IRIS Accounts Production v25.1.3.33 09946679 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 group holding company. true true true false true true false false false false false false false false false false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh099466792023-09-30099466792024-09-30099466792023-10-012024-09-30099466792022-09-30099466792022-10-012023-09-30099466792023-09-3009946679ns15:EnglandWales2023-10-012024-09-3009946679ns14:PoundSterling2023-10-012024-09-3009946679ns10:Director12023-10-012024-09-3009946679ns10:Consolidated2024-09-3009946679ns10:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3009946679ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3009946679ns10:Consolidatedns10:FRS1022023-10-012024-09-3009946679ns10:Consolidatedns10:Audited2023-10-012024-09-3009946679ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3009946679ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3009946679ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-10-012024-09-3009946679ns10:FullAccounts2023-10-012024-09-3009946679ns5:Subsidiary12023-10-012024-09-3009946679ns5:Subsidiary22023-10-012024-09-3009946679ns5:Subsidiary32023-10-012024-09-3009946679ns5:Subsidiary42023-10-012024-09-3009946679ns5:Subsidiary52023-10-012024-09-3009946679ns5:Subsidiary62023-10-012024-09-3009946679ns5:Subsidiary72023-10-012024-09-3009946679ns5:Subsidiary82023-10-012024-09-3009946679ns5:Subsidiary92023-10-012024-09-3009946679ns5:Subsidiary102023-10-012024-09-300994667912023-10-012024-09-3009946679ns10:OrdinaryShareClass12023-10-012024-09-3009946679ns10:Consolidated2023-10-012024-09-3009946679ns10:Director22023-10-012024-09-3009946679ns10:Director32023-10-012024-09-3009946679ns10:RegisteredOffice2023-10-012024-09-3009946679ns10:Consolidated2022-10-012023-09-3009946679ns5:CurrentFinancialInstruments2024-09-3009946679ns5:CurrentFinancialInstruments2023-09-3009946679ns5:ShareCapital2024-09-3009946679ns5:ShareCapital2023-09-3009946679ns5:SharePremium2024-09-3009946679ns5:SharePremium2023-09-3009946679ns5:RetainedEarningsAccumulatedLosses2024-09-3009946679ns5:RetainedEarningsAccumulatedLosses2023-09-3009946679ns5:ShareCapital2022-09-3009946679ns5:RetainedEarningsAccumulatedLosses2022-09-3009946679ns5:SharePremium2022-09-3009946679ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3009946679ns5:NetGoodwill2023-10-012024-09-3009946679ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3009946679ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-10-012024-09-3009946679ns5:ShortLeaseholdAssetsns5:LandBuildings2023-10-012024-09-3009946679ns5:PlantMachinery2023-10-012024-09-3009946679ns5:FurnitureFittings2023-10-012024-09-3009946679ns5:MotorVehicles2023-10-012024-09-3009946679ns5:CostValuation2023-09-3009946679ns5:Subsidiary112023-10-012024-09-3009946679ns5:Subsidiary12024-09-3009946679ns5:Subsidiary12023-09-3009946679ns5:Subsidiary12022-10-012023-09-30099466793ns5:Subsidiary22023-10-012024-09-3009946679ns5:Subsidiary22024-09-3009946679ns5:Subsidiary22023-09-3009946679ns5:Subsidiary22022-10-012023-09-3009946679ns5:Subsidiary352023-10-012024-09-3009946679ns5:Subsidiary362023-10-012024-09-3009946679ns5:Subsidiary32024-09-3009946679ns5:Subsidiary32023-09-3009946679ns5:Subsidiary32022-10-012023-09-30099466797ns5:Subsidiary42023-10-012024-09-3009946679ns5:Subsidiary42024-09-3009946679ns5:Subsidiary42023-09-30099466799ns5:Subsidiary52023-10-012024-09-3009946679ns5:Subsidiary52024-09-3009946679ns5:Subsidiary52023-09-3009946679ns5:Subsidiary6112023-10-012024-09-3009946679ns5:Subsidiary62024-09-3009946679ns5:Subsidiary62023-09-3009946679ns5:Subsidiary62022-10-012023-09-3009946679ns5:Subsidiary7132023-10-012024-09-3009946679ns5:Subsidiary72024-09-3009946679ns5:Subsidiary72023-09-3009946679ns5:Subsidiary72022-10-012023-09-300994667915ns5:Subsidiary82023-10-012024-09-3009946679ns5:Subsidiary82024-09-3009946679ns5:Subsidiary82023-09-3009946679ns5:Subsidiary82022-10-012023-09-300994667917ns5:Subsidiary92023-10-012024-09-3009946679ns5:Subsidiary92024-09-3009946679ns5:Subsidiary92023-09-3009946679ns5:Subsidiary92022-10-012023-09-3009946679ns5:Subsidiary10192023-10-012024-09-3009946679ns5:Subsidiary102024-09-3009946679ns5:Subsidiary102023-09-3009946679ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-09-3009946679ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-09-3009946679ns10:OrdinaryShareClass12024-09-3009946679ns5:RetainedEarningsAccumulatedLosses2023-09-3009946679ns5:SharePremium2023-09-30
REGISTERED NUMBER: 09946679 (England and Wales)















