Registered number: 08743548
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
RLE Global Operations is the UK based Holding Company of the RLE International operations outside of Germany. This structure was put in place in 2014 with all non-German interest being managed by Global Operations.
The main financial activity of the company is as a group Holding Company, charging management fees to its subsidiaries in order to cover operating costs of the central management team and to pursue other strategic objectives.
The main financial activity of the company is as a group Holding Company, charging management fees to its subsidiaries in order to cover operating costs of the central management team and to pursue other strategic objectives.
The business is exposed to a number of risks as a result of its international operations. The directors have set out below the principal business and financial risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Processes are in place to monitor and where possible mitigate such risks.
Financial risk
The company uses various financial instruments. These include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations.
The main risks arising from the company's financial instruments are credit risk and liquidity risk, with currency and interest rate risk being deemed immaterial to the company overall.
Credit risk
The company's principal financial assets are cash and trade debtors.
The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies.
The principal credit risk therefore arises from the company's trade debtors. In order to manage credit risk the directors regularly review the subsidiary companies performance, profitability and cashflow.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. The company policy throughout the year has been to achieve this objective through the day to day management of business decision making, rather than through setting maximum liquidity ratios.
Financial risk
The company uses various financial instruments. These include loans, cash and various items such as trade debtors and trade creditors that arise directly from its operations.
The main risks arising from the company's financial instruments are credit risk and liquidity risk, with currency and interest rate risk being deemed immaterial to the company overall.
Credit risk
The company's principal financial assets are cash and trade debtors.
The credit risk associated with the cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies.
The principal credit risk therefore arises from the company's trade debtors. In order to manage credit risk the directors regularly review the subsidiary companies performance, profitability and cashflow.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. The company policy throughout the year has been to achieve this objective through the day to day management of business decision making, rather than through setting maximum liquidity ratios.
The directors consider the following to be key performance indicators of the business:-
2024 2023
£ £
Turnover 1,517,889 1,251,120 Profit on ordinary activities before taxation 603,790 33,169
Shareholders' funds 6,235,656 6,463,882
2024 2023
£ £
Turnover 1,517,889 1,251,120 Profit on ordinary activities before taxation 603,790 33,169
Shareholders' funds 6,235,656 6,463,882
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way 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, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors. Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the Board’s decision-making process, it considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the Company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to 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.
The profit for the year, after taxation, amounted to £603,790 (2023 - £15,950).
During the year the directors have approved a final dividend of £Nil (2023 - £Nil).
Going concern assessment and material uncertainty
The financial statements have been prepared on the going concern basis, but there is a material uncertainty, which may cast significant doubt on the Company’s ability to continue as a going concern.
The Company is facing liquidity challenges which has led to concerns about its ability to meet its financial obligations as they fall due. Management has assessed the Company’s ability to continue as a going concern for the next 12 months and believes that the Company will be able to continue operating if external funding is received as planned. More detail regarding the plans to mitigate the going concern risk can be found in note 2.3 of the financial statements.
Going concern assessment and material uncertainty
The financial statements have been prepared on the going concern basis, but there is a material uncertainty, which may cast significant doubt on the Company’s ability to continue as a going concern.
The Company is facing liquidity challenges which has led to concerns about its ability to meet its financial obligations as they fall due. Management has assessed the Company’s ability to continue as a going concern for the next 12 months and believes that the Company will be able to continue operating if external funding is received as planned. More detail regarding the plans to mitigate the going concern risk can be found in note 2.3 of the financial statements.
The directors who served during the year were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, Venthams, 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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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE GLOBAL OPERATIONS LIMITED
We have audited the financial statements of RLE Global Operations Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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).
We draw attention to note 2.3 in the financial statements, which indicates that the company is facing liquidity issues due to a decline in sales across the group which it heads as a result of adverse economic conditions in the automotive industry, thus leading to a concern over its ability to meet its financial obligations as they fall due. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included reviewing management’s cash flow forecasts, assessing the assumptions underlying those forecasts, and evaluating the Company’s plans to address liquidity issues, including restructuring arrangements and cost-cutting measures.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE GLOBAL OPERATIONS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual 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.
In our opinion, based on the work undertaken in the course of the 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE GLOBAL OPERATIONS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Employment Law, Tax and Pensions legislation, and distributable profits legislation.
- Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include employment law, fire safety, health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit proceedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE GLOBAL OPERATIONS LIMITED (CONTINUED)
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Millhouse
32 - 38 East Street
Essex
SS4 1DB
Date:
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RLE Global Operations is a private company limited by shares incorporated in England and Wales. The registered office is Insight House, Riverside Business Park, Stoney Common Road, Stansted Mountfitchet, Essex, CM24 8PL.
