Company registration number 06993380 (England and Wales)
RIMAPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RIMAPE LIMITED
COMPANY INFORMATION
Directors
M F Griffiths
R N Davies
C Bell
Secretary
M F Griffiths
Company number
06993380
Registered office
Navigation Garage
Forrest Street
Blackburn
Lancashire
BB1 3BB
Auditor
Pierce C. A. Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Navigation Garage
Forrest Street
Blackburn
Lancashire
BB1 3BB
Bankers
Barclays Bank plc
9 Highgate
Kendal
Cumbria
LA9 4DF
Solicitors
Farleys Solicitors LLP
Unit C1 - Hurstwood Court
Duttons Way
Shadsworth
Blackburn
Lancashire
BB1 2PT
RIMAPE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 24
RIMAPE LIMITED
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

Turnover increased by 11% on the prior year principally driven by increased heavy duty truck sales offset by reduced light commercials vehicle sales due to a pause in production and launch of an all-new 3.5 tonne Renault Trucks Master product in Q4 2024 and competitor price point issues where one of our brands is out of line with the general offer in the marketplace. The Group outperformed the overall heavy duty truck market with an increase in registrations when the market declined by 2.7% in 2024.

The gross margin fell from 5.4% to 4.7% due to increased competitive vehicle pricing as chassis supply returned to the market and the ongoing impact of vehicle stocking interest rises which move in line with UK base rates and which the Group treats as a cost of sale expense rather than a finance cost. Bank base rates marginally fell from 5.25% to 4.75% during the year with limited ability for the Group to pass these onto customers but further reductions up to the time of this review should enhance profitability during 2025. Long body build times experienced during the prior year have also significantly improved in most segments.

In the aftermarket side of the business both workshop and parts sales increased on the prior year, but Inflationary cost pressure also remained significant and substantially above UK published rates of inflation, both in terms of employment costs and general overhead costs. The Board continue to monitor this closely and attempt to pass cost increases on wherever possible.

The Group continues to invest in understanding customer requirements, monitoring vehicle performance and developing operating procedures to improve ongoing results.

Principal risks and uncertainties

The group does not actively use financial instruments as part of its financial risk management. The group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. The group's debt is exposed to prevailing market interest rates and repayments are met out of working capital. The group's exposure to price and liquidity risks is therefore considered to be minimal.

Future Developments

The Group has a strong order book going into 2025 in what is expected to be a further year of decline in our key segment of heavy-duty commercial vehicle registrations. New vehicle order take remains extremely competitive due to a combination of capital cost, competitor pricing, high financing costs, flat general haulage rates and lack of economic growth in the UK.

The Group continues to carefully monitor ordering vehicles against these continued enhanced levels of uncertainty and increased price and overall offer competition in all sectors.

The Group is well positioned to trade with positive cash balances, access to unused overdraft facilities and limited indebtedness. Furthermore, a significant proportion of the aftermarket trade is secure as it is direct with our manufacturing partners, Renault Trucks, Isuzu Trucks UK, and Renault Group. With this and the working capital position the Directors are therefore confident that they will be able to continue to trade successfully and take advantage of any opportunities that may arise.

On behalf of the board

.............................................
M F Griffiths
Director
Date: .............................................
RIMAPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of a holding company.

 

The principal activities of the group are the sale of heavy goods vehicles and vans, spares and accessories and the servicing and repair of goods vehicles and vans.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £362,568. 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:

M F Griffiths
R N Davies
C Bell
Auditor

The auditor, Pierce C.A. 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
M F Griffiths
Director
1 September 2025
RIMAPE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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:

 

 

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.

RIMAPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIMAPE LIMITED
- 4 -
Opinion

We have audited the financial statements of Rimape Limited (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 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 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:

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 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.

Other information

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:

RIMAPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIMAPE LIMITED
- 5 -
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:

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.

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

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

 

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

 

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

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.