Ruttle Group Limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30 September 2024






Ruttle Group Limited (Registered number: 09946679)






Contents of the Consolidated Financial Statements
for the year ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


Ruttle Group Limited

Company Information
for the year ended 30 September 2024







DIRECTORS: GH Ruttle
GH Ruttle
MT Ruttle





REGISTERED OFFICE: Lancaster House
Ackhurst Road
Chorley
Lancashire
PR7 1NH





REGISTERED NUMBER: 09946679 (England and Wales)





AUDITORS: McMillan & Co LLP
Chartered Accountants and
Statutory Auditor
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Ruttle Group Limited (Registered number: 09946679)

Group Strategic Report
for the year ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
The Group turnover has risen in the year by 3.6% to £23.1m, as the economy continues to recover. This turnover has been achieved through diversifying the activities to include waste management in addition to traditional plant hire. The Group has continued to invest in plant as required for the needs of the business.

The Group has continued to restructure internally to improve profitability, and improve the operating profit to £3.6 (2023: £3.9m, after adjusting for exceptional items).

The Group recorded a profit before taxation, after providing for exceptional items of £765,500, of £1,287,841 (2023: £1,676,431). After financing costs of £1,588,808 (2023: £1,566,642), deprecation of £3,199,306 (2023: £3,284,138), a credit of £520,172 (2023: £520,172) for the amortisation of goodwill, and profit on the disposal of fixed assets of £358,644 (2023: £2,210,512), this gave rise to an EBITDA profit £5,962,639 (2023: £3,796,527), after adjusting for exceptional items.

At the 30 September 2024, shareholders funds stood at £18,181,055 (2023: £16,850,521).

The net overdraft position was £nil at the year end (2023: £1,996,800), and the overall net debt figure decreased to £18,085,893 (2023: £22,654,605). This included finance leases of £16,230,358 (2023: £17,636,805).

Key performance indicators
2024 2023
EBITDA (earning before interest, tax, depreciation amortisation and
exceptional items)

£6.0m

£3.8m
Gross profit percentage 29.2% 25.9%
Operating profit percentage (adjusted for negative goodwill and exceptional) 13.5% 12.2%
Capital expenditure £4.3m £6.0m

PRINCIPAL RISKS AND UNCERTAINTIES
The directors consider that the principal key risks and uncertainties are:

- The general state of the economy and the construction industry, which has seen a slowdown, particularly in the housebuilding sector.

- The ability of the company to secure competitive finance to support its growth plans, in a market of higher interest rates.

- The conflict in Ukraine, and the resultant impact on the cost of living (in particular energy costs) and inflation in the UK.

