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Registered number: 11806624
RP Browne 33 Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—4
Consolidated Statement of Comprehensive Income 5
Consolidated Balance Sheet 6
Company Balance Sheet 7
Consolidated Statement of Changes in Equity 8
Company Statement of Changes in Equity 9
Consolidated Statement of Cash Flows 10
Notes to the Consolidated Statement of Cash Flows 11
Company Statement of Cash Flows 12
Notes to the Company Statement of Cash Flows 13
Notes to the Financial Statements 14—21
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of the Business
The group has experienced a good trading year with a 24.3% increase in turnover compared to the previous trading year.
Operating profit has increased to £1.99m in the period, driven by an increase in installations in the renewables space.
The directors are happy with the growth of the company, but are aware of wages and material cost pressures which are monitored closely.
Key Performance Indicators
2024
2023
£
£
Turnover
£16,219,519
£13,047,079
Gross profit
£5,635,448
£3,812,790
Operating Profit
£1,990,595
£844,369
Future Developments
The directors plan to continue to grow the company, taking advantage of the UK Government's scheme to assist with the installation of renewables.
The directors also plan to develop an upskilled supplied chain to operate with increased health and safety and compliance requirements.
The directors are aware of potential cost and supply constraints, many of which are outside of their control, but will continue to monitor these to ensure the company remains profitable and competitive.
Principal Risks and Uncertainties
The performance of the company is subject to a number of risks, including global inflationary pressures, supply chain constraints including raw material availability, customer pricing agreements and demand, global market conditions, competition and globalisation, process capability, availability of qualified staff, loss of major key customers, health and safety, environmental, cyber security, export
controls and quality issues, critical equipment and site continuity. These risks are regularly reviewed by the board of directors and appropriate processes have been put in place to monitor and mitigate risks where possible.
On behalf of the board
Mr D B Campbell
Director
24/03/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be the provision of retrofit services.
Directors
The directors who held office during the year were as follows:
Mr R P Browne
Mr D B Campbell
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, Glen C Rodger Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr D B Campbell
Director
24/03/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of RP Browne 33 Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 March 2024 and of the group's profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the 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 or 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 Directors' Responsibilities Statement set out on page 2, 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 and 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.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • Making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
  • obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
  • assessing the design effectiveness of the controls in place to prevent and detect fraud;
  • assessing the risk of management override, including identifying and testing journal entries.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
The comparative figures for the period 1 March 2022 to 31 March 2023 were unaudited.
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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
T W Duffy (Senior Statutory Auditor)
for and on behalf of Glen C Rodger Limited , Statutory Auditor
24/03/2025
Page 4
Page 5
Consolidated Statement of Comprehensive Income
31 March 2024 31 March 2023
Notes £ £
TURNOVER 3 16,219,519 13,047,079
Cost of sales (10,584,071 ) (9,234,289 )
GROSS PROFIT 5,635,448 3,812,790
Administrative expenses (3,753,385 ) (3,033,598 )
Other operating income 108,532 65,177
OPERATING PROFIT 5 1,990,595 844,369
Exceptional items (125,000) (290,247)
Loss on disposal of fixed assets (49,739 ) (6,763 )
Other interest receivable and similar income 9 61,221 42,805
Interest payable and similar charges 10 (83,014 ) (65,925 )
PROFIT BEFORE TAXATION 1,794,063 524,239
Tax on Profit 11 (634,263 ) (179,752 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,159,800 344,487
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 1,159,800 344,487
The notes on pages 11 to 21 form part of these financial statements.
