The directors present their strategic report for the year ended 31 March 2025.

Turnover grew by 2.5% in comparison to the previous year, a moderate level of growth compared to previous years, but still considered to be a strong achievement within a continuously challenging and competitive market, and a challenging economic environment. The majority of the growth was again organic, which is a testament to the dedication of our team and the relationships that they have built and maintained with our customer base over many years. The company continues to consolidate its position as the leading supplier of decorative sundries to the trade market within the UK, gaining additional market share during the year, whilst at the same time, adding additional products to its personal protective equipment (PPE) portfolio to service an increasing number of PPE customers.

Gross margin improved from 39.0% to 41.8%, a direct result of a reduction in the volatility of freight rates from the Far East which largely returned to historic levels. Stock levels increased during the year to accommodate longer lead times, to ensure maximum competitiveness by buying in bulk quantities, and also to ensure maximum customer service levels for stock availability which has been the bedrock of previous trading performance.

Inflation remains an issue throughout the year translating to further increased costs across all areas of our business, particularly payroll and general services including rates costs, although such increased costs have been absorbed by the company from additional turnover. Strong relationships within the company’s supply chain meant that supplier cost increases were kept to an absolute minimum during the year.

There have been no significant changes in the company’s principal activities during the year. The results for the year and the financial position at year end were considered satisfactory by the directors. The directors have a robust long-term strategy in place, embracing both growth and infrastructure, and they remain confident that the company will continue to thrive as it develops new markets and products to add to its existing portfolio.

Competitive pressure within the UK market remains a continuing risk for the company, although the company manages this risk by providing added value to customers, improving, increasing, and adapting the product ranges, providing fast response times not only in the supply of products but also in handling all customer service issues, and by maintaining strong relationships with both customers and suppliers. Technical and product innovation remain a key part of the company development strategy.

The company imports goods from around the world and consequently is subject to volatility in exchange rate movements, freight costs and continued volatility in the cost of many commodities in the world market. Exchange risks are managed by a process of daily and future exchange rate monitoring mechanisms to limit the company’s exposure to such exchange rate volatility and manages the supply chain increases by maintaining an experienced and dedicated resource in the sourcing and procurement departments to ensure that all cost increases are effectively managed and reduced to a minimum.

The company undertakes credit checks on all customers and maintains internal credit control procedures to minimise exposure to external credit risk.

The company is well funded and continues to deliver impressive performance year on year despite challenging economic conditions. The directors remain extremely confident that the company will continue to expand, and that their robust and ambitious plans will generate enhanced profitability and performance in the future. The company remains well placed to withstand future turbulence and pressure within the markets in which it operates, relying on its reputation for value, reliability, and service.

The company continues to actively grow both its customer and product portfolios, providing it with increasing confidence for the future.

Y/e 31 March 2025     Y/e 31 March 2024

Post Tax profits as a % of Turnover              9.78%              9.00%

Gross Profitability              41.82%          39.00%

ROCE                      13.08%          10.87%

Liquidity Ratio                  4.87             6.10

The financial results for the year remain exceptionally strong in a challenging economic environment. Post tax profitability, gross margins, return on capital employed and the company’s liquidity ratios all improved during the year. Liquidity remains exceptionally strong with a current ratio of 6.52. Surplus liquidity will be utilised in funding further aggressive expansion and providing additional trading infrastructure.

Streamlined Energy and Carbon Reporting (SECR) statement

Energy use and associated greenhouse gas emissions

The company is pleased to report its 2024/2025 annual energy consumption and associated annual greenhouse gas (“GHG”) emissions pursuant to the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations (“the 2018 Regulations”) that came into force 1 April 2019.

The annual reporting period for Rodo is 1st April to 31st March each year and the energy and carbon emissions are aligned to this period. In accordance with the 2018 Regulations, the energy use and associated GHG emissions are for those assets within the UK only. This report shows total annual UK energy used across the Rodo sites and company owned vehicles.

The 2023 and 2024 UK Government GHG Conversion Factors for Company Reporting have been used in the emissions calculations. Electricity and Gas consumption records are based on invoices. Transport emissions were calculated from expense records stating business miles travelled. Gross calorific values were used as per the Government GHG Conversion Factors.

The associated emissions are divided into mandatory and voluntary emissions according to the 2018 Regulations. Under this Regulation Rodo is obliged to disclose energy and carbon information in their accounts and reports, including

-    UK energy use (to include as a minimum purchased electricity, gas and transport)

-    Associated greenhouse gas emissions.