It is felt by management that the risks and uncertainties relating to the performance of the UK economy could substantially impact the construction industry in particular. However, the directors feel that the current demand and planned government infrastructure projects will maintain the demand at current levels.
The directors feel that the Group is well placed to weather any economic storms as it has a strategy of minimising costs as much as practicable and maintaining cash reserves where possible.

ON BEHALF OF THE BOARD:





GH Ruttle - Director


25 June 2025

Ruttle Group Limited (Registered number: 09946679)

Report of the Directors
for the year ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

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

GH Ruttle
GH Ruttle
MT Ruttle

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

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

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

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

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

AUDITORS
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





GH Ruttle - Director


25 June 2025

Report of the Independent Auditors to the Members of
Ruttle Group Limited

Opinion
We have audited the financial statements of Ruttle Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Ruttle Group Limited


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

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

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

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

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Ruttle Group Limited


We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:


- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships; and
- tested journal entries to identify unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

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.




Andrea Gerring FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP
Chartered Accountants and
Statutory Auditor

25 June 2025

Ruttle Group Limited (Registered number: 09946679)

Consolidated Income Statement
for the year ended 30 September 2024

2024 2023
Notes £ £

TURNOVER 23,105,966 22,304,594

Cost of sales 16,354,708 16,519,234
GROSS PROFIT 6,751,258 5,785,360

Administrative expenses 5,173,076 3,193,952
1,578,182 2,591,408

Other operating income 1,298,467 651,665
OPERATING PROFIT 4 2,876,649 3,243,073


Interest payable and similar expenses 6 1,588,808 1,566,642
PROFIT BEFORE TAXATION 1,287,841 1,676,431

Tax on profit 7 (42,693 ) (86,704 )
PROFIT FOR THE FINANCIAL YEAR 1,330,534 1,763,135
Profit attributable to:
Owners of the parent 1,330,534 1,763,135

Ruttle Group Limited (Registered number: 09946679)

Consolidated Other Comprehensive Income
for the year ended 30 September 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 1,330,534 1,763,135


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,330,534

1,763,135

Total comprehensive income attributable to:
Owners of the parent 1,330,534 1,763,135

Ruttle Group Limited (Registered number: 09946679)

Consolidated Balance Sheet
30 September 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 9 (2,039,321 ) (2,559,493 )
Tangible assets 10 38,509,837 38,548,884
Investments 11 - -
36,470,516 35,989,391

CURRENT ASSETS
Stocks 12 4,774,140 5,222,866
Debtors 13 10,783,642 7,426,347
Cash at bank and in hand 865,465 132,063
16,423,247 12,781,276
CREDITORS
Amounts falling due within one year 14 24,302,218 19,599,754
NET CURRENT LIABILITIES (7,878,971 ) (6,818,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,591,545

29,170,913

CREDITORS
Amounts falling due after more than one
year

15

(9,254,502

)

(11,272,522

)

PROVISIONS FOR LIABILITIES 19 (1,155,988 ) (1,047,870 )
NET ASSETS 18,181,055 16,850,521

CAPITAL AND RESERVES
Called up share capital 20 10,000 10,000
Share premium 21 4,000,000 4,000,000
Retained earnings 21 14,171,055 12,840,521
SHAREHOLDERS' FUNDS 18,181,055 16,850,521

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





GH Ruttle - Director


Ruttle Group Limited (Registered number: 09946679)

Company Balance Sheet
30 September 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 14,528,504 14,528,504
14,528,504 14,528,504

CURRENT ASSETS
Debtors 13 422,000 2,000

CREDITORS
Amounts falling due within one year 14 7,500 7,500
NET CURRENT ASSETS/(LIABILITIES) 414,500 (5,500 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,943,004

14,523,004

CAPITAL AND RESERVES
Called up share capital 20 10,000 10,000
Share premium 21 4,000,000 4,000,000
Retained earnings 21 10,933,004 10,513,004
SHAREHOLDERS' FUNDS 14,943,004 14,523,004

Company's profit for the financial year 420,000 -

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





GH Ruttle - Director


Ruttle Group Limited (Registered number: 09946679)

