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REGISTERED NUMBER: 07594556 (England and Wales)















Strategic Report, Director's Report and

Audited Financial Statements for the Year Ended 31 December 2024

for

Rutland Trading Co Limited

Rutland Trading Co Limited (Registered number: 07594556)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Strategic Report 1

Director's Report 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 12


Rutland Trading Co Limited (Registered number: 07594556)

Strategic Report
for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The director would like to report satisfactory results for the year for the company. Turnover has increased to £13,137,802 (2023: £12,263,805), while gross profit has increased to £5,184,137 (2023: £4,846,541). Profits before tax in the year were £1,236,482 (2023: £1,953,440).

At the year-end the company had shareholders' funds of £7,298,199 (2023: £6,447,622) including distributable profits of £7,298,099 (2023: £6,447,522). The company has net current assets of £6,846,932 (2023: £5,555,092) and has cash in the bank of £513,259 (2023: £1,883,030).

The company continues to invest heavily in our product development and ensuring our products meet the necessary compliance regulations which includes primarily Fire, Smoke, Corrosion, Endurance and Security.

PRINCIPAL RISKS AND UNCERTAINTIES
The director has assessed the main risk facing the company as the continuing economic uncertainty within the United Kingdom.

The director believes that there are sufficient systems and controls in place which allow for the business to react appropriately to any changes in the economic environment, whether positive or negative, and the director hopes to see satisfactory trading results in the coming year.

ON BEHALF OF THE BOARD:





Mr I Hughes - Director


31 March 2025

Rutland Trading Co Limited (Registered number: 07594556)

Director's Report
for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sale of door closers.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2024 will be £120,000.

DIRECTOR
Mr I Hughes held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr I Hughes - Director


31 March 2025

Report of the Independent Auditors to the Members of
Rutland Trading Co Limited

Opinion
We have audited the financial statements of Rutland Trading Co Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2024 and of its 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Director's Report, 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 Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Rutland Trading Co Limited


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

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has 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.

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through 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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Rutland Trading Co 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.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

2 April 2025

Rutland Trading Co Limited (Registered number: 07594556)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 13,137,802 12,263,805

Cost of sales (7,953,665 ) (7,417,264 )
GROSS PROFIT 5,184,137 4,846,541

Administrative expenses (3,931,904 ) (2,899,820 )
1,252,233 1,946,721

Other operating income 59,514 140,970
OPERATING PROFIT 6 1,311,747 2,087,691

(Gain)/loss on investments 7 - (88,112 )
1,311,747 1,999,579

Interest payable and similar expenses 8 (75,265 ) (46,139 )
PROFIT BEFORE TAXATION 1,236,482 1,953,440

Tax on profit 9 (265,905 ) (370,432 )
PROFIT FOR THE FINANCIAL YEAR 970,577 1,583,008

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

970,577

1,583,008

Rutland Trading Co Limited (Registered number: 07594556)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 11 55,071 102,037
Tangible assets 12 938,346 719,531
Investments 13 - 697,041
993,417 1,518,609

CURRENT ASSETS
Stocks 14 4,511,758 2,996,920
Debtors 15 4,766,503 2,886,690
Cash at bank 513,259 1,883,030
9,791,520 7,766,640
CREDITORS
Amounts falling due within one year 16 (2,944,588 ) (2,211,548 )
NET CURRENT ASSETS 6,846,932 5,555,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,840,349

7,073,701

CREDITORS
Amounts falling due after more than one
year

17

(469,053

)

(616,892

)

PROVISIONS FOR LIABILITIES 21 (73,097 ) (9,187 )
NET ASSETS 7,298,199 6,447,622

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 7,298,099 6,447,522
SHAREHOLDERS' FUNDS 7,298,199 6,447,622

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





Mr I Hughes - Director


Rutland Trading Co Limited (Registered number: 07594556)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 100 5,025,614 5,025,714

Changes in equity
Dividends - (161,100 ) (161,100 )
Total comprehensive income - 1,583,008 1,583,008
Balance at 31 December 2023 100 6,447,522 6,447,622

Changes in equity
Dividends - (120,000 ) (120,000 )
Total comprehensive income - 970,577 970,577
Balance at 31 December 2024 100 7,298,099 7,298,199

Rutland Trading Co Limited (Registered number: 07594556)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (723,921 ) 2,666,815
Interest paid (41,128 ) (43,339 )
Interest element of finance lease payments
paid

(34,137

)

(2,800

)
Tax paid (605,335 ) (198,355 )
Net cash from operating activities (1,404,521 ) 2,422,321

