Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01product evaluation, tooling design, manufacturing of tooling and technical service assistance in the product solution laboratory (PSL)77falsefalse79falsefalse 01866185 2024-01-01 2024-12-31 01866185 1 2024-01-01 2024-12-31 01866185 2023-01-01 2023-12-31 01866185 2024-12-31 01866185 2023-12-31 01866185 2023-01-01 01866185 1 2024-01-01 2024-12-31 01866185 1 2023-01-01 2023-12-31 01866185 e:Director1 2024-01-01 2024-12-31 01866185 e:Director2 2024-01-01 2024-12-31 01866185 e:Director3 2024-01-01 2024-12-31 01866185 e:RegisteredOffice 2024-01-01 2024-12-31 01866185 e:Agent1 2024-01-01 2024-12-31 01866185 c:Buildings 2024-01-01 2024-12-31 01866185 c:Buildings 2024-12-31 01866185 c:Buildings 2023-12-31 01866185 c:Buildings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01866185 c:LandBuildings 2024-12-31 01866185 c:LandBuildings 2023-12-31 01866185 c:PlantMachinery 2024-01-01 2024-12-31 01866185 c:PlantMachinery 2024-12-31 01866185 c:PlantMachinery 2023-12-31 01866185 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01866185 c:MotorVehicles 2024-01-01 2024-12-31 01866185 c:MotorVehicles 2024-12-31 01866185 c:MotorVehicles 2023-12-31 01866185 c:MotorVehicles c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01866185 c:FurnitureFittings 2024-01-01 2024-12-31 01866185 c:FurnitureFittings 2024-12-31 01866185 c:FurnitureFittings 2023-12-31 01866185 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01866185 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01866185 c:CurrentFinancialInstruments 2024-12-31 01866185 c:CurrentFinancialInstruments 2023-12-31 01866185 c:Non-currentFinancialInstruments 2024-12-31 01866185 c:Non-currentFinancialInstruments 2023-12-31 01866185 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 01866185 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 01866185 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 01866185 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 01866185 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 01866185 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 01866185 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2024-12-31 01866185 c:Non-currentFinancialInstruments c:MoreThanFiveYears 2023-12-31 01866185 f:UnitedKingdom 2024-01-01 2024-12-31 01866185 f:UnitedKingdom 2023-01-01 2023-12-31 01866185 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 01866185 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 01866185 f:RestWorldOutsideUK 2024-01-01 2024-12-31 01866185 f:RestWorldOutsideUK 2023-01-01 2023-12-31 01866185 c:UKTax 2024-01-01 2024-12-31 01866185 c:UKTax 2023-01-01 2023-12-31 01866185 c:ShareCapital 2024-12-31 01866185 c:ShareCapital 2023-12-31 01866185 c:ShareCapital 2023-01-01 01866185 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01866185 c:RetainedEarningsAccumulatedLosses 2024-12-31 01866185 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01866185 c:RetainedEarningsAccumulatedLosses 2023-12-31 01866185 c:RetainedEarningsAccumulatedLosses 2023-01-01 01866185 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01866185 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01866185 c:TaxLossesCarry-forwardsDeferredTax 2024-12-31 01866185 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01866185 e:OrdinaryShareClass1 2024-01-01 2024-12-31 01866185 e:OrdinaryShareClass1 2024-12-31 01866185 e:OrdinaryShareClass1 2023-12-31 01866185 e:FRS102 2024-01-01 2024-12-31 01866185 e:Audited 2024-01-01 2024-12-31 01866185 e:FullAccounts 2024-01-01 2024-12-31 01866185 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01866185 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 01866185 c:HirePurchaseContracts c:WithinOneYear 2023-12-31 01866185 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 01866185 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-12-31 01866185 2 2024-01-01 2024-12-31 01866185 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-12-31 01866185 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-12-31 01866185 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-12-31 01866185 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-12-31 01866185 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2024-12-31 01866185 c:FurnitureFittings c:LeasedAssetsHeldAsLessee 2023-12-31 01866185 c:LeasedAssetsHeldAsLessee 2024-12-31 01866185 c:LeasedAssetsHeldAsLessee 2023-12-31 01866185 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 01866185













 
R & D TOOL & ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
R & D TOOL & ENGINEERING LIMITED
 


CONTENTS



Page
Company Information
1
Strategic Report
2 - 3
Directors' Report
4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 28


 
R & D TOOL & ENGINEERING LIMITED
 

 
COMPANY INFORMATION


Directors
Mr P Gruner 
Mr J A Ramsey 
Mr R Taradash 




Registered number
01866185



Registered office
1 Hamilton Road
Sutton In Ashfield

Nottinghamshire

NG17 5LD




Independent auditors
Page Kirk LLP
Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB




Bankers
National Westminster Bank plc
Nottingham City Branch

148-149 Victoria Centre

Nottingham

NG1 3QT




Solicitors
Ashton Bond Gigg
Office Village

13 Castle Bridge Road

Kirtley Dr

Nottingham

NG7 1UT




Page 1


 
R & D TOOL & ENGINEERING LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is product evaluation, tooling design, manufacturing of tooling and technical service assistance in the product solution laboratory (PSL).