Consolidated Statement of Changes in Equity
for the year ended 30 September 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 October 2022 10,000 11,077,386 4,000,000 15,087,386

Changes in equity
Total comprehensive income - 1,763,135 - 1,763,135
Balance at 30 September 2023 10,000 12,840,521 4,000,000 16,850,521

Changes in equity
Total comprehensive income - 1,330,534 - 1,330,534
Balance at 30 September 2024 10,000 14,171,055 4,000,000 18,181,055

Ruttle Group Limited (Registered number: 09946679)

Company Statement of Changes in Equity
for the year ended 30 September 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 October 2022 10,000 10,513,004 4,000,000 14,523,004

Changes in equity
Balance at 30 September 2023 10,000 10,513,004 4,000,000 14,523,004

Changes in equity
Total comprehensive income - 420,000 - 420,000
Balance at 30 September 2024 10,000 10,933,004 4,000,000 14,943,004

Ruttle Group Limited (Registered number: 09946679)

Consolidated Cash Flow Statement
for the year ended 30 September 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 6,170,147 4,883,019
Interest paid (417,129 ) (348,946 )
Interest element of hire purchase
payments paid

(1,171,679

)

(1,217,696

)
Tax paid 25,183 32,441
Net cash from operating activities 4,606,522 3,348,818

Cash flows from investing activities
Purchase of tangible fixed assets (173,043 ) (462,153 )
Sale of tangible fixed assets 1,452,133 4,015,773
Net cash from investing activities 1,279,090 3,553,620

Cash flows from financing activities
Bank loan repayments in year (300,000 ) (498,000 )
Capital repayments in year (8,061,842 ) (8,515,578 )
Amount introduced by directors 3,403,980 -
Amount withdrawn by directors (303 ) (18,724 )
Refinance of plant 1,934,818 1,891,001
Net cash from financing activities (3,023,347 ) (7,141,301 )

Increase/(decrease) in cash and cash equivalents 2,862,265 (238,863 )
Cash and cash equivalents at
beginning of year

2

(1,996,800

)

(1,757,937

)

Cash and cash equivalents at end of
year

2

865,465

(1,996,800

)

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 September 2024

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

2024 2023
£ £
Profit before taxation 1,287,841 1,676,431
Depreciation charges 3,199,306 3,284,138
Profit on disposal of fixed assets (358,644 ) (2,210,512 )
Amortisation of goodwill (520,172 ) (520,172 )
Provision for liability 765,500 -
Finance costs 1,588,808 1,566,642
5,962,639 3,796,527
Decrease in stocks 448,726 834,616
Increase in trade and other debtors (3,357,295 ) (716,258 )
Increase in trade and other creditors 3,116,077 968,134
Cash generated from operations 6,170,147 4,883,019

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 30 September 2024
30/9/24 1/10/23
£ £
Cash and cash equivalents 865,465 132,063
Bank overdrafts - (2,128,863 )
865,465 (1,996,800 )
Year ended 30 September 2023
30/9/23 1/10/22
£ £
Cash and cash equivalents 132,063 189,968
Bank overdrafts (2,128,863 ) (1,947,905 )
(1,996,800 ) (1,757,937 )


Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/10/23 Cash flow At 30/9/24
£ £ £
Net cash
Cash at bank and in hand 132,063 733,402 865,465
Bank overdrafts (2,128,863 ) 2,128,863 -
(1,996,800 ) 2,862,265 865,465
Debt
Finance leases (17,636,805 ) 1,406,447 (16,230,358 )
Debts falling due within 1 year (3,021,000 ) 300,000 (2,721,000 )
(20,657,805 ) 1,706,447 (18,951,358 )
Total (22,654,605 ) 4,568,712 (18,085,893 )

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements
for the year ended 30 September 2024

1. STATUTORY INFORMATION

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

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


The amounts in the financial statements have been rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

Going concern
The financial statements are prepared on a going concern basis which the directors believe to be appropriate for the following reasons.

