Roper Rhodes Limited - Period Ending 2021-07-31
Roper Rhodes Limited - Period Ending 2021-07-31
Registration number:
Roper Rhodes Limited
for the Year Ended 31 July 2021
Roper Rhodes Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Notes to the Financial Statements |
Roper Rhodes Limited
Company Information
Directors |
M Roper P Roper S P Taylor L E Leather W J Steele C Vallance |
Company secretary |
A Sillwood |
Registered office |
|
Auditors |
|
Roper Rhodes Limited
Strategic Report for the Year Ended 31 July 2021
The Directors present their strategic report for the year ended 31 July 2021.
Principal activity
The principal activity of the group is the design, marketing and sale of bathroom equipment.
Fair review of the business
Challenges raised by the Covid pandemic continued into 2021. Lockdowns in November 2020 and the first 3 months of 2021 impacted sales. Costs and availability of stock were hit by disruption in the supply chain. The business had to cope with the massive increase in costs of Sea Freight and inconsistent receipt of goods because of congestion at the ports.
The benefits seen from previous years and continuing investment in staff and systems proved robust in coping with the difficult circumstances.
On 1 January 2021 we opened a subsidiary company, Roper Rhodes Ireland, to enable our customers on the island of Ireland to continue to receive the best possible service.
Trading across the year was strong and revenue exceeded budget. Costs increased in the year, particularly around shipping and carriage and this is expected to continue into 2022.
The group's key financial and other performance indicators during the year were as follows:
Unit |
2021 |
2020 |
|
Revenue |
£ |
69,753,298 |
52,998,679 |
Operating profit |
£ |
11,775,775 |
4,695,750 |
Operating margin |
% |
17 |
9 |
Roper Rhodes Limited
Strategic Report for the Year Ended 31 July 2021
Principal risks and uncertainties
Competition
It is possible that competitors may develop technologies that compete with the Company's products. The ability of the Company to defend its competitive advantage rests on the maintenance of appropriate product development.
Key staff
The Company has a share incentive plan with the aim of providing free shares for some employees. This has ceased for new employees.
Overseas suppliers
The Company uses overseas suppliers for the majority of products. Whether these products are transported by road or sea, adequate insurance is put in place to mitigate any loss.
Foreign exchange
A large amount of purchases are made from foreign suppliers so the Company regularly trades in euros and dollars. To manage the foreign exchange risk, the Company trades spot and forward exchange contracts.
In addition to the Company's exposure to general macroeconomic developments and market conditions as discussed in the fair review of the business section above, the Company is exposed to a range of financial risks, including the effects in credit, commodity prices, currency and interest rates. To assist in mitigating these risks, the Company has in place a risk management programme to monitor the financial risks and limit the adverse effects on performance of the Company.
Approved by the
.........................................
Director
Roper Rhodes Limited
Directors' Report for the Year Ended 31 July 2021
The Directors present their report and the for the year ended 31 July 2021.
Directors of the Company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Financial instruments
Objectives and policies
The Company is exposed to price risk, credit risk, liquidity and cash flow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the Directors review risk management strategies regularly.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the Company is exposed to price risk as a result of its operations. However, sales prices are constantly reviewed and agreed by management to ensure sales prices reflect any fluctuating prices within the market place.
Credit risk - before sales are made, appropriate credit checks are made on potential customers. The majority are established customers of the Company, therefore the credit risk on individual customers is limited.
Liquidity and cash flow risk - the Company's exposure to liquidity risk is minimal and the Company has adequate net current assets.
Future developments
The Company continues to make substantial investments in new product development, and in the sales and operational functions, to drive further growth in revenue and profits.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Milsted Langdon LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Roper Rhodes Limited
Directors' Report for the Year Ended 31 July 2021
Approved by the
.........................................
Director
Roper Rhodes Limited
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing these financial statements, the Directors are required to:
• | select suitable accounting policies and 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 Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Roper Rhodes Limited
Independent Auditor's Report to the Members of Roper Rhodes Limited
Opinion
We have audited the financial statements of Roper Rhodes Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2021, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, 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).
