Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-12-31product evaluation, tooling design, manufacturing of tooling and technical service assistance in the product solution laboratory (PSL).false2024-01-01false00falsefalse 03136077 2024-01-01 2024-12-31 03136077 2023-01-01 2023-12-31 03136077 2024-12-31 03136077 2023-12-31 03136077 2023-01-01 03136077 c:Director1 2024-01-01 2024-12-31 03136077 c:Director2 2024-01-01 2024-12-31 03136077 c:Director3 2024-01-01 2024-12-31 03136077 c:RegisteredOffice 2024-01-01 2024-12-31 03136077 c:Agent1 2024-01-01 2024-12-31 03136077 d:Buildings 2024-01-01 2024-12-31 03136077 d:PlantMachinery 2024-01-01 2024-12-31 03136077 d:MotorVehicles 2024-01-01 2024-12-31 03136077 d:FurnitureFittings 2024-01-01 2024-12-31 03136077 d:ShareCapital 2024-12-31 03136077 d:ShareCapital 2023-12-31 03136077 d:ShareCapital 2023-01-01 03136077 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03136077 d:RetainedEarningsAccumulatedLosses 2024-12-31 03136077 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03136077 d:RetainedEarningsAccumulatedLosses 2023-12-31 03136077 d:RetainedEarningsAccumulatedLosses 2023-01-01 03136077 c:OrdinaryShareClass1 2024-01-01 2024-12-31 03136077 c:OrdinaryShareClass1 2024-12-31 03136077 c:OrdinaryShareClass1 2023-12-31 03136077 c:FRS102 2024-01-01 2024-12-31 03136077 c:Audited 2024-01-01 2024-12-31 03136077 c:FullAccounts 2024-01-01 2024-12-31 03136077 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03136077 d:Subsidiary1 2024-01-01 2024-12-31 03136077 d:Subsidiary1 1 2024-01-01 2024-12-31 03136077 c:Consolidated 2024-12-31 03136077 c:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 03136077 2 2024-01-01 2024-12-31 03136077 6 2024-01-01 2024-12-31 03136077 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03136077













 
R & D EUROPE 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 EUROPE LIMITED
 


CONTENTS



Page
Company Information
1
Group Strategic Report
2 - 3
Directors' Report
4 - 5
Directors' Responsibilities Statement
6
Independent Auditors' Report
7 - 10
Consolidated Profit and Loss Account
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Notes to the Financial Statements
18 - 35



 
R & D EUROPE LIMITED
 

 
COMPANY INFORMATION


Directors
Mr J A Ramsey 
Mr P Gruner 
Mr R Taradash 




Registered number
03136077



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 EUROPE LIMITED
 

 
GROUP 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 Group is product evaluation, tooling design, manufacturing of tooling and technical service assistance in the product solution laboratory (PSL).

Introduction
 
The Group 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 Group finances its operation through a mixture of retained profits, cash at bank and finance leases. The Group’s exposure to interest fluctuations on its borrowings is managed by the use of both fixed and floating facilities.
Liquidity Risk
The Group 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 Group is exposed to transaction and translation foreign exchange risk. In relation to translation risk the Group 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 Group’s operating markets fluctuates, the Group is monitoring expenditure in all cost centres and reviewing pricing structures to maintain financial performance and competitiveness.
Financial Instruments
The Group 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 Group's operations. The main risk arising from the Group's 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 EUROPE LIMITED
 


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

Financial key performance indicators
 
The financial and non-financial KPI's of the Group 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 EUROPE 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 J A Ramsey 
Mr P Gruner 
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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group 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

Page 4


 
R & D EUROPE LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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





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

Page 5


 
R & D EUROPE LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6


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

Opinion


We have audited the financial statements of R & D Europe Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 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 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 Group's or 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.


Page 7


 
R & D EUROPE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D EUROPE 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 Group 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 Group 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 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 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 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 Directors' Responsibilities Statement set out on page 6, 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 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.