RIMAPE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIMAPE LIMITED
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Smith (Senior Statutory Auditor)
For and on behalf of Pierce C. A. Limited
1 September 2025
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
RIMAPE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
2
77,378,098
69,240,733
Cost of sales
(73,780,897)
(65,500,041)
Gross profit
3,597,201
3,740,692
Administrative expenses
(2,016,479)
(2,144,150)
Operating profit
4
1,580,722
1,596,542
Interest receivable and similar income
7
101,382
101,373
Interest payable and similar expenses
8
(2,061)
(7,317)
Profit before taxation
1,680,043
1,690,598
Tax on profit
10
(422,468)
(400,198)
Profit for the financial year
1,257,575
1,290,400
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RIMAPE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,398,529
2,380,918
2,398,529
2,380,918
Current assets
Stocks
16
11,191,181
7,637,971
Debtors
17
4,643,736
3,639,870
Cash at bank and in hand
6,893,768
5,292,126
22,728,685
16,569,967
Creditors: amounts falling due within one year
18
(12,639,316)
(7,389,778)
Net current assets
10,089,369
9,180,189
Total assets less current liabilities
12,487,898
11,561,107
Creditors: amounts falling due after more than one year
19
(188,014)
(162,422)
Provisions for liabilities
Deferred tax liability
20
89,154
82,962
(89,154)
(82,962)
Net assets
12,210,730
11,315,723
Capital and reserves
Called up share capital
22
49,952
49,952
Share premium account
12,354
12,354
Capital redemption reserve
19,000
19,000
Profit and loss reserves
12,129,424
11,234,417
Total equity
12,210,730
11,315,723
The financial statements were approved by the board of directors and authorised for issue on 1 September 2025 and are signed on its behalf by:
01 September 2025
M F Griffiths
Director
Company registration number 06993380 (England and Wales)
RIMAPE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,929,764
1,929,764
Investments
14
1,059,892
1,059,892
2,989,656
2,989,656
Current assets
Debtors
17
750,051
500,045
Cash at bank and in hand
920,698
823,515
1,670,749
1,323,560
Creditors: amounts falling due within one year
18
(113,491)
(106,776)
Net current assets
1,557,258
1,216,784
Net assets
4,546,914
4,206,440
Capital and reserves
Called up share capital
22
49,952
49,952
Share premium account
12,354
12,354
Capital redemption reserve
19,000
19,000
Profit and loss reserves
4,465,608
4,125,134
Total equity
4,546,914
4,206,440

As permitted by s408 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 £703,042 (2023 - £613,213 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 1 September 2025 and are signed on its behalf by:
01 September 2025
M F Griffiths
Director
Company registration number 06993380 (England and Wales)
RIMAPE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
49,952
12,354
19,000
10,210,038
10,291,344
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,290,400
1,290,400
Dividends
11
-
-
-
(266,021)
(266,021)
Balance at 31 December 2023
49,952
12,354
19,000
11,234,417
11,315,723
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,257,575
1,257,575
Dividends
11
-
-
-
(362,568)
(362,568)
Balance at 31 December 2024
49,952
12,354
19,000
12,129,424
12,210,730
RIMAPE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
49,952
12,354
19,000
3,777,941
3,859,247
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
613,213
613,213
Dividends
11
-
-
-
(266,021)
(266,021)
Balance at 31 December 2023
49,952
12,354
19,000
4,125,133
4,206,439
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
703,042
703,042
Dividends
11
-
-
-
(362,568)
(362,568)
Balance at 31 December 2024
49,952
12,354
19,000
4,465,607
4,546,913
RIMAPE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
2,518,792
239,062
Interest paid
(2,061)
(7,317)
Income taxes paid
(453,681)
(432,416)
Net cash inflow/(outflow) from operating activities
2,063,050
(200,671)
Investing activities
Purchase of tangible fixed assets
(262,544)
(180,593)
Proceeds on disposal of tangible fixed assets
62,322
48,101
Loans repaid/(advanced)
-
40,309
Interest received
101,382
101,373
Net cash (used in)/generated from investing activities
(98,840)
9,190
Financing activities
Dividends paid to equity shareholders
(362,568)
(266,021)
Net cash used in financing activities
(362,568)
(266,021)
Net increase/(decrease) in cash and cash equivalents
1,601,642
(457,502)
Cash and cash equivalents at beginning of year
5,292,126
5,749,628
Cash and cash equivalents at end of year
6,893,768
5,292,126
RIMAPE LIMITED
GROUP STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,257,575
1,290,400
Adjustments for:
Taxation charged
422,468
400,198
Finance costs
2,061
7,317
Investment income
(101,382)
(101,373)
Gain on disposal of tangible fixed assets
(8,124)
(43,438)
Depreciation and impairment of tangible fixed assets
190,735
155,409
Movements in working capital:
Increase in stocks
(3,553,210)
(612,850)
(Increase)/decrease in debtors
(1,037,544)
55,226
Increase/(decrease) in creditors
5,346,213
(911,827)
Cash generated from operations
2,518,792
239,062
2
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Principal activity
77,378,098
69,240,733
2024
2023
£
£
Other revenue
Interest income
101,382
101,373
3
Accounting policies
Company information