Cash flows from investing activities
Purchase of intangible fixed assets - (72,174 )
Purchase of tangible fixed assets (171,108 ) (69,373 )
Purchase of fixed asset investments - (44,090 )
Sale of tangible fixed assets 116,737 8,334
Sale of fixed asset investments - 100
Return of capital account 697,041 -
Net cash from investing activities 642,670 (177,203 )

Cash flows from financing activities
Loan repayments in year (140,000 ) (140,000 )
Capital repayments in year (347,549 ) (237,317 )
Amount withdrawn by directors (371 ) (95 )
Equity dividends paid (120,000 ) (161,100 )
Net cash from financing activities (607,920 ) (538,512 )

(Decrease)/increase in cash and cash equivalents (1,369,771 ) 1,706,606
Cash and cash equivalents at beginning of
year

2

1,883,030

176,424

Cash and cash equivalents at end of year 2 513,259 1,883,030

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 1,236,482 1,953,440
Depreciation charges 271,949 234,254
(Profit)/loss on disposal of fixed assets (565 ) 584
Amounts written off investments - 88,112
Finance costs 75,265 46,139
1,583,131 2,322,529
(Increase)/decrease in stocks (1,514,838 ) 1,243,285
Increase in trade and other debtors (1,879,811 ) (485,412 )
Increase/(decrease) in trade and other creditors 1,087,597 (413,587 )
Cash generated from operations (723,921 ) 2,666,815

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 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 513,259 1,883,030
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,883,030 176,424


Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank 1,883,030 (1,369,771 ) 513,259
1,883,030 (1,369,771 ) 513,259
Debt
Finance leases (448,634 ) 347,549 (388,862 ) (489,947 )
Debts falling due
within 1 year (140,000 ) - - (140,000 )
Debts falling due
after 1 year (373,333 ) 140,000 - (233,333 )
(961,967 ) 487,549 (388,862 ) (863,280 )
Total 921,063 (882,222 ) (388,862 ) (350,021 )

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Rutland Trading Co Limited is a private company, limited by shares, registered in England, registration number 07594556. The registered office is Unit 3C&4C Holmewood Business Park Chesterfield Road, Temple Normanton, Holmewood, Chesterfield, United Kingdom, S42 5US.

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.

Turnover
Turnover represents net invoiced sales of goods and services in respect of door closers, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2014 and 2023, is being amortised evenly over its estimated useful life of ten 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 and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Going concern
The directors of the company have reviewed the company's financial position for 12 months from the balance sheet signing date and it is the director's belief that the company should prepare financial statements on a going concern basis.

Financial Instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated financial instrument.

If a financial instrument contains both an equity and a liability element, then the liability element is first established with any residual value being disclosed within equity shareholders' funds. The liability element is the present value of the future payments guaranteed to be made to the holders of the financial instrument.

Non-discretionary dividends payable are disclosed within interest in the company's profit and loss account.

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 12,549,693 11,048,212
Europe 54,586 997,713
United States of America 533,523 217,880
13,137,802 12,263,805

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,943,968 1,411,746
Social security costs 215,773 142,784
Other pension costs 28,688 18,540
2,188,429 1,573,070

The average number of employees during the year was as follows:
31.12.24 31.12.23

Employees 31 25

The directors are deemed to be the key management personnel of the company and no further disclosure is deemed to be required other than the directors' emoluments.

5. DIRECTORS' EMOLUMENTS
31.12.24 31.12.23
£    £   
Director's remuneration 12,570 11,702

6. OPERATING PROFIT

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

31.12.24 31.12.23
£    £   
Hire of plant and machinery 11,798 -
Depreciation - owned assets 39,721 20,691
Depreciation - assets on finance leases 185,262 166,597
(Profit)/loss on disposal of fixed assets (565 ) 584
Goodwill amortisation 46,966 46,966
Auditors' remuneration 15,450 15,000
Foreign exchange differences (84,315 ) 108,952

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. (GAIN)/LOSS ON INVESTMENTS
31.12.24 31.12.23
£    £   
Amounts w/o invs - 88,112

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 41,128 43,339
HP and finance lease interest 34,137 2,800
75,265 46,139

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 258,286 475,622
CT over/under provision (56,291 ) (41,996 )
Total current tax 201,995 433,626

Deferred tax 63,910 (63,194 )
Tax on profit 265,905 370,432

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

31.12.24 31.12.23
£    £   
Profit before tax 1,236,482 1,953,440
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

