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active Qynn Score: 81
Formed in 2000, RUDRIDGE LIMITED has 4 directors and 4 shareholders. The longest serving directors have been in place for 6 years, however the shortest director appointment lasted for 1 months.
The registered office of the company is currently based at Lodge Way House Lodge Way, Harlestone Road, Northampton, United Kingdom, NN5 7UG.
STATUS
ACTIVEThis represents the current trading position of the business and whether or not, the business should be considered for trading with.
LAST QYNN UPDATE
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QYNN SCORE
Qynn Score shows solvency on a sliding scale of 0 – 100, with 50 being the mid-point. Companies above 50 have a greater ability to pay their debts.
INCORPORATED
Akin to a person’s date of birth, the incorporation date of a company is the date when the business was first registered to trade by its directors.
STATUS
ACTIVEUPDATED
QYNN SCORE
INCORPORATED
ACCOUNTS DUE
LATEST ACCOUNTS
DIRECTORS
SECRETARIES
SHAREHOLDERS
RESIGNED DIRECTORS
RESIGNED SECRETARIES
Previous
Current
Lodge Way House Lodge Way Harlestone Road Northampton NN5 7UG
23/07/2015
Current
Lodge Way House Lodge Way, Harlestone Road, Northampton, United Kingdom, NN5 7UG
23/07/2015
23/07/2015
Lodge Way House Lodge Way Harleston Road Northampton Northamptonshire NN5 7UG
25/02/2015
23/07/2015
51 Queen Anne Street London W1G 9HS
29/08/2012
25/02/2015
ACCOUNTS DUE
LATEST ACCOUNTS
DIRECTORS
SECRETARIES
SHAREHOLDERS
RESIGNED DIRECTORS
RESIGNED SECRETARIES
Lodge Way House Lodge Way Harlestone Road Northampton NN5 7UG
23/07/2015
Current
SIC CODES
Agents involved in the sale of timber and building materials
Directors' report for the year ended 31 December 2017
The Directors present their Annual report and the audited financial statements for the year ended 31 December 2017.
Future developments An indication of future developments of the business is included in the Strategic report on pa
Directors' report for the year ended 31 December 2017
The Directors present their Annual report and the audited financial statements for the year ended 31 December 2017.
Future developments An indication of future developments of the business is included in the Strategic report on page 4.
Directors of the Company The Directors who held office during the year were as follows: F.M. Elkins K. Griffin (resigned 27 February 2018) A.R. Williams (appointed 11 July 2017) The following directors were appointed after the year end: S. Harris (appointed II May 2018) TP Directors Ltd - Director (appointed II May 2018) Directors' liabilities The Company made qualifying third party indemnity provisions for the benefits of its Directors during the year, which remain in force at the date of this report. This is a qualifying provision for the purposes of the Companies Act 2006.
Going concern The Directors have a reasonable expectation that the Company has the resources to continue in operational existence tbr the twelve months from the date of signing these financial statements. Thus it continues to adopt the going concern assumption in preparing the annual financial statements. Further details regarding the going concern basis can be found in note 2 to the financial statements.
Dividends Interim dividends of ?1,500,000 (?29 per ordinary share) (2016: ?nil; ?nil per ordinary share) was paid during the year. The Directors do not recommend payment of a final dividend (2016: ?nil)
Employees Details of the Company's policies on disabled employees and employee consultation are given in the Strategic report on page 16.
Modern slavery The Group will not accept slavery or human trafficking and works with suppliers and colleagues to ensure positive steps are taken to ensure that slavery has no place in the business or supply chain. If issues are identified, investigations and remedial actions will be taken. No instances of slavery or human trafficking have been identified.
The Group's approach to this issue is set out in greater detail in the Travis Perkins plc Annual Report, which does not form part of this report.
Page 2
Rudridge Limited
Directors' report for the year ended 31 December 2017 (continued)
Disclosure of information to the auditors Each of the persons who is a Director at the date of approval of this report confirms that:
?so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
?the 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 auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Reappointment of auditors The auditors, KPMG LLP, have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting. Approved by thetBoard on 13j.&.. and signed on its behalf by:
A.R. Williams Director
Page 3
Rudridge Limited
Strategic report for the year ended 31 December 2017
The Directors present their Strategic report for the year ended 31 December 2017.
Principal activities The Company is a wholly owned subsidiary of Travis Perkins plc, the ultimate parent company. The principal activity of the Company is the marketing and distribution of civils and drainage solutions to the building trade and construction industry.
Review of the business Rudridge has worked hard through another challenging period with increasingly tough competition. However the impressive track record of providing first-class customer service and the strong working relationships with an extremely loyal customer base has enabled the company to continue to drive business forward and is reflected in this period's financial performance. The Directors believe that by continuing to focus on these key elements of their success will allow the business to continue.
Turnover for the period was ?54.4m (2016: ?74.9m). The Company made an operating profit of ?2.2m (2016: ?3.6m) and profit after tax was ?1.7m (2016: ?2.8m). The balance sheet on page 21 of the financial statements shows the Company's net assets increased by ?0.2m to ?7.5m (2016: ?7.3m).
There have been no events since the balance sheet date which materially affect the position of the Company.
Key performance indicators ('KPIs') The Travis Perkins plc group (the "Group") manages its operations on a divisional basis. For this reason, the Company's Directors believe that further key performance indicators for the Company are not necessary or appropriate for an understanding of the development, performance or position of the business. The performance of the Contracts division of Travis Perkins plc, which includes the Company, is discussed in the Group's Annual Report, which does not form part of this report.
Future developments The Directors expect the Company to continue to trade in a similar manner for the foreseeable future.
Page 4
Rudridge Limited Strategic report for the year ended 31 December 2017 (continued) Principal risks and uncertainties The Company operates in markets and an industry which by their nature are subject to a number of inherent gross risks. The Company is able to mitigate those risks by adopting different strategies and by maintaining a strong system of internal control. However, regardless of the approach that is taken, the Company has to accept a certain level of risk in order to generate suitable returns for shareholders and for that reason the risk management process is closely aligned to the Company's strategy.
The Group has a risk reporting framework that ensures it has visibility of the Company's key risks, the potential impacts on the Company and how and to what extent those risks are mitigated. As part of its risk management process, the principal risks stated in the risk register are reviewed, challenged and updated by the Group Board and monitored throughout the year. The Company maintains a separate risk register. The Group's risk register is used to determine strategies adopted by the Group's various businesses to mitigate the identified risks and are embedded in their operating plans.
In common with most large organisations the Company is subject to general commercial risks; for example, political and economic developments, changes in the cost of goods for resale, increased competition in its markets and the threat of emerging and disruptive competitors, material failures in the supply chain, failure to secure supply of goods for resale on competitive terms, cyber-security breaches and failure of the IT infrastructure.
The risk environment in which the Company operates does not remain static. During the year, the Directors have reviewed the principal risks and and have concluded that as the nature of the business and the environment in which it operates remain broadly the same, the principal risks it faces are largely unchanged. However, some previously identified risks in respect of business transformation have considerable overlap and so they have been combined, whilst the Directors have also concluded that with so many stakeholders interacting with operations, health and safety risk should be described separately from other legislative risk. Finally, the resolution of some of the tax disputes with HMRC means that the Board no longer believes that this area represents a principal risk.
