Company registration number 13644263 (England and Wales)
RHINOX GROUP HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RHINOX GROUP HOLDINGS LTD
COMPANY INFORMATION
Directors
Mrs J Hooper
Mr W J Hooper
Mrs C Record
Mr D Record
Mr G Record
Mr J R G Record
Mrs M J Record
Mrs P Record
Company number
13644263
Registered office
Hunsley Business Park
Small Wold Farm
North Newbald
YO43 4TW
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
1120 Elliott Court
Herald Avenue
Coventry
CV5 6UB
RHINOX GROUP HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
16 - 36
RHINOX GROUP HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The Board of Directors presents its strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of Rhinox Group Ltd during the year continued to be the design, manufacture and supply of excavator and telehandler buckets, attachments and couplers to the construction industry in the UK and selected overseas markets.
Business environment
The group primarily focuses on the construction sector but has a diverse range of customers within this sector which gives strength to the business, and helps it meeting its targets.
The UK construction industry faced subdued activity during 2024, as macroeconomic headwinds and elevated inflation dented client confidence and project pipelines. Raw material and energy costs remained higher than historic averages, squeezing input margins. To manage volatility, we strengthened relationships with multiple suppliers, and maintained strategic stock levels, ensuring continuity of supply and safeguarding our delivery commitments to customers.
Strategy
As a family-owned group, Rhinox Group Holdings Ltd have strong values and hold themselves to the highest standards. The group had its beginnings in the plant industry in 1985, and has grown and evolved into its current position as a market leader in the attachments industry through constant development and hard work. The group is constantly focused on creativity and innovation, seeking to deliver solutions to the challenges facing the market.
Our strategic focus for 2024 centered on four key pillars: Deepening UK market leadership by strengthening the Rhinox brand in the marketplaces in which we operate. Selective European expansion by utilising strategic partnerships across Europe. Targeted R&D investment, we increased our research and development spend to £54,145 (2023: £40,960). Operational excellence by working to strengthen our operations to maximise efficiency and productivity.
Principal risks and uncertainties
Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.
The principal risks to the group are inflationary cost pressures and supply chain disruption. We continue to monitor inflation and the effect this has on the cost of incoming goods and overheads and adjust our strategies accordingly to maintain profitability. We also expanded our approved supplier list and held critical components in buffer stock to guard against unforeseen interruptions.
Financial Instruments
This section addresses exposure to risks associated with financial instruments, categorized as follows:
Credit Risk
The primary credit risk arises from trade receivables. Our customer base is diversified across regions and industries, reducing dependency on any single client. Credit assessments are conducted before extending terms, and we employ proactive collection policies to mitigate late payments.
Trade receivables are monitored closely through regular ageing analyses and credit limit reviews. In 2024, the Group recorded a bad and doubtful debt charge of £7,377 (2023: £2,410).
Liquidity Risk
At the balance sheet date, net current assets stood at £5,777,226 (2023: £5,369,089), providing strong headroom to meet short-term obligations and facilitating continued investment in growth initiatives .
RHINOX GROUP HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance
Throughout the year, the Group delivered a resilient financial performance despite challenging market conditions. Operating cash generated totalled £286,540 (2023: £4,074,758), underpinning both dividend distributions and reinvestment in capital assets and R&D projects.
Key performance indicators
Performance of Margin
The operating profit margin for the year was 8% (2023: 9.9%), reflecting our investment in capacity, tooling and R&D to secure long-term margin growth through improved product performance and operational efficiencies .
Asset Growth
Shareholders’ funds increased by £187,327 to £11,625,612 (2023: £11,438,285), driven by retained profits and careful management of working capital.
Other performance indicators
Customer Satisfaction
Rhinox Group Holdings Ltd places a strong emphasis on customer satisfaction as a key driver of business success. We do this by actively monitoring customer feedback and NPS score via an online reviews platform to ensure we maintain a consistently high standard of customer satisfaction.
Employee Satisfaction
The welfare and development of our employees remain a priority for Rhinox. Employee satisfaction is actively monitored through quarterly surveys of all staff and key trends are reviewed by the directors, and action taken where required to improve the welfare of employees.
Future developments
Overall the business continues to perform well, and is focused on bringing several new products to market in 2025 which will aid the future growth of the business in 2025 and beyond.
Mr D Record
Director
29 August 2025
RHINOX GROUP HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of Rhinox Group Ltd during the year continued to be the design, manufacture and supply of excavator and telehandler buckets, attachments and couplers to the construction industry in the UK and selected overseas markets.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £788,855. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs J Hooper
Mr W J Hooper
Mrs C Record
Mr D Record
Mr G Record
Mr J R G Record
Mrs M J Record
Mrs P Record
Financial instruments
Details of financial instruments risk are given in the Strategic Report.
