Consolidated Financial Statements
For the financial year ended 31 December 2024
Registered number: 11550898
Company Information
Contents
Group strategic report
For the financial year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The principal activity of the group during the year was the marketing and distribution of a range of products for the leisure and garden products market.
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and it’s position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Group during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the group against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
The performance of the group was as follows:
The directors' aim to present a balanced and comprehensive review of the development and performance of the business during the year and it’s position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face. As with many businesses of their size, the business environment in which they operate continues to be challenging. With this in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
There were no significant changes in the activities of the Group during the year.
The directors consider that the key performance indicators (KPIs) are turnover, gross margin and EBITDA and these indicators are closely monitored. These KPIs allow the directors to assess both the growth and profitability of the group against competitors and the internal and external factors that affect the business. The directors are satisfied with the performance in respect of these KPIs.
The performance of the group was as follows:
The directors are pleased with the overall performance of the business. The results of the Group for the year show a loss before tax of £1,476,389 (2023: profit of£609,514). The shareholders' funds of the Company total £11,129,823 (2023: £12,606,211). The group has reported a loss with an increase in turnover during the period mainly as a result of decreased business during the period . The directors continue to expect the company's performance to improve in the succeeding periods based on budgets and projections and actions taken by the company to address any risks affecting the business. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.
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Group strategic report (continued)
For the financial year ended 31 December 2024
The directors consider that the principal risks and uncertainties faced by the group are in the following categories:
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company.
Brexit risk
The group sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the group does not anticipate a major change to existing trade tariffs on its imported goods.
Competition risk
The directors of the group and company manage competition risk through close attention to customer service levels.
Financial risk
All key financial figures are monitored on an ongoing basis.
People in our business
The continued success of the group and company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.
Economic risk
Uncertainty about global economic conditions due to the current economic climate could result in difficulties for the Company.
Brexit risk
The group sources the vast majority of goods from the Far East and as such, there is some degree of risk reduction from Brexit depending on the trade negotiations with the Far East by the UK Government. As such the group does not anticipate a major change to existing trade tariffs on its imported goods.
Competition risk
The directors of the group and company manage competition risk through close attention to customer service levels.
Financial risk
All key financial figures are monitored on an ongoing basis.
People in our business
The continued success of the group and company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.
The group plans to continue and grow its present activities.
The company considers the following measures to be important indicators of the underlying performance of the business:
Gross Margin
Gross margin for the year was 31.3% (2023: 32.1%).
Gross Margin
Gross margin for the year was 31.3% (2023: 32.1%).
This report was approved by the board and signed on its behalf.
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Director's report
For the financial year ended 31 December 2024
The director presents his report and the financial statements for the financial year ended 31 December 2024 .
The loss for the financial year, after taxation, amounted to £1,476,391 (2023: profit £419,034).
The director has recommended a dividend of £Nil for the year (2023: £60,000).
The director who served during the financial year was:
The group plans to continue with the current activities indefinitely.
The Group engaged in research and development costs of £886,834 (2023: £886,606) during the year.
There have been no events affecting the Group since the financial year end.
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Director's report (continued)
For the financial year ended 31 December 2024
The auditor, Grant Thornton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Director's responsibilities statement
For the financial year ended 31 December 2024
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board,
................................................
R.P. Grimmer
Director
Date 2 December 2025
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Independent auditor's report to the members of RGHVBRM Limited
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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report.
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Independent auditor's report to the members of RGHVBRM Limited (continued)
Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Director's report and the Strategic Report. The director are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and
∙the Director's report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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Independent auditor's report to the members of RGHVBRM Limited (continued)
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director 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, management is responsible for assessing the Group and 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 management either intend to liquidate the Group and company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group and company's financial reporting process.
The objectives of an auditor 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 their 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.
A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Explanation as to what extent 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, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the group's industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with data protection and Employment laws, Health and Safety Regulation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
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Independent auditor's report to the members of RGHVBRM Limited (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
In response to these principal risks, our audit procedures included but were not limited to:
∙inquiries of management and board on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
∙inspection of the Company’s legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
∙gaining an understanding of the internal controls established to mitigate risk related to fraud;
∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
∙challenging assumptions and judgements made by management in their significant accounting estimates, including useful lives of depreciable assets, estimating allowance for impairment losses in intangible and tangible fixed assets and allowances for impairment of trade and other debtors; and
∙review of the financial statements disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Dublin 2
Date:
2 December 2025
Date:
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Consolidated statement of comprehensive income
For the financial year ended 31 December 2024
Page 10
Consolidated statement of financial position
As at 31 December 2024
Page 11
Consolidated statement of financial position (continued)
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 36 form part of these financial statements.
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Company statement of financial position
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 36 form part of these financial statements.
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Consolidated statement of changes in equity
For the financial year ended 31 December 2024
Consolidated statement of changes in equity
For the financial year ended 31 December 2023
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Company statement of changes in equity
For the financial year ended 31 December 2024
Company statement of changes in equity
For the financial year ended 31 December 2023
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Consolidated statement of cash flows
For the financial year ended 31 December 2024
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Consolidated statement of cash flows (continued)
For the financial year ended 31 December 2024
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Consolidated Analysis of Net Debt
For the financial year ended 31 December 2024
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Notes to the financial statements
For the financial year ended 31 December 2024
RGHVBRM Limited is a members limited company which is registered and incorporated in the United Kingdom. The company's registered address is Dewmead Farm, New Inn Road, Hinxworth, Hertfordshire, SG7 5HG, United Kingdom.
2.Accounting policies
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Functional and presentation currency
Transactions and balances
Page 19
Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its remaining useful economic life of 10 years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
The company estimates allowances for doubtful trade and other debtors based on assessment of specific trading accounts where the company has objective evidence default on payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases judgement used is based on the best available facts and circumstances.
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Notes to the financial statements
For the financial year ended 31 December 2024
3.Judgments in applying accounting policies and key sources of estimation uncertainty (continued)
Tangible fixed assets, other than investments properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Estimating allowance for impairment losses in intangible and tangible assets
The company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the company considers important which could trigger an impairment review include the following:
The company assesses impairment on intangible and tangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the company considers important which could trigger an impairment review include the following:
1)Significant underperformance relative to expected historical or projected future operating results
2)Significant changes in the manner of use of the acquired assets or the strategy for overall business; and
3)Significant negative industry or economic trends.
In determining the present value of estimated future cashflows expected to be generated from the continued use of the assets, the company is required to make estimates and assumptions that can materially affect the financial statements.
These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. An impairment loss would be recognised whenever evidence exists that the carrying value is not recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels of which there are separately identifiable cashflows.
An impairment loss is recognised and charged to profit or loss if the discounted expected future cash flows are less than the carrying amount. Fair value is estimated by discounting the expected future cashflows using a discount factor that reflects the risk-free rate of interest for a term consistent with the period of expected cashflows.
The whole of the turnover is attributable to its principal activity. The director considers it to be seriously prejudicial to the interests of the company to disclose information regarding turnover, therefore the fact that such information has not been disclosed must be stated in accordance with SI2008/410, schedule 1(68).
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Notes to the financial statements
For the financial year ended 31 December 2024
Page 27
Notes to the financial statements
For the financial year ended 31 December 2024
Page 28
Notes to the financial statements
For the financial year ended 31 December 2024
There are no factors affecting future tax charges.
Page 29
Notes to the financial statements
For the financial year ended 31 December 2024
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent company for the financial year was £Nil (2023 - £565,000 ).
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