Introduction
 
The Company is a solution provider to the ISBM Single Stage Market, we offer Product evaluation, tooling design, manufacturing of tooling and Technical Service assistance. In the Product Solution Laboratory we offer Research and Development for bottles and jars, material and colour trials and production tooling qualification.

Business review and future developments
 
Sales increased in 2024 compared to 2023 and management is confident that the business activity outlook remains positive with opportunities for growth into new markets not previously served by the business. The profit for the year, after taxation, amounted to £282,689 (2023 - £32,881).

Principal risks and uncertainties
 
Interest Rate Risk
The company finances its operation through a mixture of retained profits, cash at bank and finance leases. The company’s exposure to interest fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Liquidity Risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through finance leases and short term flexibility is achieved through overdraft facilities.
Currency Risk
The company is exposed to transaction and translation foreign exchange risk. In relation to translation risk the company maintains a bank balance in foreign currencies to mitigate this risk. 
Inflation Risk
Macroeconomic inflationary pressures present a risk to the company’s financial performance. As inflation in the company’s operating markets fluctuates, the company is monitoring expenditure in all cost centres and reviewing pricing structures to maintain financial performance and competitiveness.
Financial Instruments
The Company uses financial instruments, other than derivatives, comprising borrowing, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Companies operations. The main risk arising from the Companies financial instruments are interest rate risk, liquidity risk and currency risk. The Directors review and agree policies for managing each of these risks. The policies have remained unchanged from previous periods.
Various risks for comment only
Growth into different market sector IBM
Trump Tariffs
Geographical war zones
Defence spending and loss of employees in companies in these market sectors
Recycling and war against plastics

Page 2


 
R & D TOOL & ENGINEERING LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The financial and non-financial KPI's of the Company are:

2024
2023
Deliveries to be made on time to be above 98%

99.5%

100%

Debtor days to be below 30 days

5.8

5.9

Creditor days to be 45 days

72.6

74.7

Manage cash limits

Yes

Yes

Overtime to be below 4 hours per employee per week

0.4

0.5


Performance against these KPI's has been accepted during the year.


This report was approved by the board on 15 July 2025 and signed on its behalf.



................................................
Mr J A Ramsey
Director
Page 3


 
R & D TOOL & ENGINEERING LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Results and dividends

The profit for the year, after taxation, amounted to £282,689 (2023 - £32,881).

Directors

The directors who served during the year were:

Mr P Gruner 
Mr J A Ramsey 
Mr R Taradash 

Financial instruments

Objectives and policies
The directors have implemented policies to minimise risks wherever possible.
Price risk, credit risk, liquidity risk and cash flow risk
Please see principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Reappointment of auditors

Page Kirk LLP have expressed their willingness to continue as auditors for the next financial year.
The address of its registered office is:
1 Hamilton Road
Sutton In Ashfield
Nottinghamshire
NG17 5LD
United Kingdom

This report was approved by the board on 15 July 2025 and signed on its behalf.
 





................................................
Mr J A Ramsey
Director
Page 4


 
R & D TOOL & ENGINEERING LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Page 5


 
R & D TOOL & ENGINEERING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D TOOL & ENGINEERING LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024 

Opinion


We have audited the financial statements of R & D Tool & Engineering Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 6


 
R & D TOOL & ENGINEERING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D TOOL & ENGINEERING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7


 
R & D TOOL & ENGINEERING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D TOOL & ENGINEERING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue.
Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing meeting minutes, regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


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 Auditors' Report.
Page 8


 
R & D TOOL & ENGINEERING LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D TOOL & ENGINEERING LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered accountants and statutory auditors
  
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

15 July 2025
Page 9


 
R & D TOOL & ENGINEERING LIMITED
 

 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
7,599,205
7,058,004

Cost of sales
  
(2,773,579)
(2,875,609)

Gross profit
  
4,825,626
4,182,395

Administrative expenses
  
(4,316,282)
(4,008,717)

Other operating income
 4 
9,629
27,361

Interest receivable and similar income
 8 
19,123
13,848

Interest payable and similar expenses
 9 
(169,741)
(109,252)