-    At least one intensity ratio

-    Previous year’s figures for energy use and GHG emissions (except in the first year)

-    Information about energy efficiency action taken in the organisation’s financial year

-    Methodologies used in calculation of disclosures

The emissions are further divided into their relevant scopes as per the GHG Protocol. The scopes are defined as: -

-    Scope 1: Direct GHG emissions that occur from sources owned or controlled by the organisation (i.e.     owned and leased assets)

-    Scope 2: Indirect GHG emissions from the generation of acquired and consumed electricity, steam,     heating     or cooling (i.e., purchased electricity).

-    Scope 3: Other indirect CHG emissions that occur because of the organisations activities but occur from     sources not owned or controlled by the organisation (i.e., business travel, waste disposal).

Breakdown of energy consumption used to calculate emissions (kWh)

Mandatory emissions 2024/25

Gas 496,727

Purchased Electricity 600,399

Transport 414,658

Total Mandatory energy consumed 1,511,784

Breakdown of emissions associated with the reported energy use (KgCo2e)

Scope 1

Gas 90,668

Transport – Company owned fleet 100,548

Scope 2

Purchased Electricity 124,313

Total gross mandatory emissions 315,529

Intensity ratio

The intensity ratio is calculated based on the total floor area of buildings occupied by Rodo. Floor area has been chosen as it is currently considered the most relevant to the company’s energy consuming performance.

= Total Gross mandatory emissions (KgCo2e) / Total floor area (sq. ft) = 315,529/169,247

KgCo2e per square foot = 1.86

Energy efficiency action

The company is committed to driving down its energy consumption in the future and has already adopted a number of initiatives to assist in achieving this objective.

In respect of its current transport fleet policy, the company is committed to the movement towards the employment of electric-hybrid and fully electric vehicles over the next couple of years as current operational leases expire. Measures are also in place to ensure that the volume of business related mileage is reduced by appropriate mileage management and improved route planning. Electric charging points are installed at the company’s main office.

Investment in energy efficient LED lighting systems across all operational sites continues as previously together with additional energy saving measures where identified. Replacement of outdated electricity transformers is currently under negotiation which will have a substantial downward impact on future electricity usage.

The company’s current ESG strategy incorporates numerous measures designed to improve energy efficiency and waste management, to ensure ethical sourcing and responsible manufacturing from suppliers, to being innovative in the design of products to support sustainability, to maximise the use of recycled materials, whilst also supporting charitable initiatives and providing programmes to empower employees. More information is provided in the company’s detailed ESG statement available on request.

Rodo have always been conscious of the company impact upon the environment and are consistently working towards reducing its carbon footprint. During the 2024/25 financial year, the company became fully accredited under ISO14001.

Section 172 statement

The directors of the Company have acted in accordance with their statutory duties, in particular their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regards to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

Issues, factors and stakeholders which the Directors considered to be of strategic importance when discharging their duty under section 172(1) are detailed below

The likely consequences of any decision in the long term

The Directors carefully consider the impact of all decisions on the long term success of the Company. Key areas in decision making are formulated in adherence to formal policies communicated to all staff members and capturing key areas such as supply chain management, customer conduct, human resources and environmental, social and governance (ESG) matters.

The interest of the company’s employees

As a family business, the Company recognises its responsibility to all employees and are committed to effective engagement with them. The company recognises the importance of good communications and relations with staff and utilises a number of methods of keeping staff informed of performance and developments within the Company.

There are regular meetings between management and the workforce through a designated discussion forum, all new staff members are given a formal induction programme, and regular bulletins are issued to staff through the medium of a company newsletter outlining company performance and developments. There is currently increased resource being channelled into mental, social and general well being welfare with all employees being made aware of external resource support available if required.

The need to foster the company’s business relationships with suppliers, customers and others.

The Board recognise the importance of taking the customer’s viewpoints into account as part of its decision making process, and consequently employs specifically defined practices developed to ensure that the customer’s needs are properly addressed. Strategies and performance in this respect are carefully managed and reported at senior level.

Communication and management of the Company supply chain is integral to the future success of the Company and substantial resource is made available to ensure that such relationships are nurtured and developed in accordance with company objectives. Suppliers are carefully monitored from a performance perspective and are subject to appropriate ethical audits when required. New product development is particularly important and procedures are simplified when effective communication and successful past trading history are self evident.

As is normal in most family businesses, the shareholders and Directors share a degree of commonality. That does not however preclude the requirement to ensure that all shareholders should be kept aware of all proposals affecting the future performance of the Company.

The impact of the company’s operations on the community and the environment.