In our opinion the financial statements:
• | give a true and fair view of the state of the Group's and the parent Company's affairs as at 31 July 2021 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 or apparent material misstatements, 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.
Roper Rhodes Limited
Independent Auditor's Report to the Members of Roper Rhodes Limited
We have nothing to report in this regard.
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent Company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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 Group’s and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Roper Rhodes Limited
Independent Auditor's Report to the Members of Roper Rhodes Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chartered Accountanys and Statutory Auditor
Freshford House
Bristol
BS1 6NL
Roper Rhodes Limited
Consolidated Profit and Loss Account for the Year Ended 31 July 2021
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Loss on financial assets at fair value through profit and loss account |
( |
( |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(875,723) |
(556,725) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
The above results were derived from continuing operations.
Roper Rhodes Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 July 2021
2021 |
2020 |
|
Profit for the year |
|
|
Surplus on revaluation of other assets |
|
- |
Deferred tax on property, plant and equipment revaluation |
( |
( |
2,972,983 |
(3,541) |
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Roper Rhodes Limited
(Registration number: 01568433)
Consolidated Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Other financial assets |
113,000 |
- |
|
Cash at bank and in hand |
12,402,132 |
14,417,399 |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
|
|
Other reserves |
( |
( |
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Director
Roper Rhodes Limited
(Registration number: 01568433)
Parent Balance Sheet as at 31 July 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Other financial assets |
113,000 |
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
|
|
Other reserves |
( |
( |
|
Profit and loss account |
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £7,283,682 (2020 - profit of £3,253,421).
Approved and authorised by the
.........................................
Director
Roper Rhodes Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 July 2021
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
Total equity |
|
At 1 August 2020 |
|
|
|
|
( |
|
|
|
Profit for the year |
- |
- |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
|
|
( |
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
( |
( |
( |
Purchase of own share capital |
(5,281) |
- |
- |
- |
- |
- |
(5,281) |
(5,281) |
Other capital redemption reserve movements |
- |
- |
5,281 |
- |
- |
- |
5,281 |
5,281 |
At 31 July 2021 |
|
|
|
|
( |
|
|
|
Roper Rhodes Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 July 2021
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
Total equity |
|
At 1 August 2019 |
|
|
|
|
( |
|
|
|
Profit for the year |
- |
- |
- |
- |
- |
|
|
|
Other comprehensive income |
- |
- |
- |
( |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
- |
|
|
|
At 31 July 2020 |
|
|
|
|
( |
|
|
|
Roper Rhodes Limited
Parent Statement of Changes in Equity for the Year Ended 31 July 2021
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
|
At 1 August 2020 |
|
|
|
|
( |
|
|
Profit for the year |
- |
- |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
- |
|
|
( |
|
Total comprehensive income |
- |
- |
- |
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
( |
( |
Purchase of own share capital |
(5,281) |
- |
- |
- |
- |
- |
(5,281) |
Other capital redemption reserve movements |
- |
- |
5,281 |
- |
- |
- |
5,281 |
At 31 July 2021 |
|
|
|
|
( |
|
|
Share capital |
Share premium |
Capital redemption reserve |
Revaluation reserve |
Other reserves |
Profit and loss account |
Total |
|
At 1 August 2019 |
|
|
|
|
( |
|
|
Profit for the year |
- |
- |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
- |
( |
- |
- |
( |
Total comprehensive income |
- |
- |
- |
( |
- |
|
|
At 31 July 2020 |
|
|
|
|
( |
|
|
Roper Rhodes Limited
Consolidated Statement of Cash Flows for the Year Ended 31 July 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Financial instrument net (gains)/losses through profit and loss |
|
|
|
Changes in fair value of investment property |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
( |
- |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 August |
|
|
|
Cash and cash equivalents at 31 July |
12,402,132 |
14,417,399 |
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102. para 1.12 (b) not to present the compnay statement of cash flows.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the Company, and rounded to the nearest £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 July 2021, with exception of Roper Rhodes Trustees Limited which has been excluded in accordance with section 405 of the Companies Act 2006.
