net assets at the balance sheet date.

The directors have assessed the risks facing the business from the current economic uncertainty and implemented measures to address these risks. The directors believe that the group is well placed to manage its business risks successfully, despite the uncertain economic outlook.

Therefore after making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,781,917 2,506,899
Social security costs 262,048 228,317
Other pension costs 135,251 102,402
3,179,216 2,837,618

The average number of employees during the year was as follows:
2023 2022

Directors 5 5
Office and Shop 82 79
87 84

2023 2022
£    £   
Directors' remuneration 180,000 178,276
Directors' pension contributions to money purchase schemes 33,750 26,604

4. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 6,993 4,277
Depreciation - owned assets 339,142 304,826
Loss/(profit) on disposal of fixed assets 8,154 (24,916 )
Goodwill amortisation 50,550 50,550
Auditors' remuneration 35,135 35,000
Foreign exchange differences (38 ) (111 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 44,919 49,598
Interest on overdue tax 1,916 746
Hire purchase 843 1,362
47,678 51,706

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 128,394 73,004
Corporation tax - prior year 2,445 (86,382 )
Total current tax 130,839 (13,378 )

Deferred tax (39,367 ) 66,620
Tax on profit 91,472 53,242

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 328,142 810,874
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

77,179

154,066

Effects of:
Expenses not deductible for tax purposes 8,139 14,282
Capital allowances in excess of depreciation (2,891 ) -
Adjustments to tax charge in respect of previous periods (1,479 ) (86,382 )
Effect of change in corporation tax rate - 4,481
Research and development tax credit (14,116 ) (14,341 )
Deferred tax 23,242 15,475
Enhanced capital allowances - (14,078 )
Other 1,398 (20,261 )
Total tax charge 91,472 53,242

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 220,000 220,000

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 662,627
AMORTISATION
At 1 January 2023 272,667
Amortisation for year 50,550
At 31 December 2023 323,217
NET BOOK VALUE
At 31 December 2023 339,410
At 31 December 2022 389,960

Company
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 217,130
AMORTISATION
At 1 January 2023 202,130
Amortisation for year 6,000
At 31 December 2023 208,130
NET BOOK VALUE
At 31 December 2023 9,000
At 31 December 2022 15,000

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 January 2023 2,053,650 114,458 10,411
Additions - - -
Disposals - - -
At 31 December 2023 2,053,650 114,458 10,411
DEPRECIATION
At 1 January 2023 191,679 114,457 1,822
Charge for year 26,789 - 1,041
Eliminated on disposal - - -
At 31 December 2023 218,468 114,457 2,863
NET BOOK VALUE
At 31 December 2023 1,835,182 1 7,548
At 31 December 2022 1,861,971 1 8,589

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 2,272,867 133,995 636,288 5,221,669
Additions 58,731 10,799 146,433 215,963
Disposals (23,173 ) - (91,473 ) (114,646 )
At 31 December 2023 2,308,425 144,794 691,248 5,322,986
DEPRECIATION
At 1 January 2023 1,546,716 93,389 308,443 2,256,506
Charge for year 182,696 6,091 122,525 339,142
Eliminated on disposal (15,230 ) - (51,489 ) (66,719 )
At 31 December 2023 1,714,182 99,480 379,479 2,528,929
NET BOOK VALUE
At 31 December 2023 594,243 45,314 311,769 2,794,057
At 31 December 2022 726,151 40,606 327,845 2,965,163



RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS - continued

Company
Freehold Short Plant and Motor
property leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 2,053,650 114,458 1,884,505 548,767 4,601,380
Additions - - 39,782 119,933 159,715
Disposals - - - (91,473 ) (91,473 )
At 31 December 2023 2,053,650 114,458 1,924,287 577,227 4,669,622
DEPRECIATION
At 1 January 2023 191,679 114,457 1,222,399 257,295 1,785,830
Charge for year 26,789 - 153,967 113,432 294,188
Eliminated on disposal - - - (51,489 ) (51,489 )
At 31 December 2023 218,468 114,457 1,376,366 319,238 2,028,529
NET BOOK VALUE
At 31 December 2023 1,835,182 1 547,921 257,989 2,641,093
At 31 December 2022 1,861,971 1 662,106 291,472 2,815,550