Profit before tax
  
368,355
105,635

Tax on profit
 10 
(85,666)
(72,754)

Profit for the financial year
  
282,689
32,881

The notes on pages 13 to 28 form part of these financial statements.
Page 10


 
R & D TOOL & ENGINEERING LIMITED
REGISTERED NUMBER:01866185


BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
4,925,801
5,200,079

  
4,925,801
5,200,079

Current assets
  

Stocks
 12 
866,855
753,451

Debtors
 13 
1,073,332
1,536,004

Cash at bank and in hand
 14 
1,224,381
554,992

  
3,164,568
2,844,447

Creditors: amounts falling due within one year
 15 
(2,053,874)
(1,896,275)

Net current assets
  
 
 
1,110,694
 
 
948,172

Total assets less current liabilities
  
6,036,495
6,148,251

Creditors: amounts falling due after more than one year
 16 
(2,212,893)
(1,824,423)

Provisions for liabilities
  

Deferred tax
 19 
(363,732)
(288,744)

  
 
 
(363,732)
 
 
(288,744)

Net assets
  
3,459,870
4,035,084


Capital and reserves
  

Called up share capital 
 20 
50,000
50,000

Profit And Loss Account
  
3,409,870
3,985,084

  
3,459,870
4,035,084


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2025.




................................................
Mr J A Ramsey
Director

The notes on pages 13 to 28 form part of these financial statements.
Page 11


 
R & D TOOL & ENGINEERING LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
50,000
3,985,084
4,035,084



Profit for the year
-
282,689
282,689

Dividends: Equity capital
-
(857,903)
(857,903)


At 31 December 2024
50,000
3,409,870
3,459,870



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
50,000
4,774,503
4,824,503



Profit for the year
-
32,881
32,881

Dividends: Equity capital
-
(822,300)
(822,300)


At 31 December 2023
50,000
3,985,084
4,035,084


The notes on pages 13 to 28 form part of these financial statements.

Page 12


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
1 Hamilton Road
Sutton In Ashfield
Nottinghamshire
NG17 5LD
United Kingdom

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its working capital requirements through its bank facilities. Those facilities comprise asset backed securities.
The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of the bank facilities. In addition, the Board is formulating its plan and strategy for the future development of the business which has considered a period beyond that for which formal budgets and forecasts are prepared.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page 13


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

  
2.4

Summary of disclosure exemptions

The entity has taken advantage of the following disclosure exemptions:
Preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and the Consolidated Statement of Cash Flows included in the Group Financial Statements includes the company's cashflow.
Disclosing the compensation of key management personnel as permitted by FRS 102 section 33.7A. Disclosing financial instruments as required under FRS 102 section 11.29 to 11.48A and section 12.26 and 12.29 as this information is provided in the notes to the Consolidated Financial Statements.
Disclosing transactions with related parties that are members of the same group as permitted by FRS 102 section 33.1A.
The Consolidated Financial Statements of R & D Europe Limited may be obtained from the company secretary, Leverage House, Hamilton Road, Sutton in Ashfield, Nottinghamshire, NG17 5LD.

  
2.5

Key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. During the preparation of these financial statements judgements have been made in relation to the labour and overhead absorption rates used in calculating the work in progress valuation. 
There are no other significant estimates or judgements included in the preparation of the financial statements. 

Page 14


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4%
- 20% straight line
Plant and machinery
-
13%
- 33% straight line & reducing balance
Motor vehicles
-
25%
- straight line
Fixtures and fittings
-
15%
- 50% reducing balance & 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 17


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.18

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

  
2.19

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

  
2.20

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

The whole of the turnover is attributable to sale of goods.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,188,291
1,700,800

Europe
3,086,827
4,017,016

Rest of the world
2,324,087
1,340,188

7,599,205
7,058,004



4.


Other operating income

2024
2023
£
£

Rents receivable
-
16,200

Government grants receivable
9,629
11,161

9,629
27,361



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Audit of financial statements
9,900
9,020

Page 19


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,243,951
2,950,183

Social security costs
338,926
301,911

Cost of defined contribution scheme
171,701
146,180

Other employee expenses
38,895
24,496

3,793,473
3,422,770


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
58
54



Administration and support
18
19



Sales
3
4

79
77


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
206,719
132,885

Company contributions to defined contribution pension schemes
23,024
15,151

229,743
148,036


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
19,123
13,848

19,123
13,848

Page 20


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
169,741
109,252

169,741
109,252


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
16,235
-

Adjustments in respect of previous periods
(5,557)
28,748


10,678
28,748


Total current tax
10,678
28,748

Deferred tax


Origination and reversal of timing differences
74,988
44,006

Total deferred tax
74,988
44,006


Tax on profit/(loss) on ordinary activities
85,666
72,754
Page 21


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
368,355
105,635


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
92,089
24,845

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,910
4,686

Capital allowances for year in excess of depreciation
21,724
(119,968)