Future developments
Details of future developments are given in the Strategic Report.
Auditor
The auditor, Benee Consulting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr D Record
Director
29 August 2025
RHINOX GROUP HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RHINOX GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RHINOX GROUP HOLDINGS LTD
- 5 -
Opinion
We have audited the financial statements of Rhinox Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
RHINOX GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHINOX GROUP HOLDINGS LTD
- 6 -
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 their 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 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, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
RHINOX GROUP HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RHINOX GROUP HOLDINGS LTD
- 7 -
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Sarah Flint BSc FCA (Senior Statutory Auditor)
29 August 2025
For and on behalf of Benee Consulting Limited
Chartered Accountant and Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
RHINOX GROUP HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,750,744
15,719,897
Cost of sales
(10,467,804)
(9,665,097)
Gross profit
7,282,940
6,054,800
Administrative expenses
(5,872,503)
(4,492,412)
Other operating income
10,083
5,101
Operating profit
4
1,420,520
1,567,489
Interest receivable and similar income
7
28,107
2,920
Interest payable and similar expenses
8
(35,545)
(28,086)
Profit before taxation
1,413,082
1,542,323
Tax on profit
9
(455,082)
(541,659)
Profit for the financial year
958,000
1,000,664
Profit for the financial year is all attributable to the owners of the parent company.
RHINOX GROUP HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
958,000
1,000,664
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
18,182
(9,425)
Cash flow hedges gain arising in the year
Total comprehensive income for the year
976,182
991,239
Total comprehensive income for the year is all attributable to the owners of the parent company.
RHINOX GROUP HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
4,804,802
5,502,396
Other intangible assets
11
290,090
27,679
Total intangible assets
5,094,892
5,530,075
Tangible assets
12
1,071,072
708,186
6,165,964
6,238,261
Current assets
Stocks
15
6,157,227
4,507,186
Debtors
16
1,762,201
1,562,161
Cash at bank and in hand
1,538,344
3,071,135
9,457,772
9,140,482
Creditors: amounts falling due within one year
17
(3,680,546)
(3,771,393)
Net current assets
5,777,226
5,369,089
Total assets less current liabilities
11,943,190
11,607,350
Creditors: amounts falling due after more than one year
18
(185,655)
-
Provisions for liabilities
Deferred tax liability
21
131,923
169,065
(131,923)
(169,065)
Net assets
11,625,612
11,438,285
Capital and reserves
Called up share capital
23
400,025
400,025
Other reserves
9,490,729
9,490,729
Profit and loss reserves
1,734,858
1,547,531
Total equity attributable to owners of the parent company
11,625,612
11,438,285
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
29 August 2025
Mr D Record
Director
Company registration number 13644263 (England and Wales)
RHINOX GROUP HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
270,361
Investments
13
1,000,010
1,000,010
1,270,371
1,000,010
Current assets
Debtors
16
713,085
273,648
Cash at bank and in hand
789,040
1,137,274
1,502,125
1,410,922
Creditors: amounts falling due within one year
17
(1,181,564)
(973,644)
Net current assets
320,561
437,278
Net assets
1,590,932
1,437,288
Capital and reserves
Called up share capital
23
400,025
400,025
Profit and loss reserves
1,190,907
1,037,263
Total equity
1,590,932
1,437,288
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £942,499 (2023 - £900,480 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2025 and are signed on its behalf by:
29 August 2025
Mr D Record
Director
Company registration number 13644263 (England and Wales)
RHINOX GROUP HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
400,025
9,489,989
1,251,832
11,141,846
Year ended 31 December 2023:
Profit for the year
-
-
1,000,664
1,000,664
Other comprehensive income:
Currency translation differences
-
-
(9,425)
(9,425)
Total comprehensive income
-
-
991,239
991,239
Dividends
10
-
-
(661,717)
(661,717)
Other movements
-
740
(33,823)
(33,083)
Balance at 31 December 2023
400,025
9,490,729
1,547,531
11,438,285
Year ended 31 December 2024:
Profit for the year
-
-
958,000
958,000
Other comprehensive income:
Currency translation differences
-
-
18,182
18,182
Total comprehensive income
-
-
976,182
976,182
Dividends
10
-
-
(788,855)
(788,855)
Balance at 31 December 2024
400,025
9,490,729
1,734,858
11,625,612
RHINOX GROUP HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
400,025
798,500
1,198,525
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
900,480
900,480
Dividends
10
-
(661,717)
(661,717)
Balance at 31 December 2023
400,025
1,037,263
1,437,288
Year ended 31 December 2024:
Profit and total comprehensive income
-
942,499
942,499
Dividends
10
-
(788,855)
(788,855)
Balance at 31 December 2024
400,025
1,190,907
1,590,932
RHINOX GROUP HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
286,540