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,243,729
NET BOOK VALUE
At 31 December 2023 1,243,729
At 31 December 2022 1,243,729

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

S G Bailey (Paints) Limited
Registered office: United Kingdom
Nature of business: Manufacture, wholesale and retail of paints
%
Class of shares: holding
Ordinary shares 100.00
2023 31/12/22
£    £   
Aggregate capital and reserves 1,213,862 1,097,777
Profit for the year 116,085 177,601


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 160,000
NET BOOK VALUE
At 31 December 2023 160,000
At 31 December 2022 160,000

Investment properties have been valued at fair value by the directors at the balance sheet date, on an existing use basis.

Company
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 160,000
NET BOOK VALUE
At 31 December 2023 160,000
At 31 December 2022 160,000

Investment properties have been valued at fair value by the directors at the balance sheet date, on an existing use basis.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 3,801,278 3,873,484 3,124,469 3,161,548

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,602,562 1,660,657 1,316,692 1,422,192
Other debtors 280,508 354,397 280,508 354,397
Staff loans 83,032 - 83,032 -
Corporation tax recoverable 139,235 115,941 139,235 115,941
Prepayments 37,534 35,694 31,077 31,077
2,142,871 2,166,689 1,850,544 1,923,607

15. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Unlisted investments 14,000 14,000 14,000 14,000

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 71,147 71,147 71,147 71,147
Hire purchase contracts (see note 19) 67,981 81,103 67,981 73,754
Trade creditors 1,963,894 2,391,469 1,745,937 2,140,095
Amounts owed to group undertakings - - 195,059 70,182
Corporation tax 264,822 395,336 249,581 376,257
Social security and other taxes 57,921 60,511 49,173 50,702
Pensions - - 13,138 -
VAT 188,856 99,769 153,819 78,309
Other creditors 139,890 279,143 110,653 275,357
Accruals and deferred income 535,292 559,578 523,321 547,095
3,289,803 3,938,056 3,179,809 3,682,898

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,253,098 1,169,207 1,253,098 1,169,207
Hire purchase contracts (see note 19) 80,275 138,775 80,275 135,009
1,333,373 1,307,982 1,333,373 1,304,216

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 71,147 71,147 71,147 71,147
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,253,098 1,169,207 1,253,098 1,169,207

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 67,981 81,103
Between one and five years 80,275 138,775
148,256 219,878

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 67,981 73,754
Between one and five years 80,275 135,009
148,256 208,763

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,324,245 1,240,354 1,324,245 1,240,354
Hire purchase contracts 148,256 219,878 148,256 208,763
1,472,501 1,460,232 1,472,501 1,449,117

Hire purchase contracts are secured on the assets to which they relate.

Bank loans are secured by fixed charges over the mortgaged properties.

21. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 131,266 167,824 106,237 144,200

Group
Deferred
tax
£   
Balance at 1 January 2023 167,824
Credit to Income Statement during year (36,558 )
Balance at 31 December 2023 131,266

Company
Deferred
tax
£   
Balance at 1 January 2023 144,200
Credit to Income Statement during year (37,963 )
Balance at 31 December 2023 106,237

Deferred tax relates to accelerated capital allowances.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
24 Ordinary £1 2,400 24

RABART DECORATORS MERCHANTS LIMITED (REGISTERED NUMBER: 01744021)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


23. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 4,951,288
Profit for the year 236,670
Dividends (220,000 )
At 31 December 2023 4,967,958

Company
Retained
earnings
£   

At 1 January 2023 4,722,282
Profit for the year 165,134
Dividends (220,000 )
At 31 December 2023 4,667,416


24. PENSION COMMITMENTS

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

The pension cost charge represents contributions payable by the company to the fund amounting to £135,251 (2022 - £102,402).

25. ULTIMATE CONTROLLING PARTY

The controlling party is A Bush.