The nature of risk is that its scope and potential impact will change over time. As such the list below should not be regarded as a comprehensive statement of all potential risks and uncertainties that may manifest themselves in the future. Additional risks and uncertainties that are not presently known to the Directors, or which they currently deem immaterial, could also have an adverse effect on the Company's future operating results, financial condition or prospects.
The table below sets out, in no particular order, the current principal risks that are considered by the Board to be material, their potential impacts and the factors that mitigate them. The inherent risk (before the operation of control) is stated for each risk area together with an indication of the current trend for that risk. These key risks have been determined for the Group and are considered applicable to the Company.
Page 5
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group sells and distributes Adverse effect building materials through a on financial number of channels. The number results. of outlets and channels where building materials can be purchased continues to grow with new competitors also entering the market. These new entrants may operate business models which differ significantly from the traditional merchanting and retail and online formats from which the Group operates and may take market share.
At the same time, customer purchasing habits are evolving with increasing online transactions. Customers' preference for purchasing materials through a range of supply channels and not just through the Group's traditional competitors may affect the Group's performance and adversely impact the profitability of branch based operations.
Increasing price transparency could lead to a perception that the Group is less price competitive leading to downward pressure on price and margins. Risk Mitigation Changes to market practice are tracked on an on-going basis and reported to the Board each month.
The Group is building multi-channel capabilities that complement its existing operations and provide its customers with the opportunity to transact with the Group through channels that best suit their needs.
The Group's strategy allows it to use sites flexibly. Alternative space utilisation models are possible, including maintaining smaller stores and implanting additional services into existing branches.
The development of new, innovative and competitive supply solutions is a key strength of the Group. It works closely with customers and suppliers on a programme of continuous improvement designed to improve its customer proposition.
Pricing strategies across the Group are regularly reviewed and where necessary refined to ensure they remain competitive. Inherent Risk, Level and Trend Changing Customer and Competitor Landscape
Inherent Risk: High Trend: Static
Page 6
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The ability to recruit, retain and motivate suitably qualified staff is an important driver of the Group's overall performance. The Group may also be exposed to skills shortages in certain areas which can result in salary cost pressures.
The strength of the Group's customer proposition is underpinned by the quality of people working throughout the Group, particularly in customer facing roles. Many of them have worked for Travis Perkins for some considerable time, during which they have gained valuable product & customer knowledge and expertise.
The Group faces competition for the best people from other organisations. Ensuring the retention, proper development of employees and the succession plans for key positions is important if the Group is not to suffer an adverse effect on its prospects.
The Group's reward and recognition systems are actively managed to ensure high levels of employee engagement.
A wide range of training programmes are in place to encourage staff development, whilst management development programmes are available to those identified for more senior positions.
Salaries and other benefits are benchmarked regularly to ensure that the Group remains competitive and the Group operates incentive structures to ensure that high performing colleagues are adequately rewarded and retained. Inherent Risk, Level and Trend Colleague recruitment, retention and succession plans do not deliver the required skills and experience
Inherent Risk: Low Trend: Static Impact Risk Mitigation inability to The Group's employment policies develop and and practices are kept under execute regular review. development and succession plans. Staff engagement and turnover by job type is reported to the Competitive Executive Committee regularly disadvantage. and to the Board. Succession plans
positions within the Group and these are reviewed annually.
Page 7
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The Group is the largest customer to a number of its suppliers. In some cases, those suppliers are large enough to cause significant supply difficulties to the Group if they are unable to meet their supply obligations due to either economic or operational factors.
Alternative sourcing may be available, but the volumes required and the time it may take those suppliers to increase production could result in significant stock-outs for some considerable time leading to poor customer service.
The Group has increased the sourcing of products from overseas factories. This has increased the Group's exposure to sourcing, quality, trading, warranty and currency issues, which again may lead to an adverse impact on customer service.
Manufacturers of building materials sold by the Group may also look to sell their products directly to end customers in the future diminishing the role of distributors such as merchanting and retail distribution businesses. Risk Mitigation Making decent returns is one of the Group's cornerstones which requires it to treat both customers and suppliers fairly. The commercial and financial teams have established strong relationships with the Group's key suppliers and work closely with them to ensure contracts that are beneficial to both parties and the continuity of quality materials.
To spread the risk where possible contracts exist with more than one supplier for key products.
The Group has made a significant investment in its Far East infrastructure to support its direct sourcing operation which allows the development of own brand products, thereby reducing the reliance on branded suppliers.
Comprehensive checks are undertaken on the factories producing products and the quality and the suitability of those products before they are shipped to the UK. Inherent Risk, Level and Trend Supplier dependency, relationships and disintermediation leading to adverse impacts on ranging and price
Inherent Risk: Medium Trend: Static Impact Adverse effect on financial results.
Adverse effect on reputation.
Page 8
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Inherent Risk, Level and Trend Risk Description Impact Unsafe practices Keeping our colleagues, Adverse effect result in harm to customers, suppliers and the publicon financial colleagues, safe is a cornerstone of the results. customers, suppliers business. The Group operates over or the public two thousand sites, many with Adverse effect complex and busy yards. It also on reputation. Inherent Risk: ? operates one of the largest vehicle Medium fleets in the UK, distributing heavy Trend: Reducing and bulky materials. Poorly implemented safety practices could
which would damage the company's reputation and could impact trading performance. Adverse effect on financial results.
The Group operates a number of different businesses in the UK which operate in different but complementary channels. As the Group's markets continue to develop, it is investing to enhance its existing businesses and also to develop new propositions to better serve its customers.
While the Group operates a disciplined capital allocation process, there is a risk that it may be over-investing in channels which may decline or that it may not be allocating sufficient capital to new propositions resulting in sub-optimal returns on capital. Risk Mitigation The Group continues to challenge its thinking and approach to improving its safety performance through its now well established 'Stay Safe' brand.
Stay Safe performance is reviewed at all Plc Board Meetings, by the Executive Committee and during the Group's regular Divisional leadership meetings.
Incidents are monitored, investigated and corrective action taken to reduce the likelihood of similar incidents in future.
De-risking the Group's operations, improving health and safety awareness and implementing improved ways of working are at the forefront of the Group's activities. Further information on progress made during 2017 can be found in the Health and Safety report. Return on capital is one of the Group's key performance indicators. Responsibility for identifying and implementing opportunities to expand, improve or modify the Group's operations rests with each of the divisional boards, with capital being deployed or re-deployed by the Group to those projects expected to achieve the best return on capital.
Major projects are kept under review to monitor progress and ensure the deployment of capital remains appropriate.
Post implementation reviews are undertaken of all major projects and returns are monitored on an ongoing basis to ensure that the expected returns are achieved, but also to allow the Group to modify its capital allocation when appropriate. The Group allocates capital inefficiently or under invests in advantaged businesses and does not achieve desired returns
Inherent Risk: Medium Trend: Static Page 9
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group undertakes a variety of Adverse effect projects throughout its business in on financial order to generate returns for its results. shareholders. These projects are intended to transform the Group's Adverse effect core IT systems, to develop its on shareholder supply chain operations and its value. branch and store networks and to materially improve performance in certain businesses which have underperformed in recent years. The Group also undertakes acquisition and disposal activity to optimise its portfolio of businesses.