Rimape Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Navigation Garage, Forrest Street, Blackburn, Lancashire, BB1 3BB.

3.1
Accounting convention

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 pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 14 -
3.2
Basis of consolidation

The consolidated financial statements incorporate those of Rimape Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

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.

3.3
Going concern

The directors are not aware of any material uncertainties affecting the group and are of the opinion that the group will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

3.4
Turnover

Turnover represents net invoiced sales in respect of heavy goods vehicles and vans, spares and accessories and the servicing and repair of heavy goods vehicles and vans, excluding value added tax.

3.5
Tangible fixed assets

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:

Land and buildings Freehold
not depreciated
Plant and machinery
15% - 25% on reducing balance and on cost, 33% on reducing balance
Motor vehicles
25% straight line

No depreciation has been provided in respect of freehold land and buildings. The directors are of the opinion that the residual values of the properties were at least equal to their net book values and any depreciation charges would be immaterial. Although this is a departure from the Companies Act 2006, the directors consider it necessary in order to enable the financial statements to show a true and fair view.

RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 15 -
3.6
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.

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.

3.7
Impairment of fixed assets

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.

3.8
Stocks

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

 

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

3.9
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.

RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Accounting policies
(Continued)
- 16 -
3.10
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.

3.11
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. 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

3.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3.13
Retirement benefits

The Group operates defined contribution schemes for the benefit of certain members of staff and for two of its directors, M F Griffiths & R N Davies. Contributions payable are charged to the profit and loss account in the year they are payable.

 

3.14

Repair and maintenance contracts

A substantial proportion of new trucks sold incorporate the sale of a repair and maintenance contract. The contract results in income being received by the company in equal monthly instalments over the life of the contract, the majority of which are for between three and five years. The full costs incurred by the company in meeting its obligations under the contracts are charged to the profit and loss account as incurred. The balance of contract income in excess of costs is treated as deferred income and any remaining balance at the end of the contract is released to the profit and loss account. Actual contract losses are written off in the year in which they are incurred.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
190,735
155,409
Profit on disposal of tangible fixed assets
(8,124)
(43,438)
Operating lease charges
124,581
72,146
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
359,818
454,543
Company pension contributions to defined contribution schemes
103,250
156,700
463,068
611,243
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
223,950
324,945
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,600
1,600
Audit of the financial statements of the company's subsidiaries
9,400
9,200
11,000
10,800
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
100,992
101,373
Other interest income
390
-
Total income
101,382
101,373
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
100,992
101,373
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
-
3,314
Other finance costs:
Other interest
2,061
4,003
Total finance costs
2,061
7,317
9
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Managerial staff
7
6
-
-
Other employees
103
100
-
-
Total
113
109
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,684,633
4,604,740
-
0
-
0
Social security costs
486,711
477,139
-
-
Pension costs
249,500
366,867
-
0
-
0
5,420,844
5,448,746
-
0
-
0
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
416,276
397,797
Deferred tax
Origination and reversal of timing differences
6,192
2,401
Total tax charge
422,468
400,198
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 19 -