The directors do not prepare formal forecasts, but instead rely on their market knowledge and experience to monitor future cashflow requirements. The Group is in the process of realising various development assets, which will supplement their operating cashflows and enable them to reduce their reliance on bank and hire purchase funding.

The forecasts also include additional funding as required to be provided by the shareholders in the event of delays in the completion of other projects.

Based on the above indications, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate.

Basis of consolidation
The consolidated financial statements incorporate those of Ruttle Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements have co-terminus year ends. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

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

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

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Goodwill
Negative goodwill represents the excess over cost of the company’s interest in the net fair value of the acquired identifiable assets, liabilities and contingent liabilities.

Negative goodwill is apportioned over the non-monetary assets of the Group and released over the period in which the excess fair value of those assets is expected to be benefited. The amortisation by category is as follows:

Freehold property-10 years
Plant and machinery-5 years
Fixtures and fittings-5 years
Motor vehicles-4 years
Investment property-1 year
Stock-1 year

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Short leasehold - 20% on cost
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 6,518,183 6,346,938
Social security costs 73,929 53,680
Other pension costs 15,413 14,878
6,607,525 6,415,496

The average number of employees during the year was as follows:
2024 2023

Productive and administrative staff 22 22

The information regarding wages and salaries and directors' remuneration relates to the costs incurred by this company for salaries that are remunerated by another company, Contract Services (Millennium) Ltd and then recharged to Ruttle Group Limited subsidiary undertakings for inclusion in these accounts. The staff numbers refer to staff employed directly by the Group.

2024 2023
£ £
Directors' remuneration 137,092 135,426

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

4. OPERATING PROFIT

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

2024 2023
£ £
Hire of plant and machinery 1,382,077 4,218,691
Other operating leases 484,444 819,864
Depreciation - owned assets 478,541 732,562
Depreciation - assets on hire purchase contracts 2,720,765 2,551,576
Profit on disposal of fixed assets (358,644 ) (2,210,512 )
Goodwill amortisation (520,172 ) (520,172 )
Auditors' remuneration 31,900 31,900

5. PROVISION FOR RECOVERABILITY OF AMOUNTS OWED BY RELATED UNDERTAKINGS
2024 2023
£ £
Exceptional items (765,500 ) -
Exceptional bad debt provision - (722,444 )
(765,500 ) (722,444 )

The exceptional provision in 2024 relates to a liability incurred in a subsidiary, with no corresponding asset. In 2023, the provision of £722,444 related to amounts owed by related undertakings, which may be irrecoverable.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest 178,660 119,314
Mortgage 238,469 229,632
Hire purchase 1,171,679 1,217,696
1,588,808 1,566,642

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£ £
Current tax:
Prior year corporation tax (25,183 ) (32,441 )

Deferred tax (17,510 ) (54,263 )
Tax on profit (42,693 ) (86,704 )

UK corporation tax has been charged at 25 % (2023 - 22 %).

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

7. TAXATION - continued

Reconciliation of total tax credit 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:

2024 2023
£ £
Profit before tax 1,287,841 1,676,431
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 22 %)

321,960

368,815

Effects of:
Expenses not deductible for tax purposes 208,347 35,190
Income not taxable for tax purposes (92,339 ) (66,921 )
Capital allowances in excess of depreciation (300,192 ) (120,603 )
Adjustments to tax charge in respect of previous periods (25,183 ) (32,441 )
Adjustment to prior year deferred tax - (89,970 )
Other adjustments and timing differences (130,043 ) (124,682 )
Increase in tax losses (25,243 ) (1,266 )
companies
Capital gains - (54,826 )
Total tax credit (42,693 ) (86,704 )

Following the increase in corporation tax from 19% to 25% on 1 April 2023, the effective rate of tax in the year is 22%. Deferred tax has been provided at 25%.