By their nature, such strategic projects are often complicated, interlinked and may result in a high level of change and require considerable resource to deliver them. As a result, the expected benefits and the costs of implementation of each project may deviate from those anticipated at their outset.
Inherent Risk, Level and Trend Business transformation projects, turnaround projects and M&A activity fail to deliver the expected benefits, cost more or take longer to implement than anticipated
Inherent Risk: Medium Trend: Static Risk Mitigation All potentially significant projects are subject to detailed investigation, assessment and approval prior to commencement.
Dedicated teams, including financial resource, are allocated to each project, with additional expertise being brought into the Group to supplement existing resource when necessary.
All strategic projects are closely monitored by the Executive Committee with regular reporting to the Board. Page 10
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group's products are sold to Adverse effect businesses, tradesmen and retail on financial customers for a broad range of end results. uses in the built environment. The Group's markets are cyclical in nature and the performance of those markets is affected by general economic conditions and a number of specific drivers of construction, RMI and DIY activity, including mortgage availability and affordability, housing transactions and the timing and nature of government activity to stimulate activity, net disposable income, house price inflation, consumer confidence, interest rates and unemployment.
A significant downturn in economic conditions or alternatively major uncertainty about the future outlook could affect the levels of construction activity in the Group's markets and the confidence levels of the Group's customers, which could reduce their propensity to purchase products and services from the Group's businesses. Risk Mitigation The Board conducts an annual review of strategy, which includes an assessment of likely competitor activity, market forecasts and possible future trends in products, channels of distribution and customer behaviour.
The Group maintains a comprehensive tracking system for lead indicators that influence the market for the consumption of building materials in the UK.
Significant events including those in the supply chain that may affect the Group are monitored by the Executive Committee and reported to the Board monthly by the Group CEO.
Should market conditions deteriorate then the Board has a range of options dependent upon the severity of the change. Historically these have included amending the Group's trading stance, cost reduction, lowering capital investment and cutting the dividend. Inherent Risk, Level and Trend Market conditions leading to demand uncertainty
Inherent Risk: High Trend: Increasing
Page 11
Rud ridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Inherent Risk, Risk Description Impact The result of the UK vote to leave Adverse effect the European Union has caused on financial considerable market uncertainty. results. This has made the economic outlook more difficult to predict in the short term and has resulted in a significant volatility in the value of sterling against the principal currencies used by the Group to pay for imported goods. Risk Mitigation It is still too early to determine the full impact of the decision to leave, but the Board is closely monitoring market conditions and will react accordingly.
The Board has already taken steps to reduce some costs, but is carefully balancing the current needs of the business against what may or may not occur in the future. Level and Trend Uncertainty caused by the UKs decision to leave the European Union
Inherent Risk: High Trend: Increasing Future trading relationships with foreign markets have yet to be determined and these may result in higher tariffs or duties on imports of construction products as well as extended lead times on imported supplies or result in the need to source some products elsewhere. The construction industry and the distribution and logistics markets employ a significant number of non-UK nationals and the UK may become a less attractive place for them to work resulting in labour shortages and consequent salary cost pressures.
The effect on the Group's operations is unlikely to become clear until the UK's future trading relationships are determined.
The Group continues to invest in the business where those investments are expected to realise acceptable returns, but it is prepared to reduce activity levels should market conditions so dictate.
Where the cost of goods increases due to the exchange rate deteriorating or additional tariffs and duties, the Group will seek to pass those price increases through to its customers, but its ability to do so will depend upon market conditions at the time.
The processes in place around the recruitment and retention of people are set out in the principal risk pertaining to such matters.
Page 12
Rud ridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Impact Adverse effect on financial condition. Risk Description The Group is required by law to maintain a minimum funding level in relation to its on-going obligations to provide current and future pensions for members of its defined benefit pension schemes.
The level of contributions required from the Group to meet the benefits promised in the final salary schemes will vary depending upon the funding position of those schemes. Risk Mitigation All the Group's final salary pension schemes are closed to new members, although they remain open to accrual. Since 2015 individual employee contribution rates have been more closely linked to the cost of accrual which has resulted in the current service contribution of the Group being capped.
For the Travis Perkins scheme, pensionable salary inflation has been capped at 3% per annum. Inherent Risk, Level and Trend Defined benefit pension scheme funding requirements could increase
Inherent Risk: Medium Trend: Static While the Group has taken actions to manage the future cost, the cash funding of pension obligations could increase significantly due to a number of factors including poor performance of the pension fund investments, falling corporate bond and gilt yields and increasing longevity of pension scheme members.
The schemes' investment policies are kept under regular review by the trustees in conjunction with the Group to ensure asset portfolios produce the desired level of return within an acceptable risk profile.
In 2017 an investment de-risking plan established in 2015 was completed with hedging strategies designed to limit the Schemes' exposure to inflation and interest rate fluctuations being put in place.
Notwithstanding this the Group remains exposcd to movements in member longevity, the value of pension scheme investments and falling corporate bond and gilt rates.
The Group has agreed deficit reduction payment plans for each of its defined benefit pension schemes with the Trustees of the schemes. The repayment plans will remain in place until the next actuarial valuation, when in conjunction with the Scheme Trustees they will be reassessed to take into account the circumstances at the time.
Page 13
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Mitigation The strategic demands of the business, the resources available to IT, the performance levels of key systems and IT security are kept under review by the Executive Committee with responsibility for monitoring and maintaining cyber security delegated to a data security committee.
Investments in best of breed solutions are made that continually adapt to mitigate the risk associated with the most advanced threats.
Cyber security controls are in place to protect IT systems and data including firewalls, virus protection and penetration testing. A programme of risk oriented reviews is undertaken to ensure the level of control around IT systems remains robust.
An IT disaster recovery plan exists together with a business continuity plan. Arrangements are in place for alternative data sites for both trade and consumer businesses. Off-site back-up routines are in place.
Inherent Risk, Level and Trend Data security
Inherent Risk: Medium Trend: Increasing
Risk Description Impact Incidents of sophisticated Adverse effect cyber-crime represent a significant on financial and increasing threat to all results. businesses including the Group. A major breach of system security Adverse effect could result in system disruption toon the Group's both customer facing and financial reputation. systems and / or the theft and misuse of confidential data with consequential impacts on the Group's reputation or ability to trade. Page 14
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The Group is subject to a broad range of existing and evolving governance, environmental, health and safety and other laws, regulations, standards and best practices which affect the way the Group operates and give rise to significant compliance costs, potential legal liability exposure for non-compliance and potential limitations on the development of the Group's operations. Risk Mitigation The Group's legal team is responsible for monitoring changes to laws and regulations that affect the business.
The Group has policies in place that set out the ways employees and suppliers are expected to conduct themselves. Those expectations are widely disseminated using a range of methods to ensure colleagues and suppliers understand their responsibilities to comply with the law and other regulations affecting the Group at all times.
The Board and the Executive Committee regularly monitor compliance with laws and regulations.