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2024
2023
£
£
Profit before taxation
1,680,043
1,690,598
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
420,011
397,629
Tax effect of expenses that are not deductible in determining taxable profit
426
(7,355)
Effect of change in corporation tax rate
-
8
Permanent capital allowances in excess of depreciation
(4,161)
7,515
Other permanent differences
6,192
2,401
Taxation charge
422,468
400,198
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
362,568
266,021
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
294,051
Amortisation and impairment
At 1 January 2024 and 31 December 2024
294,051
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
13
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,929,764
850,388
494,617
3,274,769
Additions
-
0
83,576
178,968
262,544
Disposals
-
0
-
0
(78,219)
(78,219)
At 31 December 2024
1,929,764
933,964
595,366
3,459,094
Depreciation and impairment
At 1 January 2024
-
0
655,347
238,504
893,851
Depreciation charged in the year
-
0
79,927
110,808
190,735
Eliminated in respect of disposals
-
0
-
0
(24,021)
(24,021)
At 31 December 2024
-
0
735,274
325,291
1,060,565
Carrying amount
At 31 December 2024
1,929,764
198,690
270,075
2,398,529
At 31 December 2023
1,929,764
195,041
256,113
2,380,918
Company
Land and buildings Freehold
£
Cost
At 1 January 2024 and 31 December 2024
1,929,764
Depreciation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
1,929,764
At 31 December 2023
1,929,764
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,059,892
1,059,892
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,059,892
Carrying amount
At 31 December 2024
1,059,892
At 31 December 2023
1,059,892
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
JDS Trucks Limited
1
Ordinary
100.00
-
JDS Truck and Van Limited
1
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Navigation Garage, Forrest Street, Blackburn, Lancashire BB1 3BB
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
11,130,821
7,598,170
-
-
Work in progress
60,360
39,801
-
-
11,191,181
7,637,971
-
-

Unregistered vehicles with a value of £17,988,201 (2023 - £18,217,828) were held within the company's control at the year end on a Dealer Stocking Facility. These have not been included in the company's stock figure since substantially not all of the risks of ownership had been transferred to the company.

RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,577,564
3,486,945
-
0
-
0
Corporation tax recoverable
8,824
42,502
-
0
-
0
Amounts owed by group undertakings
-
-
750,000
500,000
Other debtors
12,551
12,545
51
45
Prepayments and accrued income
44,797
97,878
-
0
-
0
4,643,736
3,639,870
750,051
500,045
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
9,239,150
4,794,825
-
0
-
0
Corporation tax payable
226,715
297,798
113,491
106,776
Other taxation and social security
232,180
301,972
-
-
Other creditors
121,284
190,047
-
0
-
0
Accruals and deferred income
2,819,987
1,805,136
-
0
-
0
12,639,316
7,389,778
113,491
106,776
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
188,014
162,422
-
0
-
0
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
89,154
82,962
The company has no deferred tax assets or liabilities.
RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 23 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
82,962
-
Charge to profit or loss
6,192
-
Liability at 31 December 2024
89,154
-

The deferred tax liability set out above is expected to reverse over the useful economic life of the assets and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
249,500
366,867

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
31,000
31,000
31,000
31,000
B Ordinary Shares of £1 each
8,824
8,824
8,824
8,824
C Ordinary Shares of £1 each
5,502
5,502
5,502
5,502
D Ordinary Shares of £1 each
4,626
4,626
4,626
4,626
49,952
49,952
49,952
49,952
23
Financial commitments, guarantees and contingent liabilities

A company controlled by one of the directors is party to a repurchase agreement with VFS Financial Services Limited.  The agreement commits that company to repurchase, at a predetermined value, a number of vehicles when the leases between VFS Financial Services Limited and its customers expire, unless the end customer wishes to purchase the vehicle.

 

The lease expiration dates range from February 2025 to May 2031.

 

The company's subsidiary company, JDS Trucks Limited, has confirmed that it will settle any liability arising because of the vehicle sales value being lower than the repurchase price.

 

At the year end date it cannot be known with any certainty whether the buy back on any of the remaining vehicles will be activated

RIMAPE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
24
Operating lease commitments

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
17,625
21,386
-
-
Between two and five years
243,070
116,574
-
-
260,695
137,960
-
-
25
Controlling party

The company is controlled by M F Griffiths who, together with close family members, holds 56% of the issued voting share capital of the company.

26
Directors' transactions

Dividends totalling £305,381 (2023 - £242,585) were paid in the year in respect of shares held by the company's directors.