4,074,758
Interest paid
(35,545)
(28,086)
Income taxes paid
(546,987)
(522,536)
Net cash (outflow)/inflow from operating activities
(295,992)
3,524,136
Investing activities
Purchase of intangible assets
(280,000)
-
Purchase of tangible fixed assets
(211,215)
(262,771)
Proceeds from disposal of tangible fixed assets
57,642
23,210
Purchase of investments
-
(33,905)
Repayment of loans
28,903
(90,525)
Interest received
28,107
2,920
Net cash used in investing activities
(376,563)
(361,071)
Financing activities
Repayment of borrowings
-
78,088
Payment of finance leases obligations
(89,271)
(51,334)
Dividends paid to equity shareholders
(788,855)
(661,717)
Net cash used in financing activities
(878,126)
(634,963)
Net (decrease)/increase in cash and cash equivalents
(1,550,681)
2,528,102
Cash and cash equivalents at beginning of year
3,071,135
878,917
Effect of foreign exchange rates
18,124
(8,662)
Cash and cash equivalents at end of year
1,538,344
3,071,135
RHINOX GROUP HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
186,016
994,782
Investing activities
Purchase of intangible assets
(280,000)
Repayment of loans
(439,437)
(273,633)
Interest received
28,107
2,173
Dividends received
945,935
900,000
Net cash generated from investing activities
254,605
628,540
Financing activities
Dividends paid to equity shareholders
(788,855)
(661,717)
Net cash used in financing activities
(788,855)
(661,717)
Net (decrease)/increase in cash and cash equivalents
(348,234)
961,605
Cash and cash equivalents at beginning of year
1,137,274
175,669
Cash and cash equivalents at end of year
789,040
1,137,274
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information
Rhinox Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hunsley Business Park, Small Wold Farm, North Newbald, YO43 4TW.
The group consists of Rhinox Group Holdings Ltd and all of its subsidiaries.
The principal activity of the group continued to be manufacturing and distributing excavator and telehandler buckets and attachments throughout the UK and around the world.
1.1
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Rhinox Group Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
Trademarks
20% straight line
1.9
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
5% straight line
Plant and equipment
15% straight line
Computers
33% straight line
Motor vehicles
20% reducing balance
Small Tools
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of machinery parts
17,750,744
15,719,897
2024
2023
£
£
Turnover analysed by geographical market
UK
11,096,489
11,496,970
United States
6,086,742
4,222,927
France
242,001
-
Republic of Ireland
76,394
-
Czech Republic
51,140
-
Rest of World
197,978
-
17,750,744
15,719,897
2024
2023
£
£
Other revenue
Interest income
28,107
2,920
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
18,972
53,853
Research and development costs
66,095
40,960
Fees payable to the group's auditor for the audit of the group's financial statements
6,800
1,500
Depreciation of owned tangible fixed assets
115,329
90,690
Depreciation of tangible fixed assets held under finance leases
43,617
9,284
Profit on disposal of tangible fixed assets
(16,083)
(3,841)
Amortisation of intangible assets
715,183
705,544
Operating lease charges
80,000
50,000
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Employees
45
46
0
8
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,850,965
2,084,968
Pension costs
1,082
10,133
2,852,047
2,095,101
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
101,878
86,966
Company pension contributions to defined contribution schemes
1,082
10,133
102,960
97,099
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
28,107
2,920
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
28,107
2,920
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
223
5,135
Other interest on financial liabilities
24,658
17,663
24,881
22,798
Other finance costs:
Interest on finance leases and hire purchase contracts
10,664
5,288
Total finance costs
35,545
28,086
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
529,786
471,627
Adjustments in respect of prior periods
(37,562)
Total current tax
492,224
471,627
Deferred tax
Origination and reversal of timing differences
(37,142)
70,032
Total tax charge
455,082
541,659
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 26 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,413,082
1,542,323
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
353,271
362,754
Tax effect of expenses that are not deductible in determining taxable profit
52,053
55,094
Tax effect of income not taxable in determining taxable profit
54,374
Adjustments in respect of prior years
(37,562)
Dividend income
(1)
-
Capital allowances
(11,565)
(57,137)
Deferred tax adjustments
(37,142)
70,032
International tax rates
81,654
110,916
Taxation charge
455,082
541,659
Factors that may affect future tax charges
Future tax charges may be influenced by changes in UK corporation tax rates, the availability of capital allowances, and the timing of deductions for capital and revenue expenditure. In addition, any future changes in tax legislation, particularly in respect of environmental taxes or business property relief, may also impact the group’s effective tax rate.