No Profit and Loss Account is presented for the Company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £7,283,682 (2020 - £3,253,421).
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
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. Therefore the Directors continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the Company's activities.
Government grants
Other operating income, which includes rental income and government grants has been recognised on an accruals basis in line with the overall revenue recognition policy.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Licences |
Straight line over 5 years |
Research and development |
Costs are expensed as incurred |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, except for Warehouses and Offices, which are held at valuation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Tangible assets held at valuation are revalued with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date.
Any revaluation increase arising on the revaluation is credited to the revaluation reserve, except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is credited to the income statement to the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation is charged as an expense to the extent that it exceeds the balance, if any, held in the warehouse's revaluation reserve relating to a previous revaluation of that asset.
On the subsequent sale or scrappage of a revalued property, the attributable revaluation surplus remaining in the warehouse's revaluation reserve is transferred directly to retained earnings.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Depreciation
Depreciation is charged so as to write off the cost, less estimated residual value of the assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Warehouses |
1% straight line - excluding land |
Offices |
1% straight line - excluding land |
Computer equipment |
25% straight line |
Motor vehicles |
25% straight line |
Tooling & moulds |
33% straight line |
Furniture, fittings & equipment |
12.5% straight line |
The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Share based payments
The Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is derived from market prices of similar quoted companies. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The fair value of any options awarded also takes into account non vesting conditions. These are other factors outside the control of either party (such as a target based on an index) or within the control of one or more of the parties (such as the scheme being kept open or the employee maintaining their contribution of services to the Company).
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
Derivative financial instruments and hedging
Derivatives
The fair value of the forward currency contracts are valued using market to market rates at the balance sheet date supplied by the providers of the contracts.
Hedging
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
2021 |
2020 |
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by market is as follows:
2021 |
2020 |
|
UK |
|
|
Europe |
|
|
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
|
Rental income |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2021 |
2020 |
|
Gain on disposal of property, plant and equipment |
|
|
Operating profit |
Operating profit is stated after charging/(crediting):
Note |
2021 |
2020 |
|
Depreciation expense |
|
|
|
Impairment loss |
|
- |
|
Research and development cost |
|
|
|
Foreign exchange losses/(gains) |
|
( |
|
Operating lease expense - property |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Audit Fees |
42,000 |
34,800 |
Other interest receivable and similar income |
2021 |
2020 |
|
Interest income on bank deposits |
|
|
Other finance income |
- |
|
|
|
Interest payable and similar expenses |
2021 |
2020 |
|
Interest on bank overdrafts and borrowings |
|
|
Foreign exchange (gains) / losses |
|
- |
Other finance costs |
|
|
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category, was as follows:
2021 |
2020 |
|
Administration and support |
|
|
Sales |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
1,530,209 |
1,573,300 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2021 |
2020 |
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2021 |
2020 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Auditors' remuneration |
2021 |
2020 |
|
Audit of these financial statements |
42,000 |
34,800 |
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Arising from changes in tax rates and laws |
|
( |
Total deferred taxation |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax expense (credit) relating to changes in tax rates or laws |
|
|
UK deferred tax expense (credit) relating to revaluations/fair value adjustments |
|
- |
Total tax charge |
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Deferred tax
Group
Deferred tax assets and liabilities
2021 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Foreign exchange currency contracts |
