ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present the strategic report for the year ended 31 December 2022.
The company continues to successfully provide the services of high calibre technical personnel to the engineering industry, in particular the automotive industry in the UK, across Europe and now also the USA. The project related business is growing from within the Automotive sector and both areas of the business are supported by a strong engineering and recruitment team which has always been the bedrock to our company.
Business model The company provides value via the ideas and expertise its personnel provide to the engineering industry in the UK as well as both Europe and the USA. The personnel are retained and motivated by competitive pay, stimulating projects and an amicable and communicative working environment. The company also takes advantage of its worldwide presence through its membership of the RLE group which has offices around the globe in six countries within three continents. This wide reach means the company can draw on expertise from many cultures, with intergroup leads to new customers being commonplace. Performance 2022 has proved to be a very productive and successful year as both profit and turnover have increased significantly. Sales increased by 32% which is mainly due to the increase in new projects in 2021, in particular one in Croatia which is due to span a period of 4 years. The company has subsequently seen an increase in gross profit by 28% as a result of these programs. The company will continue to work hard in order to increase its margins and improve productivity in what is a very competitive market. This will be essential for improving our momentum going into next year. Objectives and strategy The company's overall objective is to be a sustainable business which is profitable for the next ten years and beyond. To achieve this objective in the short term the company looks to gain new customers in the next few years. To achieve the objective in the short to long term, the company will continue in its endeavours to expand into more project related business during the year with its existing major OEMs and in its drive to develop and secure new customers, whilst retaining its strong core recruitment activities. To achieve this objective in the long term the company's management intends to diversify into non OEM markets, rail and the autonomous car markets which will be achieved by investment and the continued high standards of personnel recruited. The company would also like to add another revenue stream to the business with making an effort to secure more business for the Basildon workshop.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The management of the business and the nature of the company's strategy are subject to a number of risks. 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.
Economic climate In the current global economic climate there is always the risk that the company's major customers may decide to postpone programs which would have an effect on the business in 2023 and beyond. This risk is mitigated by working closely with customers on the timing and delivery of products. Competition The markets in which the company operates are highly competitive. Policies of constant price monitoring and on-going research are in place to mitigate such risks. Skills shortage There is the risk that there is not enough skilled engineering personnel available in the UK to undertake projects. To mitigate this risk the company recruits not only from the UK, but also from other countries in Europe, it also arranges the secondment of personnel from within the RLE global group of companies. 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 set credit limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. 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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors consider the following to be key performance indicators of the business:-
2022 2021 £ £ Turnover 21,144,901 16,017,227 Gross profit 3,552,401 2,774,696 Profit on ordinary activities before taxation 1,354,394 602,744
In addition to the above the company has developed a set of KPIs that have been determined by management to represent those indicators that most importantly reflect the effectiveness of initiatives and action plans identified as critical to the company achieving its objectives. The company measures the KPIs against budgeted values as well as monitoring the trends for each indicator. The KPIs are measured monthly by management.
The board has a suite of KPIs both financial and non-financial, to run the business depending on the market and business model. The principal KPIs used to measure the business as a whole are revenue and profit. These metrics are visible in the financial statements and are also detailed above.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £1,245,820 (2021 - £632,843).
The results for the year are set out on page 10.
The directors who served during the year were:
The disclosure of principal business and financial risks affecting the company is given in the Strategic Report.
The business will continue its current strategy in 2023 and beyond, but will look to build a strategy to utilise the workshop facilities in the company to move into a new business filed of vehicle conversions and builds.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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 INTERNATIONAL PRODUCT DEVELOPMENT LIMITED
We have audited the financial statements of RLE International Product Development Limited (the 'company') for the year ended 31 December 2022, which comprise the Statement of Income and Retained Earnings, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RLE INTERNATIONAL PRODUCT DEVELOPMENT 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 INTERNATIONAL PRODUCT DEVELOPMENT 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, 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 INTERNATIONAL PRODUCT DEVELOPMENT 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 2022
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BALANCE SHEET
AS AT 31 DECEMBER 2022
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 2022
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
RLE International Product Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is No 1 Endeavour Drive, Festival Business Park, Basildon, Essex SS14 3WB.
The principal activity of the company continued to be that of the delivery of engineering design projects and the provision of high quality people placement services.
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 judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The taxation rate is to increase to 25% from 19% on 1 April 2023. Deferred tax has been calculated using this new rate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
Capital redemption reserve
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
In 2017 the lease of the premises at No 1 Endeavour Drive, Festival Business Park, Basildon, Essex, SS14 3WB was renewed for a 10 year period to April 2026.
During the company's previous lease they made agreed alterations to the building. The company may be required to restore the building to its original condition on departure from the premises. The amount cannot be quantified but could be material. In 2017 the company, along with the other group members, entered into an agreement as unlimited guarantors of the ultimate parent company's banking liabilities with Commerzbank Aktiengesellschaft, London Branch. The amount cannot be quantified but could be material.
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately 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 £434,240 (2021: £252,877). Contributions totalling £36,093 (2021: £39,260) 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 2022
The company is wholly owned subsidiary of RLE Global Operations Limited.
RLE Global Operations Limited is a wholly owned subsidiary of RLE International GmbH which is the ultimate parent company. RLE International GmbH is a company registered in Germany. Copies of the accounts of RLE International GmbH may be obtained from Brodhausen 1, 51491, Overath, Cologne, Germany, or at the registered office. 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.
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