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
788,855
661,717
11
Intangible fixed assets
Group
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2024
6,975,944
39,750
7,015,694
Additions
280,000
280,000
At 31 December 2024
6,975,944
39,750
280,000
7,295,694
Amortisation and impairment
At 1 January 2024
1,473,548
12,071
1,485,619
Amortisation charged for the year
697,594
7,950
9,639
715,183
At 31 December 2024
2,171,142
20,021
9,639
2,200,802
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 27 -
Carrying amount
At 31 December 2024
4,804,802
19,729
270,361
5,094,892
At 31 December 2023
5,502,396
27,679
5,530,075
Company
Trademarks
£
Cost
At 1 January 2024
Additions
280,000
At 31 December 2024
280,000
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
9,639
At 31 December 2024
9,639
Carrying amount
At 31 December 2024
270,361
At 31 December 2023
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Small Tools
Total
£
£
£
£
£
£
Cost
At 1 January 2024
242,799
152,928
21,004
267,626
684,357
Additions
36,175
7,267
504,657
14,827
562,926
Disposals
(3,329)
(79,229)
(82,558)
Revaluation
465
465
Transfers
(10,630)
(10,630)
At 31 December 2024
242,799
175,144
28,736
693,054
14,827
1,154,560
Depreciation and impairment
At 1 January 2024
23,016
(109,485)
2,436
60,204
(23,829)
Depreciation charged in the year
12,135
54,206
8,756
79,100
4,749
158,946
Eliminated in respect of disposals
(3,328)
(48,301)
(51,629)
Transfers
(2,865)
2,865
At 31 December 2024
35,151
(61,472)
11,192
91,003
7,614
83,488
Carrying amount
At 31 December 2024
207,648
236,616
17,544
602,051
7,213
1,071,072
At 31 December 2023
219,783
262,413
18,568
207,422
708,186
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 29 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
25,724
Motor vehicles
476,607
37,137
476,607
62,861
-
-
Depreciation charged during the year amounted to £43,617 (2023: £9,294) in respect of motor vehicles. The assets are depreciated on a reducing balance basis over a useful life of 5 years. The assets are secured under hire purchase agreements, and legal title passes to the company upon settlement of the final instalment.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
1,000,010
1,000,010
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,000,010
Carrying amount
At 31 December 2024
1,000,010
At 31 December 2023
1,000,010
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Rhinox Group Ltd
Hunsley Business Park, Small Wold Farm, North Newbald, YO43 4TW
Ordinary Shares
100.00
Rhinox Group Inc
8 The Green Ste B, Dover, DE 19901
Ordinary Shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,268,503
676,550
-
-
Finished goods and goods for resale
4,888,724
3,830,636
6,157,227
4,507,186
-
-
The cost of inventories recognised as an expense during the year in respect of goods sold and other direct costs amounted to £8,723,012 (2023: £8,999,151). This is included within cost of sales in the profit and loss account.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,157,108
1,144,266
Unpaid share capital
15
15
15
15
Other debtors
342,042
372,200
713,070
273,633
Prepayments and accrued income
263,036
45,680
1,762,201
1,562,161
713,085
273,648
Included within other debtors includes balances of £341,854 in respect of directors’ current accounts. These amounts are unsecured, interest-free, and repayable on demand. Further details of transactions with related parties are disclosed in Note 28 – Directors Transactions.
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
105,830
29,045
Other borrowings
19
1,126,869
1,126,869
600,000
600,000
Trade creditors
1,562,020
1,717,408
Amounts owed to group undertakings
574,951
372,031
Corporation tax payable
140,666
195,429
113
113
Other taxation and social security
253,097
239,529
-
-
Other creditors
267,762
334,275
Accruals and deferred income
224,302
128,838
6,500
1,500
3,680,546
3,771,393
1,181,564
973,644
Included within other borrowings is £600,000 of preference shares, and £526,868 of loans to connected persons. The preference shares are repayable on demand of the company or the holder. Included within other loans is a loan of £525,000, which is repayable on demand and carries interest at a rate of 5.25% per annum.