|
- |
Other short term timing differences |
- |
|
Share based payments |
- |
- |
|
|
2020 |
Asset |
Liability |
Accelerated tax depreciation |
- |
|
Foreign exchange currency contracts |
|
- |
Other short term timing differences |
- |
|
Share based payments |
- |
- |
|
|
Company
Deferred tax assets and liabilities
2021 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Foreign exchange currency contracts |
|
- |
Other short term timing differences |
- |
|
Share-based payments |
- |
- |
|
|
2020 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Foreign exchange currency contracts |
|
- |
Other short term timing differences |
- |
|
Share-based payments |
- |
- |
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Tax relating to items recognised in other comprehensive income or equity - group
2021 |
2020 |
|
Deferred tax related to items recognised as items of other comprehensive income |
|
|
Deferred tax related to items recognised as items of equity |
|
|
Tax relating to items recognised in other comprehensive income or equity - company
2021 |
2020 |
|
Deferred tax related to items recognised as items of other comprehensive income |
|
|
Deferred tax related to items recognised as items of equity |
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Intangible assets |
Group
Licences |
Total |
|
Cost |
||
At 1 August 2020 |
|
|
At 31 July 2021 |
|
|
Amortisation |
||
At 1 August 2020 |
|
|
At 31 July 2021 |
|
|
Carrying amount |
||
At 31 July 2021 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Company
Licences |
Total |
|
Cost |
||
At 1 August 2020 |
|
|
At 31 July 2021 |
|
|
Amortisation |
||
At 1 August 2020 |
|
|
At 31 July 2021 |
|
|
Carrying amount |
||
At 31 July 2021 |
- |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Tangible assets |
Group
Offices |
Warehouses |
Furniture, fittings and equipment |
Tooling & moulds |
Computer equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||||
At 1 August 2020 |
|
|
|
|
|
|
|
Revaluations |
|
|
- |
- |
- |
- |
|
Additions |
- |
- |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
( |
( |
At 31 July 2021 |
|
|
|
|
|
|
|
Depreciation |
|||||||
At 1 August 2020 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
( |
( |
Eliminated on revaluation |
( |
( |
- |
- |
- |
- |
( |
At 31 July 2021 |
|
|
|
|
|
|
|
Carrying amount |
|||||||
At 31 July 2021 |
|
|
|
|
|
|
|
At 31 July 2020 |
|
|
|
|
|
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Company
Offices |
Warehouses |
Furniture, fittings and equipment |
Tooling & moulds |
Computer equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||||
At 1 August 2020 |
|
|
|
|
|
|
|
Revaluations |
|
|
- |
- |
- |
- |
|
Additions |
- |
- |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
( |
( |
At 31 July 2021 |
|
|
|
|
|
|
|
Depreciation |
|||||||
At 1 August 2020 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
( |
( |
Eliminated on revaluation |
( |
( |
- |
- |
- |
- |
( |
At 31 July 2021 |
|
|
|
|
|
|
|
Carrying amount |
|||||||
At 31 July 2021 |
|
|
|
|
|
|
|
At 31 July 2020 |
|
|
|
|
|
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Revaluation
The group and company's Offices were independently revalued on
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £
The group and company's Warehouses were independently revalued on
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £
Investment properties |
Group
2021 |
|
At 1 August |
|
Fair value adjustments |
( |
At 31 July |
|
The Group's investment property were independently revalued on 21 May 2021. The investment property was revalued by Carter Jonas on an open market existing use basis as set out in Practice Statement 3.2 of the RICS Appraisal Valuation Standard.
Company
2021 |
|
At 1 August |
|
Fair value adjustments |
( |
At 31 July |
|
The Company's investment property were independently revalued on 21 May 2021. The investment property was revalued by Carter Jonas on an open market existing use basis as set out in Practice Statement 3.2 of the RICS Appraisal Valuation Standard.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Investments |
Company
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 August 2020 |
|
Additions |
|
At 31 July 2021 |
|
Provision |
|
Carrying amount |
|
At 31 July 2021 |
|
At 31 July 2020 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2021 |
2020 |
|||
Subsidiary undertakings |
||||
|
Brassmill Lane Trading Estate,
|
Ordinary |
|
|
|
9 Exchange Place
|
Ordinary |
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Roper Rhodes Trustees Limited
Roper Rhodes Trustees Limited is a dormant company. Its financial period end is 30 June.
The profit for the financial period of Roper Rhodes Trustees Limited was £Nil (2020 - £Nil) and the aggregate amount of capital and reserves at the end of the period was £1 (2020 - £1).
Roper Rhodes Ireland Limited
The principal activity of Roper Rhodes Ireland Limited is the design, marketing and sale of bathroom equipment.
Other financial assets |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Current financial assets |
||||
Forward exchange contracts |
|
- |
|
- |
Stocks |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
Group |
Company |
||||
Note |
2021 |
2020 |
2021 |
2020 |
|
Trade debtors |
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Cash on hand |
|
|
|
|
Cash at bank |
|
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
|
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Creditors |
Group |
Company |
||||
Note |
2021 |
2020 |
2021 |
2020 |
|
Due within one year |
|||||
Trade creditors |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
Other creditors |
|
|
|
|
|
Accruals |
|
|
|
|
|
Corporation tax liability |
1,870,106 |
246,809 |
1,690,747 |
246,809 |
|
Other current financial liabilities |
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 August 2020 |
|
|
Additional provisions |
|
|
At 31 July 2021 |
|
|
Company
Deferred tax |
Total |
|
At 1 August 2020 |
|
|
Additional provisions |
|
|
At 31 July 2021 |
|
|
Pension and other schemes |
Defined contribution pension scheme
The group and parent company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group and parent company to the scheme and amounted to £
Contributions totalling £
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
92,724 |
|
92,724 |
|
|
16,010 |
|
20,111 |
|
|
3,709 |
|
3,709 |
|
|
567 |
|
1,747 |
|
|
|
|
Shares in entity held by entity, subsidiaries, associates or joint ventures
14,147 B shares and 56,696 D shares are held by Roper Rhodes Trustees Limited, a subsidiary of Roper Rhodes Limited.
Rights, preferences and restrictions
Ordinary A, B, C and D shares have the following rights, preferences and restrictions: |
Reserves |
Group and company
Share capital
This reserve reflects the nominal value of share capital issued by the Company.
Share premium
This reserve reflects the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve
This reserve reflects the nominal value of shares repurchased by the Company.
Revaluation reserve
This reserve reflects the surplus or deficit arising on the revaluation of assets within the Company.
Other reserves
This reserve reflects the amount held for own shares and the cost of shares held in trust.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Revaluation reserve |
Other reserves |
Retained earnings |
Total |
|
Surplus on revaluation of other assets |
|
|
( |
|
Deferred tax on property, plant and equipment revaluation |
( |
- |
- |
( |
|
|
( |
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Deferred tax on property, plant and equipment revaluation |
( |
( |
Qualifying Employee Share Ownership Trust
Roper Rhodes Limited is a sponsoring company of an ESOP Trust.
In the year to 31 July 2004 the Roper Rhodes Limited became a sponsoring company of a Qualifying Employee Share Ownership Trust (QUEST) to purchase shares in the company for the benefit of the employees.
The Trust holds 14,174 B Shares and 56,696 D Shares at a nominal value of £14,741. The financial statements of the trust have been fully consolidated in the company’s financial statements because the company is deemed to have de facto control until such time as the shares held by the Trust vest unconditionally with employees.
The equity instruments held within the Trust are exercisable at the earlier of the onward sale of the company or 26 March 2023.
A scheme has been agreed with HMRC under schedule 5 to the Finance act 1989. The Trust bears its own expenses and has waived its right to the payment of a dividend in the year.
As Roper Rhodes Limited is a private company, there is no observable market price for the shares granted. Therefore, the value of the shares was derived from market prices of similar quoted companies. As at 31 July 2021, total cost of the shares is £9,073,453 (2020 - £9,073,453).
The movements in the number of share options during the year were as follows:
2021 |
2020 |
|
Outstanding, start of period |
200,000 |
200,000 |
Share buy-back during the period |
- |
- |
Outstanding, end of period |
200,000 |
200,000 |
There has been no movement in the weighted average exercise price of share options during the year (2020 - no movements).
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Company
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Share-based payments |
Scheme details and movements
The SIP was introduced in 2006 and the board can award free shares in the Company to UK based employees of Roper Rhodes Limited. Under current legislation free shares must be kept in trust for a minimum of three years and five years to take advantage of full tax benefits. There is an upper statutory limit of £3,600 worth of shares per tax year.