8. INDIVIDUAL INCOME STATEMENT

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


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST OR VALUATION
At 1 October 2023
and 30 September 2024 (5,201,727 )
AMORTISATION
At 1 October 2023 (2,642,234 )
Amortisation for year (520,172 )
At 30 September 2024 (3,162,406 )
NET BOOK VALUE
At 30 September 2024 (2,039,321 )
At 30 September 2023 (2,559,493 )

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

9. INTANGIBLE FIXED ASSETS - continued

Group

The negative goodwill arose on the acquisition of various entities from the Groco HR Holdco group on 19 September 2018, which was revalued in 2019 as set out below.

Cost or valuation at 30 September 2024 is represented by:

Goodwill
£
Valuation in 2019 (523,482 )
Cost (4,678,245 )
(5,201,727 )

10. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£ £ £
COST OR VALUATION
At 1 October 2023 12,835,043 607,148 40,508,988
Additions - 22,500 4,170,000
Disposals - - (3,071,038 )
At 30 September 2024 12,835,043 629,648 41,607,950
DEPRECIATION
At 1 October 2023 - - 15,799,268
Charge for year - - 3,088,424
Eliminated on disposal - - (1,981,022 )
At 30 September 2024 - - 16,906,670
NET BOOK VALUE
At 30 September 2024 12,835,043 629,648 24,701,280
At 30 September 2023 12,835,043 607,148 24,709,720

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST OR VALUATION
At 1 October 2023 195,635 682,213 54,829,027
Additions 2,508 58,740 4,253,748
Disposals - (21,900 ) (3,092,938 )
At 30 September 2024 198,143 719,053 55,989,837
DEPRECIATION
At 1 October 2023 151,980 328,895 16,280,143
Charge for year 9,283 101,599 3,199,306
Eliminated on disposal - (18,427 ) (1,999,449 )
At 30 September 2024 161,263 412,067 17,480,000
NET BOOK VALUE
At 30 September 2024 36,880 306,986 38,509,837
At 30 September 2023 43,655 353,318 38,548,884


Included in the net book value of fixed assets is an amount of £22,410,528 (2023: £20,744,041) financed by hire purchase agreements at the year end.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 October 2023
and 30 September 2024 14,528,504
NET BOOK VALUE
At 30 September 2024 14,528,504
At 30 September 2023 14,528,504

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Ruttle Plant Holdings Limited
Registered office: United Kingdom
Nature of business: Holding company for investments and property
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 8,700,471 11,198,419
Profit for the year 851,780 182,490

Ruttle Plant (Midlands) Limited
Registered office: United Kingdom
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 495,310 210,366
Profit for the year 284,944 112,581

Oldham Broadway Developments Limited
Registered office: United Kingdom
Nature of business: Intermediate holding company
%
Class of shares: holding
Ordinary 100.00
Redeemable 100.00
2024 2023
£ £
Aggregate capital and reserves (1,715,611 ) (1,713,027 )
Loss for the year (2,584 ) (900,465 )

Ruttle Heavy Haulage Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 1,000 1,000

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Birmingham Civils & Construction Limited
Registered office: United Kingdom
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves - (72,008 )

Blackthorn (Midlands) Limited
Registered office: United Kingdom
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves (3,449,725 ) (2,669,769 )
(Loss)/profit for the year (779,956 ) 790

Ruttle Plant (North East) Limited
Registered office: United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves (1,443,562 ) (1,561,573 )
Profit for the year 118,011 250

Ruttle Contracting Limited
Registered office: United Kingdom
Nature of business: Plant Hire
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 1,915,708 1,819,233
Profit for the year 96,475 518,277

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Ruttle Plant Hire Limited
Registered office: United Kingdom
Nature of business: Hire of plant and machinery
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 940,048 2,640,172
Profit for the year 3,580,220 306,900

Ruttle Plant Sales Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 12 12


12. STOCKS

Group
2024 2023
£ £
Stocks and work-in-progress 4,774,140 5,222,866

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 3,786,212 3,323,714 - -
Amounts owed by group undertakings - - 420,000 -
Other debtors 1,588,892 1,350,426 - -
Due from related undertakings 5,295,016 2,566,805 - -
Vat account 78,778 95,781 - -
Called up share capital not paid - - 2,000 2,000
Prepayments and accrued income 34,744 89,621 - -
10,783,642 7,426,347 422,000 2,000