309,121

459,449

Effects of:
Expenses not deductible for tax purposes 110,691 24,000
Income not taxable for tax purposes (35,917 ) (33,130 )
Capital allowances in excess of depreciation (32,625 ) -
Depreciation in excess of capital allowances - 31,680
Utilisation of tax losses (92,984 ) -
Adjustments to tax charge in respect of previous periods (56,291 ) (41,996 )
Deferred tax movement 63,910 (63,194 )
Patent box relief - (6,377 )
Total tax charge 265,905 370,432

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary A shares of £1 each
Final 60,000 80,550
Ordinary B shares of £1 each
Final 60,000 80,550
120,000 161,100

11. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 452,174
AMORTISATION
At 1 January 2024 350,137
Amortisation for year 46,966
At 31 December 2024 397,103
NET BOOK VALUE
At 31 December 2024 55,071
At 31 December 2023 102,037

12. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 257,723 58,010 775,569 1,091,302
Additions 34,992 394,072 130,906 559,970
Disposals (134,500 ) - (64,322 ) (198,822 )
At 31 December 2024 158,215 452,082 842,153 1,452,450
DEPRECIATION
At 1 January 2024 108,991 34,125 228,655 371,771
Charge for year 27,034 33,414 164,535 224,983
Eliminated on disposal (49,242 ) - (33,408 ) (82,650 )
At 31 December 2024 86,783 67,539 359,782 514,104
NET BOOK VALUE
At 31 December 2024 71,432 384,543 482,371 938,346
At 31 December 2023 148,732 23,885 546,914 719,531

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 134,500 - 711,843 846,343
Additions 22,667 235,289 130,906 388,862
Disposals (134,500 ) - (31,197 ) (165,697 )
Transfer to ownership - - (35,306 ) (35,306 )
At 31 December 2024 22,667 235,289 776,246 1,034,202
DEPRECIATION
At 1 January 2024 35,792 - 206,825 242,617
Charge for year 14,206 16,025 155,031 185,262
Eliminated on disposal (49,242 ) - (18,721 ) (67,963 )
Transfer to ownership - - (19,998 ) (19,998 )
At 31 December 2024 756 16,025 323,137 339,918
NET BOOK VALUE
At 31 December 2024 21,911 219,264 453,109 694,284
At 31 December 2023 98,708 - 505,018 603,726

13. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.12.24 31.12.23
£    £   
Brought forward 697,041 675,100
Additions - 21,941
Repayment of capital (697,041 ) -
- 697,041

14. STOCKS
31.12.24 31.12.23
£    £   
Finished goods 4,511,758 2,996,920

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 2,302,605 1,846,204
Amounts owed by related parties 2,199,193 862,828
Other debtors - 28,021
Prepayments and accrued income 264,705 149,637
4,766,503 2,886,690

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 18) 140,000 140,000
Finance leases (see note 19) 254,227 205,075
Trade creditors 1,851,313 930,941
Amounts owed by related parties - 9,140
Tax 30,286 433,626
Social security and other taxes 206,087 67,786
VAT 395,379 139,584
Directors' current accounts - 371
Accruals and deferred income 67,296 285,025
2,944,588 2,211,548

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 18) 233,333 373,333
Finance leases (see note 19) 235,720 243,559
469,053 616,892

18. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 140,000 140,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 140,000 140,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 93,333 233,333

In September 2021 the company obtained a £700,000 loan through the Coronavirus Business Interruption Loan Scheme from The Royal Bank of Scotland PLC. From September 2022 interest is charged at 2.53% over base rate with capital repayments being made in 60 monthly instalments from this date.

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 254,227 205,075
Between one and five years 235,720 243,559
489,947 448,634

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 261,238 -
Between one and five years 894,077 -
1,155,315 -

20. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Finance lease 209,246 355,943

The company's bank facilities are secured by way of fixed and floating charges over all property and undertakings of the company.

Finance leases are secured on the assets to which they relate

21. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 73,097 9,187

Deferred
tax
£   
Balance at 1 January 2024 9,187
Movement in the year 63,910
Balance at 31 December 2024 73,097

Rutland Trading Co Limited (Registered number: 07594556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
28 Ordinary A £1 28 28
27 Ordinary B £1 27 27
15 Ordinary C £1 15 15
15 Ordinary D £1 15 15
15 Ordinary E £1 15 15
100 100

23. RESERVES
Retained
earnings
£   

At 1 January 2024 6,447,522
Profit for the year 970,577
Dividends (120,000 )
At 31 December 2024 7,298,099

24. RELATED PARTY DISCLOSURES

Other related parties
31.12.24 31.12.23
£    £   
Sales 3,101,893 418,079
Purchases 2,791,704 142,849
Amount due from related party 2,199,193 862,828
Amount due to related party - 9,140

25. ULTIMATE CONTROLLING PARTY

The company is under the control of the director Mr I Hughes.