| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants and |
| Statutory Auditor |
| 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 |
| 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 |
| CURRENT ASSETS |
| Debtors | 13 |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 420,000 | - |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Balance at 30 September 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| 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 |
| 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 |
| 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 |
| Freehold property | - |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 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 |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| (Loss)/profit for the year | ( |
) |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit for the year |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| 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 | - | - |
| 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 | - | - |
| Prepayments and accrued income | 34,744 | 89,621 |
| 10,783,642 | 7,426,347 |
| 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 | - | - |
| 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 |
| 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: | £ | £ |
| 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 | 14,513,004 |
| Profit for the year |
| At 30 September 2024 | 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. |