The Group operates a whistleblowing process that allows the anonymous reporting of non-compliance with health and safety, environmental, bribery and other laws and regulations. Inherent Risk, Level and Trend The changing regulatory framework, including GDPR and new building regulations, increase the risk of non-compliance and fines
Inherent Risk: Medium Trend: Static Impact Adverse effect on the Company's reputation.
Adverse effect on branch operations.
Adverse effect on financial performance.
Page 15
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Corporate responsibility Environmental matters The Travis Perkins plc group recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Group's activities.
The Company operates in accordance with group policies, which are described in the Group's Annual Report, which does not form part of this report. Initiatives designed to minimise the Company's impact on the environment include improving energy use efficiency, reducing the amount of CO2 emissions and minimising the consumption of water and the production of waste (both hazardous and non-hazardous).
Company employees Details of the number of employees and related costs can be found in note 8 to the financial statements.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
The Company's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the Company they provide a fair framework within which employees work.
The Company is firmly committed to?ensuring that the manner in which it employs staff is fair and equitable. Its equal opportunities policy is designed to ensure that no person or group of individuals will be treated less favourably because of their race, colour, ethnic origin, gender or sexual orientation, age or disability.
The Company maintains a policy of regular consultation and discussion with its employees on a wide range of issues that are likely to affect their interests and ensure that all employees are aware of the financial and economic performance of their business units and of the Company as a whole.
With branches throughout the United Kingdom, the Company recognises its role in and responsibilities towards local communities. Branches are encouraged to support their local communities through involvement in local affairs, such as by sponsoring organisations or donating materials to projects. Approved by the Board on 31.03..1i. and signed on its behalf by:
A.R. Williams Director
Page 16
Rudridge Limited
Statement of Directors' responsibilities
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 UK accounting standards and applicable law (UK Generally Accepted Accounting Practice) including FRS 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 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; ?assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ?use the going concern basis of accounting unless they the either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Page 17
Independent Auditor's Report to the Members of Rudridge Limited
Opinion We have audited the financial statements of Rudridge Limited ('the Company') for the year ended 31 December 2017, which comprise the profit and loss account and total comprehensive income, balance sheet, statement of changes in equity, and related notes, including the accounting policies in note 2. In our opinion the financial statements: ?give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its profit for the year then ended; ?have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; 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 are described below. We have fulfilled our other ethical responsibilities under, and are independent of the company in ac,cordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate, basis for our opinion.
Going concern We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects.
Strategic report and directors' report The Directors are responsible for the strategic report and the Directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon. Our responsibility is to read the Strategic report and the Directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: ?we have not identified material misstatements in the Strategic report and the Directors' report; ?in our opinion the information given in those reports for the financial year is consistent with the financial statements; and ?in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception Under the Companies Act 2006, we are required to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit. We have nothing to report in these respects.
Directors' responsibilities As explained more fully in their statement set out on page 17, the Directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view, such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 18
Independent Auditor's Report to the Members of Rudridge Limited (continued)
Auditor's responsibilities 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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC's website at WWW.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities 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.
Greg Watts (Senior Statutory Auditor) For and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants,
One Snowhill Snow Hill Queensway Birmingham B4 6GH
Date
Page 19
Rudridge Limited
Profit and loss account and total comprehensive income for the year ended 31 2017-12-01 00:00:00 Sheet1 Page 20
Rudridge Limited
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Mortgage
Risk
Officers
Miscellaneous
Shares
Corporate
Financial
Address
Mortgage
Risk
Officers
Miscellaneous
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1
2
2
2
3
0
6
0
1
0
0
0
1
0
5
0
Accounts
Full accounts made up to 31/12/2019
15/12/2020
31/12/2019
Confirmation Statement
Confirmation statement made on 01/02/2020 with no updates
18/02/2020
01/02/2020
Accounts
Full accounts made up to 31/12/2018
10/10/2019
31/12/2018
Confirmation Statement
Confirmation statement made on 01/02/2019 with no updates
05/02/2019
01/02/2019
Accounts
Full accounts made up to 31/12/2017
25/09/2018
31/12/2017
Officers
Appointment of Tp Directors Ltd as a director on 11/05/2018
23/05/2018
11/05/2018
Officers
Appointment of Stephen Harris as a director on 11/05/2018
23/05/2018
11/05/2018
Officers
Termination of appointment of Kieran Griffin as a director on 27/02/2018
06/03/2018
27/02/2018
Confirmation Statement
Confirmation statement made on 01/02/2018 with updates
06/02/2018
01/02/2018
Accounts
Full accounts made up to 31/12/2016
06/10/2017
31/12/2016
Officers
Directors details changed for Mr Francis Mark Elkins on 15/09/2017
18/09/2017
15/09/2017
Officers
Appointment of Mr Alan Richard Williams as a director on 11/07/2017
11/07/2017
11/07/2017
Confirmation Statement
Confirmation statement made on 01/02/2017 with updates
08/02/2017
01/02/2017
Accounts
Current accounting period extended from 30/06/2016 to 31/12/2016
24/06/2016
31/12/2016
Accounts
Full accounts made up to 30/06/2015
12/04/2016
30/06/2015
Officers
Directors details changed for Mr Francis Mark Elkins on 04/04/2016
08/04/2016
04/04/2016
Annual Return
Annual return made up to 11/02/2016 with full list of shareholders
18/03/2016
11/02/2016
Officers
Appointment of Tpg Management Services Limited as a secretary on 23/11/2015
23/11/2015
23/11/2015
Accounts
Previous accounting period shortened from 31/12/2015 to 30/06/2015
23/11/2015
30/06/2015
Address
Registered office address changed from Lodge Way House Lodge Way Harleston Road Northampton Northamptonshire NN5 7UG to Lodge Way House Lodge Way Harlestone Road Northampton NN5 7UG on 23/07/2015
23/07/2015
23/07/2015
Mortgage
Satisfaction of charge 2 in full
28/03/2015
n/a
Officers
Appointment of Kieran Griffin as a director on 04/02/2015
20/03/2015
04/02/2015
Annual Return
Annual return made up to 11/02/2015 with full list of shareholders
18/03/2015
11/02/2015
Officers
Termination of appointment of Alan James Betteridge as a director on 04/02/2015
09/03/2015
04/02/2015
Officers
Termination of appointment of Robert Kevin Rudd as a director on 04/02/2015
09/03/2015
04/02/2015
Officers
Termination of appointment of Robert Kevin Rudd as a secretary on 04/02/2015
09/03/2015
04/02/2015
Officers
Appointment of Francis Mark Elkins as a director on 04/02/2015
09/03/2015
04/02/2015
Address
Registered office address changed from First Floor 47-57 Marylebone Lane London W1U 2NT to Lodge Way House Lodge Way Harleston Road Northampton Northamptonshire NN5 7UG on 25/02/2015
25/02/2015
25/02/2015
Accounts
Current accounting period extended from 30/06/2015 to 31/12/2015
25/02/2015
31/12/2015
Mortgage
Satisfaction of charge 3 in full
21/02/2015
n/a
Mortgage
Satisfaction of charge 1 in full
20/02/2015
n/a
Accounts
Full accounts made up to 30/06/2014
23/10/2014
30/06/2014
Annual Return
Annual return made up to 11/02/2014 with full list of shareholders
28/02/2014
11/02/2014
Accounts
Full accounts made up to 30/06/2013
01/11/2013
30/06/2013
Annual Return
Annual return made up to 11/02/2013 with full list of shareholders
19/02/2013
11/02/2013
Accounts
Full accounts made up to 30/06/2012
18/10/2012
30/06/2012
Address
Registered office address changed from 51 Queen Anne Street London W1G 9HS on 29/08/2012
29/08/2012
29/08/2012
Capital
Purchase of own shares.