Page 5
Page 6
Consolidated Balance Sheet
Registered number: 11806624
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 2,718,420 3,073,072
Tangible Assets 13 179,103 164,596
2,897,523 3,237,668
CURRENT ASSETS
Stocks 15 527,746 548,715
Debtors 16 3,985,617 4,207,572
Cash at bank and in hand 1,998,767 1,967,510
6,512,130 6,723,797
Creditors: Amounts Falling Due Within One Year 17 (3,301,935 ) (3,598,038 )
NET CURRENT ASSETS (LIABILITIES) 3,210,195 3,125,759
TOTAL ASSETS LESS CURRENT LIABILITIES 6,107,718 6,363,427
Creditors: Amounts Falling Due After More Than One Year 18 (3,092,048 ) (4,503,608 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 21 (266,677 ) (278,799 )
Deferred Taxation 20 (42,393 ) (35,120 )
NET ASSETS 2,706,600 1,545,900
CAPITAL AND RESERVES
Called up share capital 22 1,000 100
Profit and Loss Account 2,705,600 1,545,800
SHAREHOLDERS' FUNDS 2,706,600 1,545,900
On behalf of the board
Mr D B Campbell
Director
24/03/2025
The notes on pages 11 to 21 form part of these financial statements.
Page 6
Page 7
Company Balance Sheet
Registered number: 11806624
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Investments 14 4,522,500 4,522,500
4,522,500 4,522,500
CURRENT ASSETS
Debtors 16 422,800 909,300
Cash at bank and in hand 132,481 166,019
555,281 1,075,319
Creditors: Amounts Falling Due Within One Year 17 (27,349 ) (600 )
NET CURRENT ASSETS (LIABILITIES) 527,932 1,074,719
TOTAL ASSETS LESS CURRENT LIABILITIES 5,050,432 5,597,219
Creditors: Amounts Falling Due After More Than One Year 18 (3,079,600 ) (4,075,400 )
NET ASSETS 1,970,832 1,521,819
CAPITAL AND RESERVES
Called up share capital 22 1,000 100
Profit and Loss Account 1,969,832 1,521,719
SHAREHOLDERS' FUNDS 1,970,832 1,521,819
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 448,113 (2023: £ 522,417 profit).
On behalf of the board
Mr D B Campbell
Director
24/03/2025
The notes on pages 11 to 21 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 March 2022 100 1,201,313 1,201,413
Profit for the period and total comprehensive income - 344,487 344,487
Dividends paid - - -
As at 31 March 2023 and 1 April 2023 100 1,545,800 1,545,900
Profit for the year and total comprehensive income - 1,159,800 1,159,800
Dividends paid - - -
Arising on shares issued during the period 900 - 900
As at 31 March 2024 1,000 2,705,600 2,706,600
Page 8
Page 9
Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 March 2022 100 999,302 999,402
Profit for the period and total comprehensive income - 522,417 522,417
As at 31 March 2023 and 1 April 2023 100 1,521,719 1,521,819
Profit for the year and total comprehensive income - 448,113 448,113
Arising on shares issued during the period 900 - 900
As at 31 March 2024 1,000 1,969,832 1,970,832
Page 9
Page 10
Consolidated Statement of Cash Flows
31 March 2024 31 March 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,549,028 594,911
Interest paid (83,014 ) (65,925 )
Tax paid (374,443 ) (65,567 )
Net cash generated from operating activities 1,091,571 463,419
Cash flows from investing activities
Purchase of tangible assets (97,031 ) (31,036 )
Proceeds from disposal of tangible assets 2,834 7,762
Grants received - 600
Interest received 61,221 42,805
Net cash (used in)/generated from investing activities (32,976 ) 20,131
Cash flows from financing activities
Repayment of bank borrowings (31,538 ) (75,000 )
Proceeds from new other loans - 175,400
Repayment of other loans (995,800) -
Net cash (used in)/generated from financing activities (1,027,338 ) 100,400
Increase in cash and cash equivalents 31,257 583,950
Cash and cash equivalents at beginning of year 2 1,967,510 1,383,560
Cash and cash equivalents at end of year 2 1,998,767 1,967,510
Page 10
Page 11
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
31 March 2024 31 March 2023
£ £
Profit for the financial year 1,159,800 344,487
Adjustments for:
Tax on profit 634,263 179,752
Interest expense 83,014 65,925
Interest income (61,221 ) (42,805 )
Amortisation of intangible assets 341,555 343,426
Depreciation of tangible assets 43,048 74,829
Loss on disposal of intangible assets 13,097 -
Loss on disposal of tangible assets 36,642 6,763
Grant income - (600)
Movements in working capital:
Decrease/(increase) in stocks 20,969 (686,718 )
Decrease in trade and other debtors 140,443 260,694
(Decrease)/increase in trade and other creditors (862,582 ) 49,158
Net cash generated from operations 1,549,028 594,911
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 March 2024 31 March 2023
£ £
Cash at bank and in hand 1,998,767 1,967,510
3. Analysis of changes in net debt
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 1,967,510 31,257 1,998,767
Debts falling due within one year (18,750 ) 8,750 (10,000 )
Debts falling due after more than one year (4,110,636) 1,018,588 (3,092,048)
(2,161,876) 1,058,595 (1,103,281)
Page 11
Page 12
