Registration number:
Runflat Holdings Limited
for the Year Ended 31 August 2024
Runflat Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Runflat Holdings Limited
Company Information
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Directors |
Mr Thomas Philip Westley Mr Alexander Dominic William Masters Mr Thomas Arthur Westley |
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Registered office |
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Auditors |
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Runflat Holdings Limited
Strategic Report for the Year Ended 31 August 2024
The directors present their strategic report for the year ended 31 August 2024.
Principal activity
The principal activity of the company is a holding company.
Fair review of the business
The Directors are pleased to report another successful year for the company and the wider group.
During the year the subsidiary RunFlat International Ltd relocated premises to a new, much larger, fitting centre. This expansion has significantly increased the group’s capacity, which was a limiting factor in prior years.
Principal risks and uncertainties
The Directors and management continually monitor the key risks facing the business as well as assessing the controls used to manage these risks.
As a significant proportion of the subsidiary company and wider group’s turnover is generated from foreign markets, exchange rates exposure and the relative strength of the pound is a significant risk. The Directors are confident that the internal policies and exchange strategies in place, alongside a healthy cash reserve balance, provide a robust defence against this risk.
The group invests each year in appropriate commercial insurance policies to protect the balance sheet, assets and employees.
In November 2024 the group parent company obtained its Cyber Essentials certification, complying with requirements of the Cyber Essentials Scheme for cyber security, reducing the potential cyber risk for the group.
Approved and authorised by the
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Runflat Holdings Limited
Directors' Report for the Year Ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's activities expose it to a number of financial risks including price risk, credit risk and liquidity risk. The use of financial derivatives is governed by the company's policies approved by the board of directors which provide written principles on the use of financial derivatives to manage.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk:
The company is exposed to commodity price risk. The company manages its exposure to commodity price risk where it is considered financially appropriate, presently this is only in respect of metal purchasing.
Credit risk:
The company's principle financial assets are bank balances and cash, trade and other receivables.
The company's credit risk is primarily attributed to trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in recovery of cash flow.
The company has no significant concentration of credit risk, with exposure spread over a large number of customers.
Liquidity risk:
The company has funded, and intends to continue funding, its ongoing operations and future developments through cash generated from operating activities and secured bank borrowings.
Employment of disabled persons
The company gives full and fair consideration to employment applications from disabled persons. Where an employee becomes disabled, arrangements are made wherever practical to continue employment by identifying an available job suited to the person's capabilities and providing any necessary retraining.
Runflat Holdings Limited
Directors' Report for the Year Ended 31 August 2024
Employee involvement
The directors involve and inform the company's employees as much as possible within regulatory constraints. The directors communicate on a regular basis through core briefing updates to the employees to promote awareness of current progress and developments within the company.
Environmental matters
Runflat Holdings and Runflat International consider respect for the environment as a core value of the Group. The Group has an approved environmental policy which sets out the guiding principles which all of its subsidiaries must adopt and observe.
Under this policy the Group pursues clear strategic goals, taking into account the available technologies and resources, with the aim of progressively improving its environmental performance.
The group is ISO14001 compliant.
Important non adjusting events after the financial period
Westley International Holdings Ltd was incorporated on 7th August 2024.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Walker Hubble are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Runflat Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Runflat Holdings Limited
Independent Auditor's Report to the Members of Runflat Holdings Limited
Opinion
We have audited the financial statements of Runflat Holdings Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 August 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 auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Runflat Holdings Limited
Independent Auditor's Report to the Members of Runflat Holdings Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | 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 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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
We identified and assessed the risk of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations. Our procedures included enquiry of management and performing analytical review procedures to identify any unusual relationships that may indicate a material misstatement. We also tested the appropriateness of the journals to address the risk of fraud through management override of controls. We peformed appropriate testing in respect of the risk of fraud in revenue recognition through a review of margins, sales cut off procedures, and by performing existence and valuation testing on trade debtors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Runflat Holdings Limited
Independent Auditor's Report to the Members of Runflat Holdings 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 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.
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For and on behalf of
Dudley
West Midlands
DY1 1JJ
Runflat Holdings Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024
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Note |
2024 |
2023 |
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Turnover |
- |
- |
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Operating profit/(loss) |
- |
- |
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Income from shares in group undertakings |
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1,150,000 |
500,000 |
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Profit before tax |
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Profit for the financial year |
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Retained earnings brought forward |
695,490 |
695,490 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
695,490 |
695,490 |
Runflat Holdings Limited
(Registration number: 07420872)
Balance Sheet as at 31 August 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
695,490 |
695,490 |
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Shareholders' funds |
696,490 |
696,490 |
Approved and authorised by the
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Runflat Holdings Limited
Statement of Changes in Equity for the Year Ended 31 August 2024
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Share capital |
Retained earnings |
Total |
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At 1 September 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 August 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 September 2022 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 August 2023 |
1,000 |
695,490 |
696,490 |
Runflat Holdings Limited
Statement of Cash Flows for the Year Ended 31 August 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Finance income |
( |
( |
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- |
- |
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Working capital adjustments |
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Increase in trade debtors |
( |
( |
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Net cash flow from operating activities |
( |
( |
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Cash flows from investing activities |
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Interest received |
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Cash flows from financing activities |
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Dividends paid |
( |
( |
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Net decrease in cash and cash equivalents |
( |
( |
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Cash and cash equivalents at 1 September |
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Cash and cash equivalents at 31 August |
3,910 |
3,940 |
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Runflat Holdings Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Runflat Holdings Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff costs |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Administration and support |
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Runflat Holdings Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 September 2023 |
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Provision |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Gawne Lane, Cradley Heath,
England |
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Gawne Lane, Cradley Heath,
England |
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Subsidiary undertakings |
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Runflat International Limited The principal activity of Runflat International Limited is |
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Runflat Limited The principal activity of Runflat Limited is |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Runflat Holdings Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Amounts due to related parties |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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Related party transactions |
Summary of transactions with parent
Westley Plastics Ltd
Owns 50% of the share capital
Dividends payable
Summary of transactions with all entities with joint control or significant interest
Summary of transactions with subsidiaries
Runflat International Ltd
Wholly owned subsidiary
Intercompany transactions
Runflat Ltd
Wholly owned subsidiary
Income and receivables from related parties
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2024 |
Subsidiary |
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Amounts receivable from related party |
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2023 |
Subsidiary |
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Amounts receivable from related party |
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Runflat Holdings Limited
Notes to the Financial Statements for the Year Ended 31 August 2024
Expenditure with and payables to related parties
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2024 |
Parent |
Subsidiary |
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Amounts payable to related party |
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2023 |
Parent |
Subsidiary |
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Amounts payable to related party |
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Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
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Non adjusting events after the financial period |
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