16/07/2012
n/a
Capital
Cancellation of shares. Statement of capital on 10/07/2012
10/07/2012
10/07/2012
Annual Return
Annual return made up to 11/02/2012 with full list of shareholders
07/03/2012
11/02/2012
Accounts
Full accounts made up to 30/06/2011
13/10/2011
30/06/2011
Annual Return
Annual return made up to 11/02/2011 with full list of shareholders
22/02/2011
11/02/2011
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fully-satisfied
28/06/2000
n/a
Debenture
Hsbc Bank PLC
fully-satisfied
04/06/2010
n/a
Fixed charge on non-vesting debts and floating charge
Hsbc Invoice Finance (UK) LTD ("the Security Holder")
fully-satisfied
28/01/2011
n/a
Legal assignment
Hsbc Bank PLC
Directors' report for the year ended 31 December 2017
The Directors present their Annual report and the audited financial statements for the year ended 31 December 2017.
Future developments An indication of future developments of the business is included in the Strategic report on pa
Directors' report for the year ended 31 December 2017
The Directors present their Annual report and the audited financial statements for the year ended 31 December 2017.
Future developments An indication of future developments of the business is included in the Strategic report on page 4.
Directors of the Company The Directors who held office during the year were as follows: F.M. Elkins K. Griffin (resigned 27 February 2018) A.R. Williams (appointed 11 July 2017) The following directors were appointed after the year end: S. Harris (appointed II May 2018) TP Directors Ltd - Director (appointed II May 2018) Directors' liabilities The Company made qualifying third party indemnity provisions for the benefits of its Directors during the year, which remain in force at the date of this report. This is a qualifying provision for the purposes of the Companies Act 2006.
Going concern The Directors have a reasonable expectation that the Company has the resources to continue in operational existence tbr the twelve months from the date of signing these financial statements. Thus it continues to adopt the going concern assumption in preparing the annual financial statements. Further details regarding the going concern basis can be found in note 2 to the financial statements.
Dividends Interim dividends of ?1,500,000 (?29 per ordinary share) (2016: ?nil; ?nil per ordinary share) was paid during the year. The Directors do not recommend payment of a final dividend (2016: ?nil)
Employees Details of the Company's policies on disabled employees and employee consultation are given in the Strategic report on page 16.
Modern slavery The Group will not accept slavery or human trafficking and works with suppliers and colleagues to ensure positive steps are taken to ensure that slavery has no place in the business or supply chain. If issues are identified, investigations and remedial actions will be taken. No instances of slavery or human trafficking have been identified.
The Group's approach to this issue is set out in greater detail in the Travis Perkins plc Annual Report, which does not form part of this report.
Page 2
Rudridge Limited
Directors' report for the year ended 31 December 2017 (continued)
Disclosure of information to the auditors Each of the persons who is a Director at the date of approval of this report confirms that:
?so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
?the 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 auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Reappointment of auditors The auditors, KPMG LLP, have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting. Approved by thetBoard on 13j.&.. and signed on its behalf by:
A.R. Williams Director
Page 3
Rudridge Limited
Strategic report for the year ended 31 December 2017
The Directors present their Strategic report for the year ended 31 December 2017.
Principal activities The Company is a wholly owned subsidiary of Travis Perkins plc, the ultimate parent company. The principal activity of the Company is the marketing and distribution of civils and drainage solutions to the building trade and construction industry.
Review of the business Rudridge has worked hard through another challenging period with increasingly tough competition. However the impressive track record of providing first-class customer service and the strong working relationships with an extremely loyal customer base has enabled the company to continue to drive business forward and is reflected in this period's financial performance. The Directors believe that by continuing to focus on these key elements of their success will allow the business to continue.
Turnover for the period was ?54.4m (2016: ?74.9m). The Company made an operating profit of ?2.2m (2016: ?3.6m) and profit after tax was ?1.7m (2016: ?2.8m). The balance sheet on page 21 of the financial statements shows the Company's net assets increased by ?0.2m to ?7.5m (2016: ?7.3m).
There have been no events since the balance sheet date which materially affect the position of the Company.
Key performance indicators ('KPIs') The Travis Perkins plc group (the "Group") manages its operations on a divisional basis. For this reason, the Company's Directors believe that further key performance indicators for the Company are not necessary or appropriate for an understanding of the development, performance or position of the business. The performance of the Contracts division of Travis Perkins plc, which includes the Company, is discussed in the Group's Annual Report, which does not form part of this report.
Future developments The Directors expect the Company to continue to trade in a similar manner for the foreseeable future.
Page 4
Rudridge Limited Strategic report for the year ended 31 December 2017 (continued) Principal risks and uncertainties The Company operates in markets and an industry which by their nature are subject to a number of inherent gross risks. The Company is able to mitigate those risks by adopting different strategies and by maintaining a strong system of internal control. However, regardless of the approach that is taken, the Company has to accept a certain level of risk in order to generate suitable returns for shareholders and for that reason the risk management process is closely aligned to the Company's strategy.
The Group has a risk reporting framework that ensures it has visibility of the Company's key risks, the potential impacts on the Company and how and to what extent those risks are mitigated. As part of its risk management process, the principal risks stated in the risk register are reviewed, challenged and updated by the Group Board and monitored throughout the year. The Company maintains a separate risk register. The Group's risk register is used to determine strategies adopted by the Group's various businesses to mitigate the identified risks and are embedded in their operating plans.
In common with most large organisations the Company is subject to general commercial risks; for example, political and economic developments, changes in the cost of goods for resale, increased competition in its markets and the threat of emerging and disruptive competitors, material failures in the supply chain, failure to secure supply of goods for resale on competitive terms, cyber-security breaches and failure of the IT infrastructure.
The risk environment in which the Company operates does not remain static. During the year, the Directors have reviewed the principal risks and and have concluded that as the nature of the business and the environment in which it operates remain broadly the same, the principal risks it faces are largely unchanged. However, some previously identified risks in respect of business transformation have considerable overlap and so they have been combined, whilst the Directors have also concluded that with so many stakeholders interacting with operations, health and safety risk should be described separately from other legislative risk. Finally, the resolution of some of the tax disputes with HMRC means that the Board no longer believes that this area represents a principal risk.
The nature of risk is that its scope and potential impact will change over time. As such the list below should not be regarded as a comprehensive statement of all potential risks and uncertainties that may manifest themselves in the future. Additional risks and uncertainties that are not presently known to the Directors, or which they currently deem immaterial, could also have an adverse effect on the Company's future operating results, financial condition or prospects.
The table below sets out, in no particular order, the current principal risks that are considered by the Board to be material, their potential impacts and the factors that mitigate them. The inherent risk (before the operation of control) is stated for each risk area together with an indication of the current trend for that risk. These key risks have been determined for the Group and are considered applicable to the Company.
Page 5
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group sells and distributes Adverse effect building materials through a on financial number of channels. The number results. of outlets and channels where building materials can be purchased continues to grow with new competitors also entering the market. These new entrants may operate business models which differ significantly from the traditional merchanting and retail and online formats from which the Group operates and may take market share.
At the same time, customer purchasing habits are evolving with increasing online transactions. Customers' preference for purchasing materials through a range of supply channels and not just through the Group's traditional competitors may affect the Group's performance and adversely impact the profitability of branch based operations.
Increasing price transparency could lead to a perception that the Group is less price competitive leading to downward pressure on price and margins. Risk Mitigation Changes to market practice are tracked on an on-going basis and reported to the Board each month.
The Group is building multi-channel capabilities that complement its existing operations and provide its customers with the opportunity to transact with the Group through channels that best suit their needs.
The Group's strategy allows it to use sites flexibly. Alternative space utilisation models are possible, including maintaining smaller stores and implanting additional services into existing branches.
The development of new, innovative and competitive supply solutions is a key strength of the Group. It works closely with customers and suppliers on a programme of continuous improvement designed to improve its customer proposition.
Pricing strategies across the Group are regularly reviewed and where necessary refined to ensure they remain competitive. Inherent Risk, Level and Trend Changing Customer and Competitor Landscape
Inherent Risk: High Trend: Static
Page 6
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The ability to recruit, retain and motivate suitably qualified staff is an important driver of the Group's overall performance. The Group may also be exposed to skills shortages in certain areas which can result in salary cost pressures.
The strength of the Group's customer proposition is underpinned by the quality of people working throughout the Group, particularly in customer facing roles. Many of them have worked for Travis Perkins for some considerable time, during which they have gained valuable product & customer knowledge and expertise.
The Group faces competition for the best people from other organisations. Ensuring the retention, proper development of employees and the succession plans for key positions is important if the Group is not to suffer an adverse effect on its prospects.
The Group's reward and recognition systems are actively managed to ensure high levels of employee engagement.
A wide range of training programmes are in place to encourage staff development, whilst management development programmes are available to those identified for more senior positions.
Salaries and other benefits are benchmarked regularly to ensure that the Group remains competitive and the Group operates incentive structures to ensure that high performing colleagues are adequately rewarded and retained. Inherent Risk, Level and Trend Colleague recruitment, retention and succession plans do not deliver the required skills and experience
Inherent Risk: Low Trend: Static Impact Risk Mitigation inability to The Group's employment policies develop and and practices are kept under execute regular review. development and succession plans. Staff engagement and turnover by job type is reported to the Competitive Executive Committee regularly disadvantage. and to the Board. Succession plans
positions within the Group and these are reviewed annually.
Page 7
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The Group is the largest customer to a number of its suppliers. In some cases, those suppliers are large enough to cause significant supply difficulties to the Group if they are unable to meet their supply obligations due to either economic or operational factors.
Alternative sourcing may be available, but the volumes required and the time it may take those suppliers to increase production could result in significant stock-outs for some considerable time leading to poor customer service.
The Group has increased the sourcing of products from overseas factories. This has increased the Group's exposure to sourcing, quality, trading, warranty and currency issues, which again may lead to an adverse impact on customer service.
Manufacturers of building materials sold by the Group may also look to sell their products directly to end customers in the future diminishing the role of distributors such as merchanting and retail distribution businesses. Risk Mitigation Making decent returns is one of the Group's cornerstones which requires it to treat both customers and suppliers fairly. The commercial and financial teams have established strong relationships with the Group's key suppliers and work closely with them to ensure contracts that are beneficial to both parties and the continuity of quality materials.
To spread the risk where possible contracts exist with more than one supplier for key products.
The Group has made a significant investment in its Far East infrastructure to support its direct sourcing operation which allows the development of own brand products, thereby reducing the reliance on branded suppliers.
Comprehensive checks are undertaken on the factories producing products and the quality and the suitability of those products before they are shipped to the UK. Inherent Risk, Level and Trend Supplier dependency, relationships and disintermediation leading to adverse impacts on ranging and price
Inherent Risk: Medium Trend: Static Impact Adverse effect on financial results.
Adverse effect on reputation.
Page 8
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Inherent Risk, Level and Trend Risk Description Impact Unsafe practices Keeping our colleagues, Adverse effect result in harm to customers, suppliers and the publicon financial colleagues, safe is a cornerstone of the results. customers, suppliers business. The Group operates over or the public two thousand sites, many with Adverse effect complex and busy yards. It also on reputation. Inherent Risk: ? operates one of the largest vehicle Medium fleets in the UK, distributing heavy Trend: Reducing and bulky materials. Poorly implemented safety practices could
which would damage the company's reputation and could impact trading performance. Adverse effect on financial results.
The Group operates a number of different businesses in the UK which operate in different but complementary channels. As the Group's markets continue to develop, it is investing to enhance its existing businesses and also to develop new propositions to better serve its customers.
While the Group operates a disciplined capital allocation process, there is a risk that it may be over-investing in channels which may decline or that it may not be allocating sufficient capital to new propositions resulting in sub-optimal returns on capital. Risk Mitigation The Group continues to challenge its thinking and approach to improving its safety performance through its now well established 'Stay Safe' brand.
Stay Safe performance is reviewed at all Plc Board Meetings, by the Executive Committee and during the Group's regular Divisional leadership meetings.
Incidents are monitored, investigated and corrective action taken to reduce the likelihood of similar incidents in future.
De-risking the Group's operations, improving health and safety awareness and implementing improved ways of working are at the forefront of the Group's activities. Further information on progress made during 2017 can be found in the Health and Safety report. Return on capital is one of the Group's key performance indicators. Responsibility for identifying and implementing opportunities to expand, improve or modify the Group's operations rests with each of the divisional boards, with capital being deployed or re-deployed by the Group to those projects expected to achieve the best return on capital.
Major projects are kept under review to monitor progress and ensure the deployment of capital remains appropriate.
Post implementation reviews are undertaken of all major projects and returns are monitored on an ongoing basis to ensure that the expected returns are achieved, but also to allow the Group to modify its capital allocation when appropriate. The Group allocates capital inefficiently or under invests in advantaged businesses and does not achieve desired returns
Inherent Risk: Medium Trend: Static Page 9
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group undertakes a variety of Adverse effect projects throughout its business in on financial order to generate returns for its results. shareholders. These projects are intended to transform the Group's Adverse effect core IT systems, to develop its on shareholder supply chain operations and its value. branch and store networks and to materially improve performance in certain businesses which have underperformed in recent years. The Group also undertakes acquisition and disposal activity to optimise its portfolio of businesses.
By their nature, such strategic projects are often complicated, interlinked and may result in a high level of change and require considerable resource to deliver them. As a result, the expected benefits and the costs of implementation of each project may deviate from those anticipated at their outset.
Inherent Risk, Level and Trend Business transformation projects, turnaround projects and M&A activity fail to deliver the expected benefits, cost more or take longer to implement than anticipated
Inherent Risk: Medium Trend: Static Risk Mitigation All potentially significant projects are subject to detailed investigation, assessment and approval prior to commencement.
Dedicated teams, including financial resource, are allocated to each project, with additional expertise being brought into the Group to supplement existing resource when necessary.
All strategic projects are closely monitored by the Executive Committee with regular reporting to the Board. Page 10
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description Impact The Group's products are sold to Adverse effect businesses, tradesmen and retail on financial customers for a broad range of end results. uses in the built environment. The Group's markets are cyclical in nature and the performance of those markets is affected by general economic conditions and a number of specific drivers of construction, RMI and DIY activity, including mortgage availability and affordability, housing transactions and the timing and nature of government activity to stimulate activity, net disposable income, house price inflation, consumer confidence, interest rates and unemployment.
A significant downturn in economic conditions or alternatively major uncertainty about the future outlook could affect the levels of construction activity in the Group's markets and the confidence levels of the Group's customers, which could reduce their propensity to purchase products and services from the Group's businesses. Risk Mitigation The Board conducts an annual review of strategy, which includes an assessment of likely competitor activity, market forecasts and possible future trends in products, channels of distribution and customer behaviour.
The Group maintains a comprehensive tracking system for lead indicators that influence the market for the consumption of building materials in the UK.
Significant events including those in the supply chain that may affect the Group are monitored by the Executive Committee and reported to the Board monthly by the Group CEO.
Should market conditions deteriorate then the Board has a range of options dependent upon the severity of the change. Historically these have included amending the Group's trading stance, cost reduction, lowering capital investment and cutting the dividend. Inherent Risk, Level and Trend Market conditions leading to demand uncertainty
Inherent Risk: High Trend: Increasing
Page 11
Rud ridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Inherent Risk, Risk Description Impact The result of the UK vote to leave Adverse effect the European Union has caused on financial considerable market uncertainty. results. This has made the economic outlook more difficult to predict in the short term and has resulted in a significant volatility in the value of sterling against the principal currencies used by the Group to pay for imported goods. Risk Mitigation It is still too early to determine the full impact of the decision to leave, but the Board is closely monitoring market conditions and will react accordingly.
The Board has already taken steps to reduce some costs, but is carefully balancing the current needs of the business against what may or may not occur in the future. Level and Trend Uncertainty caused by the UKs decision to leave the European Union
Inherent Risk: High Trend: Increasing Future trading relationships with foreign markets have yet to be determined and these may result in higher tariffs or duties on imports of construction products as well as extended lead times on imported supplies or result in the need to source some products elsewhere. The construction industry and the distribution and logistics markets employ a significant number of non-UK nationals and the UK may become a less attractive place for them to work resulting in labour shortages and consequent salary cost pressures.
The effect on the Group's operations is unlikely to become clear until the UK's future trading relationships are determined.
The Group continues to invest in the business where those investments are expected to realise acceptable returns, but it is prepared to reduce activity levels should market conditions so dictate.
Where the cost of goods increases due to the exchange rate deteriorating or additional tariffs and duties, the Group will seek to pass those price increases through to its customers, but its ability to do so will depend upon market conditions at the time.
The processes in place around the recruitment and retention of people are set out in the principal risk pertaining to such matters.
Page 12
Rud ridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Impact Adverse effect on financial condition. Risk Description The Group is required by law to maintain a minimum funding level in relation to its on-going obligations to provide current and future pensions for members of its defined benefit pension schemes.
The level of contributions required from the Group to meet the benefits promised in the final salary schemes will vary depending upon the funding position of those schemes. Risk Mitigation All the Group's final salary pension schemes are closed to new members, although they remain open to accrual. Since 2015 individual employee contribution rates have been more closely linked to the cost of accrual which has resulted in the current service contribution of the Group being capped.
For the Travis Perkins scheme, pensionable salary inflation has been capped at 3% per annum. Inherent Risk, Level and Trend Defined benefit pension scheme funding requirements could increase
Inherent Risk: Medium Trend: Static While the Group has taken actions to manage the future cost, the cash funding of pension obligations could increase significantly due to a number of factors including poor performance of the pension fund investments, falling corporate bond and gilt yields and increasing longevity of pension scheme members.
The schemes' investment policies are kept under regular review by the trustees in conjunction with the Group to ensure asset portfolios produce the desired level of return within an acceptable risk profile.
In 2017 an investment de-risking plan established in 2015 was completed with hedging strategies designed to limit the Schemes' exposure to inflation and interest rate fluctuations being put in place.
Notwithstanding this the Group remains exposcd to movements in member longevity, the value of pension scheme investments and falling corporate bond and gilt rates.
The Group has agreed deficit reduction payment plans for each of its defined benefit pension schemes with the Trustees of the schemes. The repayment plans will remain in place until the next actuarial valuation, when in conjunction with the Scheme Trustees they will be reassessed to take into account the circumstances at the time.
Page 13
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Mitigation The strategic demands of the business, the resources available to IT, the performance levels of key systems and IT security are kept under review by the Executive Committee with responsibility for monitoring and maintaining cyber security delegated to a data security committee.
Investments in best of breed solutions are made that continually adapt to mitigate the risk associated with the most advanced threats.
Cyber security controls are in place to protect IT systems and data including firewalls, virus protection and penetration testing. A programme of risk oriented reviews is undertaken to ensure the level of control around IT systems remains robust.
An IT disaster recovery plan exists together with a business continuity plan. Arrangements are in place for alternative data sites for both trade and consumer businesses. Off-site back-up routines are in place.
Inherent Risk, Level and Trend Data security
Inherent Risk: Medium Trend: Increasing
Risk Description Impact Incidents of sophisticated Adverse effect cyber-crime represent a significant on financial and increasing threat to all results. businesses including the Group. A major breach of system security Adverse effect could result in system disruption toon the Group's both customer facing and financial reputation. systems and / or the theft and misuse of confidential data with consequential impacts on the Group's reputation or ability to trade. Page 14
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Risk Description The Group is subject to a broad range of existing and evolving governance, environmental, health and safety and other laws, regulations, standards and best practices which affect the way the Group operates and give rise to significant compliance costs, potential legal liability exposure for non-compliance and potential limitations on the development of the Group's operations. Risk Mitigation The Group's legal team is responsible for monitoring changes to laws and regulations that affect the business.
The Group has policies in place that set out the ways employees and suppliers are expected to conduct themselves. Those expectations are widely disseminated using a range of methods to ensure colleagues and suppliers understand their responsibilities to comply with the law and other regulations affecting the Group at all times.
The Board and the Executive Committee regularly monitor compliance with laws and regulations.
The Group operates a whistleblowing process that allows the anonymous reporting of non-compliance with health and safety, environmental, bribery and other laws and regulations. Inherent Risk, Level and Trend The changing regulatory framework, including GDPR and new building regulations, increase the risk of non-compliance and fines
Inherent Risk: Medium Trend: Static Impact Adverse effect on the Company's reputation.
Adverse effect on branch operations.
Adverse effect on financial performance.
Page 15
Rudridge Limited
Strategic report for the year ended 31 December 2017 (continued)
Corporate responsibility Environmental matters The Travis Perkins plc group recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Group's activities.
The Company operates in accordance with group policies, which are described in the Group's Annual Report, which does not form part of this report. Initiatives designed to minimise the Company's impact on the environment include improving energy use efficiency, reducing the amount of CO2 emissions and minimising the consumption of water and the production of waste (both hazardous and non-hazardous).