The principal activity of the company continued to be that of strategic management of group operations.
The principal activity of the company continued to be that of strategic management of group operations.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The nature of the going concern uncertainty
The Company and the Group it is part off are facing liquidity challenges due to a decline in sales and adverse economic conditions in the industry, which has led to concerns about its ability to meet financial obligations as they come due.
Management's assessment of the going concern assumption
Management has assessed the Company’s ability to continue as a going concern for the next 12 months and, based on cash flow projections and expected funding from the sale of shareholding in one of the global subsidiaries as well as restructuring the parent company and subsidiaries in Germany, believes that the company will be able to continue operating. However, if the funding is not received as planned, there could be a material uncertainty regarding the company’s ability to meet its obligations.
Plans to mitigate the going concern risk
The plan / strategy to mitigate the going concern risk is the sale of shareholding in one of the global subsidiaries as well as restructuring the parent company and subsidiaries in Germany.
Time frame for the going concern assessment
Management’s assessment of the Company’s ability to continue as a going concern was based on a period of 12 months from the date of approval of the financial statements, with a key assumption being the successful completion of negotiations for additional funding by the end of the first quarter of 2026.
Impact of the going concern uncertainty on the financial statements
The financial statements have been prepared on the going concern basis, but there is a material uncertainty, which may cast significant doubt on the Company’s ability to continue as a going concern. The impact on the carrying values of assets and liabilities has been considered, and no adjustments have been made at this stage.
The Company and the Group it is part off are facing liquidity challenges due to a decline in sales and adverse economic conditions in the industry, which has led to concerns about its ability to meet financial obligations as they come due.
Management's assessment of the going concern assumption
Management has assessed the Company’s ability to continue as a going concern for the next 12 months and, based on cash flow projections and expected funding from the sale of shareholding in one of the global subsidiaries as well as restructuring the parent company and subsidiaries in Germany, believes that the company will be able to continue operating. However, if the funding is not received as planned, there could be a material uncertainty regarding the company’s ability to meet its obligations.
Plans to mitigate the going concern risk
The plan / strategy to mitigate the going concern risk is the sale of shareholding in one of the global subsidiaries as well as restructuring the parent company and subsidiaries in Germany.
Time frame for the going concern assessment
Management’s assessment of the Company’s ability to continue as a going concern was based on a period of 12 months from the date of approval of the financial statements, with a key assumption being the successful completion of negotiations for additional funding by the end of the first quarter of 2026.
Impact of the going concern uncertainty on the financial statements
The financial statements have been prepared on the going concern basis, but there is a material uncertainty, which may cast significant doubt on the Company’s ability to continue as a going concern. The impact on the carrying values of assets and liabilities has been considered, and no adjustments have been made at this stage.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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.
The estimated useful lives range as follows:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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
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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key source of estimation uncertainty for the company is that of contract accounting resulting in deferred income. Costs per project are analysed in detail each month and cumulative comparisons made against the stage of completion and agreed billing schedules.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has tax losses of £Nil (2023: £309,150) available to carry forward against future trading profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £11,347 (2023: £7,709). Contributions totalling £2,563 (2023: £863) were payable to the fund at the balance sheet date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a wholly owned subsidiary of RLE International GmbH which is the ultimate parent company. RLE International GmbH is a company registered in Germany, the address of the registered office is Brodhausen 1, 51491, Overath, Cologne, Germany.
There is deemed to be no ultimate controlling party in the current and preceding year due to R Laufenberg and H-J Laufenberg, and members of their families, each holding an equal shareholding in RLE International GmbH.
On 19 December 2025 RLE International GmbH was acquired by SACHA GmbH, a company registered in Germany. Copies of the SACHA GmbH accounts can be obtained from Hery Park 3000, 86368 Gersthofen.
The ultimate controlling party from 19 December 2025 is Pawan Kumar Singh, by virture of their 100% shareholding in SACHA GmbH.
There is deemed to be no ultimate controlling party in the current and preceding year due to R Laufenberg and H-J Laufenberg, and members of their families, each holding an equal shareholding in RLE International GmbH.
On 19 December 2025 RLE International GmbH was acquired by SACHA GmbH, a company registered in Germany. Copies of the SACHA GmbH accounts can be obtained from Hery Park 3000, 86368 Gersthofen.
The ultimate controlling party from 19 December 2025 is Pawan Kumar Singh, by virture of their 100% shareholding in SACHA GmbH.
The parent of the largest and smallest group into which the results of this company are consolidated is RLE International GmbH, a company registered in Germany. Copies of the group financial statements can be obtained from Brodhausen 1, 51491 Overath, Germany.
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