The Company is committed to doing what it can to minimise its impact on the environment with reference to specific current initiatives mentioned above. The Company is also engaged with both suppliers and customers regarding all future policies relating to environment, social and governance matters (ESG).

The Directors and staff recognise our social responsibilities, and continue to support a number of worthwhile causes throughout the year. The Company ring fences an annual budget for local charitable and recreational organisations, and staff members organise fund raising initiatives for both local and national charities throughout the year. The Company also supports fund raising initiatives communicated by customers.

The desirability of the company maintaining a reputation for high standards of business conduct.

The Directors and management operate the business in a responsible manner with the aim of ensuring the Company maintains a reputation for high standards of business conduct and good governance. All company policies and employee guidance publications are reviewed and updated where required on a regular basis and are properly communicated. All staff members are aware of the high standards of professional and ethical behaviour expected of them and of the company’s objective of safeguarding its reputation for high standards of conduct.

The need to act fairly as between members of the company.

The Directors recognise the success of the business depends on its ability to engage effectively, work together constructively, and to take all stakeholder views into account in order to operate sustainably in the long term. The Board routinely considers the interests of all stakeholders in the decision-making process to ensure that they are aligned with the Company’s practices, values and behaviours.

The Company seeks to put its customers’ best interests first, invests in its employees, supports its former employees and the communities in which it operates, and strives to generate sustainable profits for shareholders.

By order of the board

The directors present their annual report and financial statements for the year ended 31 March 2025.

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £310,000. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

In accordance with the company's articles, a resolution proposing that Chadwick & Company (Manchester) Limited be reappointed as auditor of the company will be put at a General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

Details of the company's future developments and risk exposure are included in the Strategic Report.

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 company and of the profit or loss of the company for that period.

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

• select suitable accounting policies 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; and

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

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

We have audited the financial statements of Rodo Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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:

• 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.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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.

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

We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act 2006, Health and Safety At Work Act 1984, Employment law, Trading regulations and all other laws and regulations relating to the business. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

In addition to the above, we designed procedures which included:

• enquiring of management and those charged with governance concerning actual and potential litigation and claims and any known instances of non-compliance with laws and regulations;

• 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 or inspection;

• reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• performing detailed audit work on areas identified as being susceptible to management bias and override of controls, such as provisions, estimates and journal entries, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of bias;

• performing analytical procedures to identify any unusual relationships that may indicate a risk of material misstatement due to fraud.

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.

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.

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

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. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.true

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

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.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

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 credited or charged to profit or loss.

No depreciation is provided in respect of freehold land.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

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.

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.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, 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. Financial assets classified as receivable within one year are not amortised.

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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Basic financial liabilities, including creditors and bank loans 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company 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 company.

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Rodo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lumb Lane, Droylsden, Manchester, M43 7BU.

In the application of the company’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 in the areas of depreciation, provisions for bad debts, prepayments, accruals and stock provisions. 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.

None of the sources of estimation uncertainty are considered significant.

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

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration for qualifying services includes benefits in kind.

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:

Deferred tax assets and liabilities are offset where the 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:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company has ordinary shares with no restriction on the distribution of dividends.

On 29 October 2024, 100,000 Ordinary shares of £1 each were repurchased and cancelled by the company. The consideration paid was £7,000,000. The shares purchased represented 33.33% of the total issued share capital of the company at that time.

The capital redemption reserve is a non-distributable reserve and represents paid up share capital.

The profit and loss reserves represents accumulated comprehensive income for the year and prior years less dividends paid.

The company has given an indemnity to HSBC Bank Plc in respect of H M Revenue & Customs bonds totalling £300,000 (2024 - £300,000).

Operating lease payments represent rentals payable by the company for certain vehicles and items of machinery. Leases are negotiated for an average term of three years and rentals are fixed for this period with an option to extend at the prevailing market rate.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

On 13 August 2025, resolutions were passed to re-organise the share capital of the company. The 200,000 Ordinary shares of £1 each were re-designated as 8,000 Ordinary 'A' shares of £1 each and 192,000 Ordinary 'B' shares of £1 each. On that date, 1,000,000 Redeemable Preference shares of £1 each were issued at par value to provide additional working capital to the company.

The remuneration of key management personnel is as follows.

Dividends totalling £310,000 (2024 - £360,000) were paid in the year in respect of shares held by the company's directors.

No interest was paid to the directors in respect of credit balances on their loan accounts.

At the year end, the company owed the directors £1,324,547 (2024 - £1,323,226) in respect of their directors' loan accounts.

The company is under the control of the director, Mr P W Brierley due to his controlling interest in the issued share capital of the company.