Dividends of £57,187 (2023 - £23,437) have been paid to close family members of the directors during the year.

27
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,292,126
1,601,642
6,893,768
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200R N DaviesC BellC BellM F Griffithsfalse06993380bus:Consolidated2024-01-012024-12-31069933802024-01-012024-12-3106993380bus:CompanySecretaryDirector12024-01-012024-12-3106993380bus:Director12024-01-012024-12-3106993380bus:Director22024-01-012024-12-3106993380bus:CompanySecretary12024-01-012024-12-3106993380bus:Director32024-01-012024-12-3106993380bus:RegisteredOffice2024-01-012024-12-3106993380bus:Agent12024-01-012024-12-3106993380bus:Consolidated2024-12-31069933802024-12-3106993380bus:Consolidated2023-01-012023-12-31069933802023-01-012023-12-3106993380bus:Consolidated2023-12-31069933802023-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-12-3106993380core:PlantMachinerybus:Consolidated2024-12-3106993380core:MotorVehiclesbus:Consolidated2024-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3106993380core:PlantMachinerybus:Consolidated2023-12-3106993380core:MotorVehiclesbus:Consolidated2023-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssets2024-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3106993380core:ShareCapitalbus:Consolidated2024-12-3106993380core:ShareCapitalbus:Consolidated2023-12-3106993380core:SharePremiumbus:Consolidated2024-12-3106993380core:SharePremiumbus:Consolidated2023-12-3106993380core:CapitalRedemptionReservebus:Consolidated2024-12-3106993380core:CapitalRedemptionReservebus:Consolidated2023-12-3106993380core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3106993380core:ShareCapital2024-12-3106993380core:ShareCapital2023-12-3106993380core:SharePremium2024-12-3106993380core:SharePremium2023-12-3106993380core:CapitalRedemptionReserve2024-12-3106993380core:CapitalRedemptionReserve2023-12-3106993380core:RetainedEarningsAccumulatedLosses2024-12-3106993380core:RetainedEarningsAccumulatedLosses2023-12-3106993380core:ShareCapitalbus:Consolidated2022-12-3106993380core:SharePremiumbus:Consolidated2022-12-3106993380core:CapitalRedemptionReservebus:Consolidated2022-12-3106993380core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3106993380core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3106993380core:ShareCapital2022-12-3106993380core:SharePremium2022-12-3106993380core:CapitalRedemptionReserve2022-12-3106993380bus:Consolidated2022-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-012024-12-3106993380core:PlantMachinery2024-01-012024-12-3106993380core:MotorVehicles2024-01-012024-12-3106993380core:UKTaxbus:Consolidated2024-01-012024-12-3106993380core:UKTaxbus:Consolidated2023-01-012023-12-3106993380bus:Consolidated12024-01-012024-12-3106993380bus:Consolidated12023-01-012023-12-3106993380core:Goodwillbus:Consolidated2023-12-3106993380core:Goodwillbus:Consolidated2024-12-3106993380core:Goodwillbus:Consolidated2023-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3106993380core:PlantMachinerybus:Consolidated2023-12-3106993380core:MotorVehiclesbus:Consolidated2023-12-3106993380bus:Consolidated2023-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3106993380core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-01-012024-12-3106993380core:PlantMachinerybus:Consolidated2024-01-012024-12-3106993380core:MotorVehiclesbus:Consolidated2024-01-012024-12-3106993380core:Subsidiary12024-01-012024-12-3106993380core:Subsidiary22024-01-012024-12-3106993380core:Subsidiary112024-01-012024-12-3106993380core:Subsidiary222024-01-012024-12-3106993380core:CurrentFinancialInstruments2024-12-3106993380core:CurrentFinancialInstruments2023-12-3106993380core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3106993380core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3106993380core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3106993380core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3106993380core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3106993380core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106993380core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-12-3106993380core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3106993380core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3106993380core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3106993380bus:PrivateLimitedCompanyLtd2024-01-012024-12-3106993380bus:FRS1022024-01-012024-12-3106993380bus:Audited2024-01-012024-12-3106993380bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3106993380bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP