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Registered number: 00723144
R.J.W.Limited
Annual Report and Financial Statements
For the Year Ended 30 September 2023
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R.J.W.Limited
Company Information
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Henwood Industrial Estate
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Chartered Accountants & Statutory Auditor
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R.J.W.Limited
Contents
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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R.J.W.Limited
Strategic Report
For the year ended 30 September 2022
The directors present their strategic report for the year ended 30 September 2023.
The profit for the year after taxation amounted to £129,489 (2022 - loss of £22,013).
On 1 August 2023, all of the trade and assets of the company were transferred to a fellow subsidiary company, M.J. Allen Precision Ltd (previously Rydal Precision Engineering Ltd) at book value and with effect from this date the company has ceased trading.
Principal risks and uncertainties
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As operations have been moved to M.J. Allen Precision Ltd, R.J.W. Limited will remain as a dormant company.
Financial key performance indicators
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Turnover has increased by 11.4% from £449,551 to £500,977.
Gross profit as a percentage of turnover has increased from 52.6% to 74.2%.
R.J.W. Limited will now become a dormant company following the transfer of its trade to M.J. Allen Precision Ltd with effect from 1st August 2023.
This report was approved by the board and signed on its behalf.
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C Croucher
Director
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Page 1
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R.J.W.Limited
Directors' Report
For the Year Ended 30 September 2023
The Directors present their report and the financial statements for the year ended 30 September 2023.
On 1 August 2023, all of the trade and assets of the company were transferred to a fellow subsidiary company, M.J. Allen Precision Ltd (previously Rydal Precision Engineering Ltd) at book value and with effect from this date the company has ceased trading.
The profit for the year, after taxation, amounted to £129,489 (2022 - loss £22,013).
A dividend of £610,702 (2022 - £NIL) was declared for the period.
The Directors who served during the year were:
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A C Gibson (resigned 16 January 2023)
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Directors' responsibilities statement
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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 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.
Page 2
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R.J.W.Limited
Directors' Report (continued)
For the Year Ended 30 September 2023
The company's financial risk management policies are designed to reduce the risk of liquidity and credit risk exposure. The company's principal financial instruments comprise cash at bank, trade debtors and creditors and a balance with the parent company.
The company manages its cash flow to ensure it has sufficient funds to meet its liabilities as they fall due for payment, whilst at the same time operating within agreed bank facilities. Trade debtors are monitored on an on-going basis and at the year end there are no significant concerns of credit risk in the company.
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
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In December 2023 a new Holding Company for the group was incorporated. Allen Investment Group Ltd was formed to facilitate a management buyout from existing shareholders. Ben N Allen and Michael C Allen (Grandsons of the original founder) are now the majority shareholders. Other than the creation of the new ultimate holding company and the removal of several directors (former shareholders) no other changes to the group structure were made.
Under section 487(2) of the Companies Act 2006, Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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C Croucher
Director
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Page 3
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R.J.W.Limited
Independent Auditors' Report to the Members of R.J.W.Limited
We have audited the financial statements of R.J.W.Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Due to the uncertainty over the valuation and existence of work in progress of £46,737 in the balance sheet as at 30 September 2021 we are unable to form an opinion over the opening value of work in progress. Since opening work in progress enters into the determination of the results of the operation we are unable to determine whether adjustments to the results of the operations and opening retained earnings might be necessary for the years ended 30 September 2021 and 2022. Our audit report for the year ended 30 September 2021 was modified accordingly.
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.
Conclusions relating to going concern
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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.
Page 4
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R.J.W.Limited
Independent Auditors' Report to the Members of R.J.W.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.
Opinion on other matters prescribed by the Companies Act 2006
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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.
Matters on which we are required to report by exception
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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.
Arising solely from the limitation on the scope of our work relating to work in progress referred to above:
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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R.J.W.Limited
Independent Auditors' Report to the Members of R.J.W.Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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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:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified the principal risks of non-compliance with laws and regulations. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as stock provisions, stock valuation, bad debt provisions and intercompany loan recoverability. Audit procedures performed by the engagement team included:
• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management; and
• Assessment of identified fraud risk factors; and
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
Page 6
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R.J.W.Limited
Independent Auditors' Report to the Members of R.J.W.Limited (continued)
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 7
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R.J.W.Limited
Independent Auditors' Report to the Members of R.J.W.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.
Tracey Becker (Senior Statutory Auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Canterbury
24 June 2024
Page 8
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R.J.W.Limited
Statement of Comprehensive Income
For the year ended 30 September 2023
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Inter company loan write offs
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Interest payable and similar expenses
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Profit/(loss) for the financial year
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There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 12 to 22 form part of these financial statements.
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Page 9
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R.J.W.Limited
Registered number: 00723144
Balance Sheet
As at 30 September 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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B N Allen
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C Croucher
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The notes on pages 12 to 22 form part of these financial statements.
Page 10
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R.J.W.Limited
Statement of Changes in Equity
For the year ended30 September 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 12 to 22 form part of these financial statements.
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Page 11
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
The company is a private company, limited by share capital, and incorporated in England and Wales.