Awards are granted with a fixed price equal to the previously determined value derived from market prices of similar quoted companies at the date of the grant. Awards under the SIP are reserved for employees who have been in continuous employment for a period of 1 month prior to the award eligibility date. Awards are equity based. The eligibility date is set one month prior to the award date. There are no performance conditions attached to the shares. An award is satisfied by the issue of equity shares. The exercise price is nil and no dividends are payable on these shares.
No shares have been vesting, exercised or granted to employees in the year (2020 – Nil).
The company has taken the exemption available to them under FRS 102 section 35 to not recognise a retrospective expense with regard to share based payments in the income statement.
As Roper Rhodes Limited is a private company, there is no observable market price for the shares granted.
Scheme details and movements
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Scheme details and movements
The first scheme ("Option A") had been awarded based on the services rendered to the Company and vested on acquisition of the issued share capital of the Company.
The second scheme ("Option B") vested when the Company is sold subject to achieving a minimum sales value.
The third scheme ("Option C") vested on acquisition of the issued share capital of the Company.
Option A
On 17 December 2015, Roper Rhodes Limited granted 14,819 share options at an exercise price of
£0.01.
During the year these options have been cancelled. As at the year end Nil (2020 – 14,819) remain outstanding of which Nil (2020 – 14,819) have been awarded to a Director of the Company.
Option B
On 22 January 2016, 88,034 share options were granted at an exercise price of £0.01.
During the year these options were cancelled. As at the year end Nil (2020 – 88,034) remain outstanding of which Nil (2020 – 31,441) have been awarded to Directors of the Company.
Option C
On 17 December 2015, Roper Rhodes Limited granted 11,540 at an exercise price of £0.01.
During the year none of these options were exercised, forfeited or lapsed (2020 – Nil). As at the year
end Nil (2020 – 11,540) remain outstanding of which Nil (2020 – 11,540) have been awarded to a Director of the Company.
Dividends |
Final dividends paid
2021 |
2020 |
|||
Final dividend of £ |
|
- |
||
Final dividend of £ |
|
- |
||
|
- |
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Commitments |
Group and company
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2020 - £Nil).
Contingent liabilities |
Group and company
Guarantee to HMRC in respect of deferred VAT totalling £Nil (2020 - £170,000).
Related party transactions |
Group
Group and Company
Key management compensation
2021 |
2020 |
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with subsidiaries
Summary of transactions with other related parties
A charity under common control
The Company made donations to the charity in the year totalling £122,577 (2020 - £195,000), which is controlled by a Director.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Expenditure with and payables to related parties
2021 |
Key management |
Other related parties |
Dividends |
|
|
Key |
Other related |
|
2020
|
- |
- |
Financial instruments |
Group and company
Categorisation of financial instruments
2021 |
2020 |
|
Financial liabilities measured at fair value through profit or loss |
( |
( |
Derivatives
Financial assets and liabilities measured at fair value through profit or loss comprise foreign currency
option contracts. The Company enters into these contracts to hedge against its exposure to trading in
foreign currencies. At 31 July 2020 the Company had the option to buy $22,000,000 at a forward
value of £16,568,247 (2019 - $13,145,000 at a forward value of £9,607,234 and €1,800,000 at a
forward value of £1,565,217) with monthly deal dates from August 2020 to December 2021.
These contracts have been fair valued at the balance sheet date, based on relevant market
information about the individual currency contracts. The estimates used to value the contracts are
subjective in nature, involve uncertainties and matters of judgement and therefore changes in the
assumptions adopted could affect the estimates.
Roper Rhodes Limited
Notes to the Financial Statements for the Year Ended 31 July 2021
Analysis of changes in net debt |
Group
At 1 August 2020 |
Financing cash flows |
At 31 July 2021 |
|
Cash and cash equivalents |
|||
Cash |
14,417,399 |
(2,015,267) |
12,402,132 |
|
( |
|
Company
At 1 August 2020 |
Financing cash flows |
At 31 July 2021 |
|
Cash and cash equivalents |
|||
Cash |
14,417,399 |
(2,015,267) |
12,402,132 |
|
( |
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is