Company Statement of Cash Flows
31 March 2024 31 March 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 362,262 (657,314 )
Net cash generated from/(used in) operating activities 362,262 (657,314 )
Cash flows from investing activities
Purchase of investment in subsidiary undertaking - (22,500 )
Dividends received 600,000 662,500
Net cash generated from investing activities 600,000 640,000
Cash flows from financing activities
Proceeds from new other loans - 175,400
Repayment of other loans (995,800) -
Net cash (used in)/generated from financing activities (995,800 ) 175,400
(Decrease)/increase in cash and cash equivalents (33,538 ) 158,086
Cash and cash equivalents at beginning of year 2 166,019 7,933
Cash and cash equivalents at end of year 2 132,481 166,019
Page 12
Page 13
Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
31 March 2024 31 March 2023
£ £
Profit for the financial year 448,113 522,417
Adjustments for:
Income from shares in group undertakings (600,000) (662,500)
Movements in working capital:
Decrease/(increase) in trade and other debtors 487,400 (509,200 )
Increase/(decrease) in trade and other creditors 26,749 (8,031 )
Net cash generated from/(used in) operations 362,262 (657,314 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 March 2024 31 March 2023
£ £
Cash at bank and in hand 132,481 166,019
3. Analysis of changes in net debt
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 166,019 (33,538) 132,481
Debts falling due after more than one year (4,075,400) 995,800 (3,079,600)
(3,909,381) 962,262 (2,947,119)
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Notes to the Financial Statements
1. General Information
RP Browne 33 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11806624 . The registered office is Unit 2 Ninth Avenue, Team Valley Trading Estate, Gateshead, NE11 0EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.6. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are licence costs which are amortised to profit and loss account over its estimated economic life of ten years.
2.7. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10-33% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33% straight line
2.8. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Turnover
Analysis of turnover by geographical market is as follows:
31 March 2024 31 March 2023
£ £
United Kingdom 16,219,519 13,034,374
16,219,519 13,034,374
4. Other Operating Income
31 March 2024 31 March 2023
£ £
Grant income - 600
Other operating income 108,532 64,577
108,532 65,177
5. Operating Profit
The operating profit is stated after charging:
31 March 2024 31 March 2023
£ £
Bad debts 574,703 61,763
Depreciation of tangible fixed assets 43,048 74,829
Amortisation of intangible fixed assets 341,555 343,426
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 March 2024 31 March 2023
£ £
Audit Services
Audit of the group and company's financial statements 18,000 -
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 March 2024 31 March 2023
£ £
Wages and salaries 1,119,257 1,222,352
Other pension costs 513,022 136,330
1,632,279 1,358,682
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 38 (2023: 46)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
38 46
- -
9. Interest Receivable and Similar Income
31 March 2024 31 March 2023
£ £
Bank interest receivable 43,302 12,338
Other interest receivable type A 17,919 30,467
61,221 42,805
10. Interest Payable and Similar Charges
31 March 2024 31 March 2023
£ £
Bank loans and overdrafts 78,716 51,935
Interest payable on other loans 4,298 13,990
83,014 65,925
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11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 31 March 2024 31 March 2023
31 March 2024 31 March 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 626,990 193,609
Deferred Tax
Deferred taxation 7,273 (13,857 )
Total tax charge for the period 634,263 179,752
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
31 March 2024 31 March 2023
£ £
Profit before tax 1,794,063 524,239
Tax on profit at 25% (UK standard rate) 532,736 99,605
Goodwill/depreciation not allowed for tax 108,586 80,753
Expenses not deductible for tax purposes 2,665 2,719
Capital allowances (25,859 ) (3,325 )
Difference in tax rates 16,135 -
Total tax charge for the period 634,263 179,752
12. Intangible Assets
Group
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 3,368,805 65,460 3,434,265
Disposals - (18,710 ) (18,710 )
As at 31 March 2024 3,368,805 46,750 3,415,555
Amortisation
As at 1 April 2023 336,880 24,313 361,193
Provided during the period 336,880 4,675 341,555
Disposals - (5,613 ) (5,613 )
As at 31 March 2024 673,760 23,375 697,135
Net Book Value
As at 31 March 2024 2,695,045 23,375 2,718,420
As at 1 April 2023 3,031,925 41,147 3,073,072
Company
The company had no intangible fixed assets as at 31 March 2024 or 31 March 2023.