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
185,655
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Preference shares
600,000
600,000
600,000
600,000
Other loans
526,869
526,869
1,126,869
1,126,869
600,000
600,000
Payable within one year
1,126,869
1,126,869
600,000
600,000
The preference shares are interest-free and repayable on demand of the company or the holder. The loans from group undertakings are also interest-free and repayable on demand. Included within other loans is a loan of £525,000, which is repayable on demand and carries interest at a rate of 5.25% per annum.
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
105,830
29,045
In two to five years
185,655
291,485
29,045
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
131,923
169,065
The company has no deferred tax assets or liabilities.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 33 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
169,065
-
Credit to profit or loss
(37,142)
-
Liability at 31 December 2024
131,923
-
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,082
10,133
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary Shares of £1 each
400,025
400,025
400,025
400,025
24
Other reserves
2024
2023
Group
£
£
At the beginning of the year
9,490,729
9,489,989
Other movements
-
740
At the end of the year
9,490,729
9,490,729
2024
2023
Company
£
£
At the beginning and end of the year
-
-
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Other reserves
(Continued)
- 34 -
The Group’s reserves comprise a merger reserve of £9,490,729, which arose during the group restructuring completed in 2022 following the acquisition of subsidiary undertakings. The profit and loss reserve represents the accumulated retained earnings of the Group, with distributable reserves at 31 December 2024 amounting to £1,797,994 (2023: £1,547,531), available for distribution to shareholders subject to compliance with the Companies Act 2006 and the Group’s dividend policy.
25
Operating lease commitments
Lessee
The company occupies its trading premises under a non-cancellable operating lease with a related-party landlord. The lease requires fixed rentals of £80,000 per annum, payable in the normal course of business. At the reporting date, the remaining lease term was up to five years. Future minimum lease payments are £80,000 within one year and £400,000 in years 2–5 (total £480,000).
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
80,000
21,655
-
-
Between two and five years
400,000
-
-
-
480,000
21,655
-
-
26
Related party transactions
Included within creditors due within one year is an amount of £525,000 (2023: £525,000) due to a close family member of a director. The loan is unsecured, interest-free and repayable on demand. No interest was charged and no amounts were written off during the year.
The company occupies its trading premises under a non-cancellable operating lease with a related-party landlord. Rent charged to the profit and loss account for the year was £80,000 (2023: £80,000). The remaining minimum lease commitments are disclosed in the operating lease note (£80,000 within one year; £400,000 in years 2–5; total £480,000).
Included within wages and salaries is an amount of £65,346 paid to family members of the directors during the year.
27
Directors' transactions
Included within other debtors due within one year are interest free advances to directors totaling £341,854 (2023: £370,755). The advances were repaid in full after the balance sheet date and prior to the approval of these financial statements.
Included within other creditors within one year are interest free loans from directors totalling £175,134 (2023: £248,412). These loans are repayable on demand.
Included within wages and salaries is an amount of £77,844 paid to the directors during the year.
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 35 -
28
Controlling party
The directors consider the ultimate controlling party to be the board of directors of Rhinox Group Holdings Ltd, by virtue of their collective shareholdings and control over strategic decision-making.
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
958,000
1,000,664
Adjustments for:
Taxation charged
455,082
541,659
Finance costs
35,545
28,086
Investment income
(28,107)
(2,920)
Gain on disposal of tangible fixed assets
(16,083)
(3,841)
Amortisation and impairment of intangible assets
715,183
705,544
Depreciation and impairment of tangible fixed assets
158,946
99,974
Movements in working capital:
(Increase)/decrease in stocks
(1,650,041)
247,418
(Increase)/decrease in debtors
(228,943)
651,095
(Decrease)/increase in creditors
(112,810)
807,020
Cash generated from operations
286,772
4,074,699
30
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
942,499
900,480
Adjustments for:
Taxation charged
113
Investment income
(974,042)
(902,173)
Amortisation and impairment of intangible assets
9,639
-
Movements in working capital:
Decrease in debtors
-
624,331
Increase in creditors
207,920
372,031
Cash generated from operations
186,016
994,782
RHINOX GROUP HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 36 -
31
Analysis of changes in net funds - group
1 January 2024
Cash flows
New finance leases
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
3,071,135
(1,550,915)
-
18,124
1,538,344
Borrowings excluding overdrafts
(1,126,869)
-
-
-
(1,126,869)
Obligations under finance leases
(29,045)
89,271
(351,711)
-
(291,485)
1,915,221
(1,461,644)
(351,711)
18,124
119,990
32
Analysis of changes in net funds - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,137,274
(348,234)
789,040
Borrowings excluding overdrafts
(600,000)
-
(600,000)
537,274
(348,234)
189,040
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