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 16) 2,721,000 5,149,863 - -
Hire purchase contracts (see note 17) 6,975,856 6,364,283 - -
Trade creditors 1,801,506 1,642,180 - -
Amounts owed to group undertakings - - 7,500 7,500
Social security and other taxes 111,435 71,614 - -
Other creditors 1,919,093 614,028 - -
Due to related undertakings 6,603,141 4,929,631 - -
Directors' current accounts 4,085,740 682,063 - -
Accruals and deferred income 84,447 146,092 - -
24,302,218 19,599,754 7,500 7,500

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

Group
2024 2023
£ £
Hire purchase contracts (see note 17) 9,254,502 11,272,522

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 2,128,863
Bank loans 2,721,000 3,021,000
2,721,000 5,149,863

The bank loan due after more than 5 years is repaid at a quarterly amount of £68,385 and attracts interest on a floating rate basis at a margin of 2.3%.

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 6,975,856 6,364,283
Between one and five years 9,254,502 11,272,522
16,230,358 17,636,805

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£ £
Bank overdraft - 2,128,863
Bank loans 2,721,000 3,021,000
Hire purchase contracts 16,230,358 17,636,805
18,951,358 22,786,668

There is a cross guarantee and debenture between Contract Services (Millennium) Limited, Ruttle Group Limited, Ruttle Plant Hire Limited, Birmingham Civils & Construction Limited, Ruttle Contracting Limited, Ruttle Plant (Midlands) Limited, Ruttle Plant (North East) Limited and Ruttle Heavy Haulage Limited dated 18 May 2021.

There are also various fixed and floating charges over the companies assets.

Hire purchase creditors are secured on the relevant assets.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax
Accelerated capital allowances 387,424 407,997
Other timing differences - 639,873
Deferred tax 3,064 -
390,488 1,047,870

Other provisions 765,500 -

Aggregate amounts 1,155,988 1,047,870

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred Other
tax provisions
£ £
Balance at 1 October 2023 1,047,870 -
Provided during year - 765,500
Utilised during year (657,382 ) -
Balance at 30 September 2024 390,488 765,500

Deferred tax has been calculated using a tax rate of 25% (2022: 25%).

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
10,000 Ordinary £1 10,000 10,000

21. RESERVES

Group
Retained Share
earnings premium Totals
£ £ £

At 1 October 2023 12,840,521 4,000,000 16,840,521
Profit for the year 1,330,534 1,330,534
At 30 September 2024 14,171,055 4,000,000 18,171,055

Company
Retained Share
earnings premium Totals
£ £ £

At 1 October 2023 10,513,004 4,000,000 14,513,004
Profit for the year 420,000 420,000
At 30 September 2024 10,933,004 4,000,000 14,933,004


22. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements - 1,247,696

Ruttle Group Limited (Registered number: 09946679)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 September 2024

23. RELATED PARTY DISCLOSURES

The following companies are related to the group as they are also controlled by GH Ruttle, a director of the company.

At the year/period end the amounts owed to or from related parties comprised of;

2024 2023
Owed from Contract Services (Millennium) Limited £4,608,980 £2,504,987
Owed to Contract Services (Millennium) Limited £5,236,522 £3,530,054
Owed to Digger Excavating Inc £742,401 £739,746
Owed to Rentrite Inc £nil £659,831
Owed from Harrick Limited £61,818 £61,818

The company is owed £426,692 (2023: £426,692) from Centremodel Ltd. This balance has been fully provided for.

The company is owed £295,752 (2023: £314,252) from Blackthorn Estates Limited. This balance has been fully provided for.

At the year end an amount of £4,085,740 (2023: £682,063) was owed to the directors. No interest was paid on this amount by any member of the group during the year and there are no fixed repayment terms.

24. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by GH Ruttle, a director of the company.