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13. Tangible Assets
Group
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 164,258 164,015 8,959 64,288 401,520
Additions 59,998 36,200 - 833 97,031
Disposals (66,047 ) (13,500 ) (8,959 ) (24,529 ) (113,035 )
As at 31 March 2024 158,209 186,715 - 40,592 385,516
Depreciation
As at 1 April 2023 78,605 100,232 6,314 51,773 236,924
Provided during the period 16,109 20,515 388 6,036 43,048
Disposals (31,032 ) (11,296 ) (6,702 ) (24,529 ) (73,559 )
As at 31 March 2024 63,682 109,451 - 33,280 206,413
Net Book Value
As at 31 March 2024 94,527 77,264 - 7,312 179,103
As at 1 April 2023 85,653 63,783 2,645 12,515 164,596
Company
The company had no tangible fixed assets as at 31 March 2024 or 31 March 2023.
14. Investments
Company
Subsidiaries
£
Cost
As at 1 April 2023 4,522,500
As at 31 March 2024 4,522,500
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 4,522,500
As at 1 April 2023 4,522,500
15. Stocks
31 March 2024 31 March 2023
£ £
Stock 527,746 548,715
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16. Debtors
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Due within one year
Trade debtors 2,290,154 1,137,316 - -
Other debtors 1,695,463 3,070,256 422,800 909,300
3,985,617 4,207,572 422,800 909,300
17. Creditors: Amounts Falling Due Within One Year
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Trade creditors 1,191,411 1,436,066 - -
Bank loans and overdrafts 10,000 18,750 - -
Other creditors 1,452,523 1,546,294 - -
Corporation tax 439,020 268,885 - -
Taxation and social security 144,287 75,237 - -
Accruals and deferred income 64,694 252,806 27,349 600
3,301,935 3,598,038 27,349 600
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Bank loans 12,448 35,236 - -
Other loans 3,079,600 4,075,400 3,079,600 4,075,400
Other creditors - 392,972 - -
3,092,048 4,503,608 3,079,600 4,075,400
19. Loans
An analysis of the maturity of loans is given below:
Group
31 March 2024 31 March 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 18,750
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Group Company
31 March 2024 31 March 2023 31 March 2024 31 March 2023
£ £ £ £
Amounts falling due between one and five years:
Bank loans 12,448 35,236 - -
Other loans 3,079,600 4,075,400 3,079,600 4,075,400
3,092,048 4,110,636 3,079,600 4,075,400
20. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 31 March 2023
£ £
Other timing differences 42,393 35,120
21. Provisions for Liabilities
Group
Deferred Tax Other Provisions Total
£ £ £
As at 1 April 2023 35,120 278,799 313,919
Additions 7,273 - 7,273
Utilised - (12,122 ) (12,122)
Balance at 31 March 2024 42,393 266,677 309,070
Irrecoverable Loans Provision
A provision is respect of irrecoverable loans totalling £138,125 (2023 - £150,247) has been recognised.
National Insurance Contributions Provision
A provision in respect of Class 1 Secondary National Insurance Contributions totalling £128,552 (2023 - £128,552) has been recognised in the event that a settlement is required relating to trust payments made in prior years.
22. Share Capital
31 March 2024 31 March 2023
Allotted, called up but not fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 100
Shares issued during the period: £
900 Ordinary Shares of £ 1.00 each 900
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