Adjustments to tax charge in respect of prior periods
(5,557)
28,748

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(1,074)
2,301

Other timing differences leading to an increase (decrease) in taxation
74,988
44,006

Non-taxable income
(1,341)
(1,732)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(7,402)
2,822

Unrelieved tax losses carried forward
(93,671)
87,046

Total tax charge for the year
85,666
72,754

Page 22


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
3,899,874
9,087,079
138,683
242,955
13,368,591


Additions
15,093
373,601
-
5,304
393,998


Disposals
-
(94,550)
-
-
(94,550)



At 31 December 2024

3,914,967
9,366,130
138,683
248,259
13,668,039



Depreciation


At 1 January 2024
1,456,154
6,459,580
42,518
210,260
8,168,512


Charge for the year on owned assets
138,078
492,655
16,242
16,301
663,276


Disposals
-
(89,550)
-
-
(89,550)



At 31 December 2024

1,594,232
6,862,685
58,760
226,561
8,742,238



Net book value



At 31 December 2024
2,320,735
2,503,445
79,923
21,698
4,925,801



At 31 December 2023
2,443,720
2,627,499
96,165
32,695
5,200,079




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
2,320,735
2,443,720

2,320,735
2,443,720

Page 23


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           11.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Plant and machinery
-
60,000

Motor vehicles
64,062
75,427

Furniture, fittings and equipment
-
4,226

64,062
139,653


12.


Stocks

2024
2023
£
£

Work in progress
866,855
753,451

866,855
753,451



13.


Debtors

2024
2023
£
£

Trade debtors
549,919
349,912

Amounts owed by group undertakings
463,038
1,056,773

Other debtors
29,456
89,377

Prepayments and accrued income
30,919
39,942

1,073,332
1,536,004



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,224,381
554,992

1,224,381
554,992


Page 24


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
103,536
69,249

Gross amount due to customers for contract work
1,087,046
992,992

Trade creditors
320,558
405,775

Corporation tax
10,678
-

Other taxation and social security
152,315
113,542

Obligations under finance lease and hire purchase contracts
13,284
22,427

Other creditors
35,899
21,289

Accruals and deferred income
330,558
271,001

2,053,874
1,896,275



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,130,333
1,725,583

Net obligations under finance leases and hire purchase contracts
54,091
65,006

Deferred income
28,469
33,834

2,212,893
1,824,423


Page 25


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
103,536
69,249


103,536
69,249


Amounts falling due 2-5 years

Bank loans
371,961
288,534


371,961
288,534

Amounts falling due after more than 5 years

Bank loans
1,758,372
1,437,049

1,758,372
1,437,049

2,233,869
1,794,832


The Company had the following bank loans during the year:
A mortgage with a variable rate of interest which commenced on the 2nd September 2020 and is repayable over 10 years.
A bank loan with variable rate of interest which commenced on 4th August 2023 and is repayable over 20 years.
Charges and security
Four charges are registered over the company's assets by National Westminster Bank PLC:
A specific equitable charge dated 17 March 1997 over all assets of the company.
Three fixed charges dated 10 November 2006, 27 September 2012 and 29 February 2024 over freehold land and buildings owned by the company.

Page 26


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Amounts falling due within one year
13,284
22,427

Amounts falling due 2-5 years
54,091
65,006

67,375
87,433

Charges and security
Amounts due under finance leases and hire purchase agreements are secured on the assets to which they relate.


19.


Deferred taxation




2024


£



At beginning of year
288,744


Charged to profit or loss
74,988



At end of year
363,732

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
363,732
359,061

Tax losses carried forward
-
(70,317)

363,732
288,744

Page 27


 
R & D TOOL & ENGINEERING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000

Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions:
There is a single class of ordinary shares. Each share permits its owner to a voting right with no other preferences or restrictions.



21.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £171,700 (2023 - £146,180).
Contributions totalling £30,364 (2023 - £21,290) were payable to the scheme at the end of the year and are included in creditors.


22.


Controlling party

The company’s immediate parent is R & D Europe Limited, a company incorporated in the United Kingdom. 
The parent of the largest group in which these financial statements are consolidated is the immediate parent, R & D Europe Limited. The registered address of R & D Europe Limited is 1 Hamilton Road, Sutton In Ashfield, Nottinghamshire, NG17 5LD.
The ultimate parent is Applied Underwriters Inc, incorporated in the United States.
 
Page 28