Page 8


 
R & D EUROPE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D EUROPE 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 Group 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 9


 
R & D EUROPE LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF R & D EUROPE 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 10


 
R & D EUROPE LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
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
 5 
9,629
27,361

Operating profit
 6 
518,973
201,039

Interest receivable and similar income
 10 
19,123
13,848

Interest payable and similar expenses
 11 
(169,741)
(109,252)

Profit before tax
  
368,355
105,635

Tax on profit
 12 
(85,666)
(72,754)

Profit for the financial year
  
282,689
32,881

Profit for the year attributable to:
  

Owners of the parent
  
282,689
32,881

  
282,689
32,881

The notes on pages 18 to 35 form part of these financial statements.

Page 11


 
R & D EUROPE LIMITED
REGISTERED NUMBER:03136077


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,925,801
5,200,079

  
4,925,801
5,200,079

Current assets
  

Stocks
 15 
866,855
753,451

Debtors
 16 
1,073,332
1,536,004

Cash at bank and in hand
 17 
1,224,381
554,992

  
3,164,568
2,844,447

Creditors: amounts falling due within one year
 18 
(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
 19 
(2,212,893)
(1,824,423)

Provisions for liabilities
  

Deferred taxation
 22 
(363,732)
(288,744)

  
 
 
(363,732)
 
 
(288,744)

Net assets
  
3,459,870
4,035,084


Capital and reserves
  

Called up share capital 
 24 
250,000
250,000

Profit and loss account
  
3,209,870
3,785,084

  
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 18 to 35 form part of these financial statements.

Page 12


 
R & D EUROPE LIMITED
REGISTERED NUMBER:03136077


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
683,212
683,212

Total assets less current liabilities
  
683,212
683,212

  

Net assets
  
683,212
683,212


Capital and reserves
  

Called up share capital 
 24 
250,000
250,000

Profit for the year
  

Profit and loss account carried forward
  
433,212
433,212

  
683,212
683,212


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 18 to 35 form part of these financial statements.

Page 13


 
R & D EUROPE LIMITED
 


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


Called up share capital
Profit and loss account
Total
Total equity

£
£
£
£

At 1 January 2024
250,000
3,785,084
4,035,084
4,035,084



Profit for the year
-
282,689
282,689
282,689

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


At 31 December 2024
250,000
3,209,870
3,459,870
3,459,870



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


Called up share capital
Profit and loss account
Total
Total equity

£
£
£
£

At 1 January 2023
250,000
4,574,503
4,824,503
4,824,503



Profit for the year
-
32,881
32,881
32,881


Contributions by and distributions to owners

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


At 31 December 2023
250,000
3,785,084
4,035,084
4,035,084


The notes on pages 18 to 35 form part of these financial statements.

Page 14


 
R & D EUROPE LIMITED
 


COMPANY 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
250,000
433,212
683,212



Profit for the year
-
857,903
857,903

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


At 31 December 2024
250,000
433,212
683,212



COMPANY 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
250,000
433,212
683,212


Comprehensive income for the year

Profit for the year
-
822,300
822,300


Contributions by and distributions to owners

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


At 31 December 2023
250,000
433,212
683,212


The notes on pages 18 to 35 form part of these financial statements.

Page 15


 
R & D EUROPE LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
282,689
32,881

Adjustments for:

Depreciation of tangible assets
663,276
710,221

Loss on disposal of tangible assets
-
(2,000)

Government grants
(9,629)
(11,161)

Interest paid
169,741
109,252

Interest received
(19,123)
(13,848)

Taxation charge
85,666
72,754

(Increase)/decrease in stocks
(113,404)
145,870

(Increase)/decrease in debtors
(131,063)
220,604

Decrease/(increase) in amounts owed by groups
593,735
(928,434)

Increase/(decrease) in creditors
116,412
(142,280)

Corporation tax received/(paid)
-
(102,577)

Net cash generated from operating activities

1,638,300
91,282


Cash flows from investing activities

Purchase of tangible fixed assets
(393,998)
(963,296)

Sale of tangible fixed assets
5,000
22,500

Government grants received
9,629
11,161

Interest received
19,123
13,848

Net cash from investing activities

(360,246)
(915,787)

Cash flows from financing activities

New secured loans
439,037
460,662

Repayment of/new finance leases
(20,058)
30,237

Dividends paid
(857,903)
(822,300)

Interest paid
(169,741)
(109,252)

Net cash used in financing activities
(608,665)
(440,653)
Page 16


 
R & D EUROPE LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Net increase/(decrease) in cash and cash equivalents
669,389
(1,265,158)

Cash and cash equivalents at beginning of year
554,992
1,820,150

Cash and cash equivalents at the end of year
1,224,381
554,992


Cash and cash equivalents at the end of year comprise:

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

1,224,381
554,992


The notes on pages 18 to 35 form part of these financial statements.