The address of its registered office and principal place of business is:
Javelin House
Henwood Industrial Estate
Ashford
Kent
TN24 8DE
The financial statements have been prepared in £ sterling, its presentational and functional currency, and amounts have been rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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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:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of M.J. Allen Holdings Limited as at 30 September 2023 and these financial statements may be obtained from Javelin House, Henwood Industrial Estate, Ashford, Kent, TN24 8DE.
R.J.W.Limited will now become a dormant company following the transfer of its trade to M.J. Allen Precision Ltd with effect from 1st August 2023.
The company shares finance facilities with other M.J. Allen Group companies. Finance is provided to and from the parent company M.J. Allen Holdings Ltd as required via an intercompany loan account. In addition to this M.J. Allen Holdings Ltd has secured additional loan facilities as more detailed in the Directors report. M.J. Allen Holdings Limited has confirmed that it will continue to provide any financial support required.
Page 12
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 13
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation.
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:
Page 14
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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Plant, machinery, and office equipment
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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.
Stocks and work in progress are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Raw materials are valued at weighted average cost, which includes all direct costs of purchase.
Work in progress is valued based on directly attributable costs, and based on the percentage completeness of the product being manufactured.
There are three types of finished goods, with two types valued based on directly attributable costs of purchase and labour overheads, and one type valued based on weighted average of the directly attributable costs incurred.
Short-term debtors are measured at transaction price, less any impairment.
Short-term creditors are measured at the transaction price.
Page 15
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 16
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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.
Judgements
Stock valuation - Raw materials were being valued at weighted average cost. The directors had chosen this method because of fluctuations in metal and other consumable prices and therefore weighted average is considered to be the most accurate method.
Work in progress were being valued based on the percentage completeness of the product being manufactured. The directors considered this as the most appropriate method as it recognises the costs as they are incurred for the jobs in progress.
Finished goods were being valued based on either weighted average cost, or based on directly attributable costs, including labour overheads, depending on the finished good product line manufactured. The directors considered that for the three different product types, the most appropriate valuation method has been applied taking into account various factors such as: the materials used in the manufacture of the items, the metal price fluctuations which may apply to certain materials, and recognising the actual costs being incurred in producing the finished good item, which would also include sub-contract or labour costs.
Analysis of turnover by country of destination:
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The operating (loss)/profit is stated after charging/(crediting):
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Depreciation of tangible fixed assets
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Amortisation of intangible assets
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Page 17
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
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Staff costs, including directors' remuneration which has been rechargrd by the Parent company, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the Directors, during the year was as follows:
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Sales, marketing and distribution
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Administration and support
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 4 Directors (2022 - 4) in respect of defined contribution pension schemes.
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Taxation on profit on ordinary activities
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Page 18
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
8.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:
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Profit/(loss) on ordinary activities before tax
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Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
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Capital allowances for year in excess of depreciation
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Remeasurement of deferred tax for changes in tax rates
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Unrelieved tax losses carried forward
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Adjustments to tax charge in respect of previous periods
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Total tax charge for the year
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Intercompany loan written off
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In 2023, £6,672 net (2022 - £nil) of intercompany loans from fellow subsidiary companies were written off.
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Page 19
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
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Charge for the year on owned assets
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Plant, machinery and office equipment
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Charge for the year on owned assets
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Page 20
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
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Raw materials and consumables
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Amounts due from group companies fluctuate on a day to day basis, are lent on an unsecured basis, and are repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Amounts due to group undertakings fluctuate on a day to day basis, are lent on an unsecured basis, and are repayable on demand.
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Authorised, allotted, called up and fully paid
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60,000 (2022 - 60,000) Ordinary shares of £1.00 each
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Page 21
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R.J.W.Limited
Notes to the Financial Statements
For the Year Ended 30 September 2023
Profit and loss account
Includes all current and prior period retained profit and losses net of dividends declared.
The company is party to an unlimited cross-guarantee, dated 21 March 2014, with the bank in respect of M.J. Allen Holdings Limited and each of its subsidiary companies. Fixed and floating charges are secured on all the assets of the company dated March 2014, together with secured charges on the Freehold Property owned by the parent company dated April and May 2014. The aggregate of bank overdrafts and finance facilities in the other group companies at the balance sheet date amounted to £11,964,212 (2022 - £13,346,406).
The company is a member of the M.J. Allen Group stakeholder pension scheme and a Small Self Administered Scheme (SSAS). The pension cost charge for the period represents contributions payable by the company to the schemes and amounted to £11,269 (2022 - £11,820). At the balance sheet date the amount outstanding in respect of outstanding pension contributions was £nil (2022 - £1,989).
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Related party transactions
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The company has taken advantage of the exemption in FRS 102 Section 33.7 from disclosing remuneration of its key management personnel who are considered to be the directors the company.
The company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with other wholly owned members of the group.
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The company's immediate parent is M.J. Allen Holdings Limited which owns 100% of the issued share capital.
Up to 31 December 2023 the ultimate controlling party of this company was held by M J Allen, one of the directors of the company.
From 31 December 2023 the ultimate controlling party of this company is Ben N Allen and Michael C Allen, Ben N Allen is a director of the company.
Page 22
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