Page 17


 
R & D EUROPE 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Summary of disclosure exemptions

The entity has taken advantage of the following disclosure exemptions:
Disclosing the compensation of key management personnel as permitted by FRS 102 section 33.7A.
Disclosing transactions with related parties that are members of the same group as permitted by FRS 102 section 33.1A.

  
2.3

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and R & D Tool & Engineering Limited, its subsidiary undertaking, drawn up to 31 December 2024.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Page 18


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

2.Accounting policies (continued)

 
2.4

Going concern

The group 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.

 
2.5

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 19


 
R & D EUROPE 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Consolidated 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 20


 
R & D EUROPE 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 21


 
R & D EUROPE 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

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.

 
2.16

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.

Page 22


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

2.Accounting policies (continued)

 
2.17

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

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.

  
2.19

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.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 23


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

2.Accounting policies (continued)

  
2.21

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.

  
2.22

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.

 
2.23

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.


3.


Judgements in applying accounting policies and 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 WIP valuation. 
There are no other significant estimates or judgements included in the preparation of the financial statements.

Page 24


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

4.


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



5.


Other operating income

2024
2023
£
£

Rents receivable
-
16,200

Government grants receivable
9,629
11,161

9,629
27,361



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation expense
663,276
710,221

Exchange differences
31,031
1,737

Profit on disposal of property, plant and equipment
-
(2,000)


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
9,900
9,020

Page 25


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

8.


Employees

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


Group
Group
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


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
206,719
132,885

Group 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.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
19,123
13,848

19,123
13,848

Page 26


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

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
169,741
109,252

169,741
109,252


12.


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


Taxation on profit on ordinary activities
85,666
72,754
Page 27


 
R & D EUROPE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.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 28


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

13.


Tangible fixed assets

Group






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 29


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

           13.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


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
683,212



At 31 December 2024
683,212





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

R & D Tool & Engineering Limited
1 Hamilton Road, Sutton In Ashfield, Nottinghamshire, NG17 5LD
Ordinary shares
100%

Page 30


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

15.


Stocks

Group
Group
2024
2023
£
£

Work in progress
866,855
753,451

866,855
753,451



16.


Debtors

Group
Group
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



17.


Cash and cash equivalents

Group
Group
2024
2023
£
£

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

1,224,381
554,992


Page 31


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

18.


Creditors: Amounts falling due within one year

Group
Group
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



19.


Creditors: Amounts falling due after more than one year

Group
Group
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 32


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

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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 Group 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 group's assets by National Westminster Bank PLC:
A specific equitable charge dated 17 March 1997 over all assets of the group.
Three fixed charges dated 10 November 2006, 27 September 2012 and 29 February 2024 over freehold land and buildings owned by the group.

Page 33


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

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

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

Amounts falling due within 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.


22.


Deferred taxation


Group



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:

Group
Group
2024
2023
£
£

Accelerated capital allowances
363,732
359,061

Tax losses carried forward
-
(70,317)

363,732
288,744

Page 34


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

23.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
2,238,800
1,961,677

Financial liabilities measured at amortised cost
2,957,895
2,559,041




The total interest income for financial assets not measured at fair value through profit or loss is £19,123 (2023 - £13,848). The total interest expense for financial liabilities not measured at fair value through profit or loss is £169,741 (2023 - £109,252).


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250,000 (2023 - 250,000) Ordinary shares of £1.00 each
250,000
250,000

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.



25.


Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group 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.


26.


Controlling party

R & D Europe Limited is a wholly owned subsidiary of R & D Tool & Engineering Co, which is incorporated in the United States of America.
The ultimate parent is Applied Underwriters Inc, incorporated in the United States of America
The most senior parent entity producing publicly available financial statements is R & D Europe Limited.

 
Page 35