Company employees Details of the number of employees and related costs can be found in note 8 to the financial statements.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.
The Company's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the Company they provide a fair framework within which employees work.
The Company is firmly committed to?ensuring that the manner in which it employs staff is fair and equitable. Its equal opportunities policy is designed to ensure that no person or group of individuals will be treated less favourably because of their race, colour, ethnic origin, gender or sexual orientation, age or disability.
The Company maintains a policy of regular consultation and discussion with its employees on a wide range of issues that are likely to affect their interests and ensure that all employees are aware of the financial and economic performance of their business units and of the Company as a whole.
With branches throughout the United Kingdom, the Company recognises its role in and responsibilities towards local communities. Branches are encouraged to support their local communities through involvement in local affairs, such as by sponsoring organisations or donating materials to projects. Approved by the Board on 31.03..1i. and signed on its behalf by:
A.R. Williams Director
Page 16
Rudridge Limited
Statement of Directors' responsibilities
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 UK accounting standards and applicable law (UK Generally Accepted Accounting Practice) including FRS 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 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; ?assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and ?use the going concern basis of accounting unless they the either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Page 17
Independent Auditor's Report to the Members of Rudridge Limited
Opinion We have audited the financial statements of Rudridge Limited ('the Company') for the year ended 31 December 2017, which comprise the profit and loss account and total comprehensive income, balance sheet, statement of changes in equity, and related notes, including the accounting policies in note 2. In our opinion the financial statements: ?give a true and fair view of the state of the Company's affairs as at 31 December 2017 and of its profit for the year then ended; ?have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; 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 are described below. We have fulfilled our other ethical responsibilities under, and are independent of the company in ac,cordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate, basis for our opinion.
Going concern We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects.
Strategic report and directors' report The Directors are responsible for the strategic report and the Directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon. Our responsibility is to read the Strategic report and the Directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: ?we have not identified material misstatements in the Strategic report and the Directors' report; ?in our opinion the information given in those reports for the financial year is consistent with the financial statements; and ?in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception Under the Companies Act 2006, we are required to report to you if, in our opinion: ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; or ?we have not received all the information and explanations we require for our audit. We have nothing to report in these respects.
Directors' responsibilities As explained more fully in their statement set out on page 17, the Directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view, such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 18
Independent Auditor's Report to the Members of Rudridge Limited (continued)
Auditor's responsibilities 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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC's website at WWW.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities 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.
Greg Watts (Senior Statutory Auditor) For and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants,
One Snowhill Snow Hill Queensway Birmingham B4 6GH
Date
Page 19
Rudridge Limited
Profit and loss account and total comprehensive income for the year ended 31 2017-12-01 00:00:00 Sheet1 Page 20
Rudridge Limited
Directors' report for the year period 31 December 2016
The Directors present the Annual report and the audited financial statements for the 18 month period ended 31 December 2016.
Future developments An indication of future developments of the business is included in the Strategic repor
Directors' report for the year period 31 December 2016
The Directors present the Annual report and the audited financial statements for the 18 month period ended 31 December 2016.
Future developments An indication of future developments of the business is included in the Strategic report on page 3.
Directors The Directors of the Company who served during the period and subsequently are listed below: F M Elkins K Griffin A R Williams (appointed 11 July 2017) The Company made qualifying third party indemnity provisions for the benefits of its Directors during the period, which remain in force at the date of this report. This is a qualifying provision for the purposes of the Companies Act 2006.
Going concern The Directors have a reasonable expectation that the Company has the resources to continue in operational existence for the twelve months from the date of signing these financial statements. Thus it continues to adopt the going concern assumption in preparing the annual financial statements. Further details regarding the going concern basis can be found in note 1 to the financial statements.
Dividends The Directors do not recommend the payment of a dividend (2015: blip.
Modern slavery The Group will not accept slavery or human trafficking and works with suppliers and colleagues to ensure positive steps are taken to ensure that slavery has no place in the business or supply chain. If issues are identified, investigations and remedial actions will be taken. No instances of slavery or human trafficking have been identified. The Group's approach to this issue is set out in greater detail in the Group's Annual Report.
1.0
Rudridge Limited Directors' report (continued) Auditor Each of the persons who is a Director at the date of approval of this report confirms that: ?so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and ?the Director has taken all steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006. The auditors, KPMG LLP, have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at the Annual General Meeting. Approved and signed on behalf of the Board cLA4iut A R Williams Director 2.96 September 2017 Lodge Way House Lodge Way Harlestone Road Northampton England NN5 7UG
2.0
Rudridge Limited Strategic report for the period ended 31 December 2016
Principal activities The Company is a wholly owned subsidiary of Travis Perkins plc, the ultimate parent company. The principal activity of the Company during the year is the marketing and distribution of civil drainage solutions to the building trade and construction industry.
Review of the business Rudridge has worked hard through another challenging period with increasingly tough competition. However the impressive track record of providing first-class customer service and the strong working relationships with an extremely loyal customer base has enabled the company to continue to drive business forward and is reflected in this period's financial performance. The Directors believe that by continuing to focus on these key elements of their success will allow the business to continue. Turnover for the period was ?74.9m (2015: ?49.3m). The Company made an operating profit of ?3.6m (2015: ?2.6m) and profit after tax was ?2.8m (2015: ?1.9m). The balance sheet shows the Company's net assets increased by ?2.8m to ?7.3m (2015: ?4.5m). There have been no events since the balance sheet date which materially affect the position of the Company.
Key performance indicators ("KPIs") The Travis Perkins plc group (the "Group") manages its operations on a divisional basis. For this reason, the Company's Directors believe that further key performance indicators for the Company are not necessary or appropriate for an understanding of the development, performance or position of the business. The performance of the Contracts Division of Travis Perkins plc, which includes the Company, is discussed in the Group's Annual Report, which does not form part of this report.
Future developments The Directors expect the Company to continue to trade in a similar manner for the foreseeable future.
3.0
Rudridge Limited Strategic report (continued) Principal risks and uncertainties The Company operates in markets and an industry which by their nature are subject to a number of inherent gross risks. The Company is able to mitigate those risks by adopting different strategies and by maintaining a strong system of internal control. However, regardless of the approach that is taken, the Company has to accept a certain level of risk in order to generate suitable returns for shareholders and for that reason the risk management process is closely aligned to the Company's strategy. The Group has a risk reporting framework that ensures it has visibility of the Company's key risks, the potential impacts on the Company and how and to what extent those risks are mitigated. As part of its risk management process, the principal risks stated in the risk register are reviewed, challenged and updated by the Group Board and monitored throughout the year. The Company monitors a separate risk register. The Group's risk register is used to determine strategies adopted by the Group's various businesses to mitigate the identified risks and are embedded in their operating plans. In common with most large organisations the Company is subject to general commercial risks; for example, political and economic developments, changes in the cost of goods for resale, increased competition in its markets and the threat of emerging and disruptive competitors, material failures in the supply chain, failure to secure supply of goods for resale on competitive terms, cyber-security breaches and failure of the IT infrastructure. The risk environment in which the Company operates does not remain static. The nature of risk is that its scope and potential impact will change over time. As such the list below should not be regarded as a comprehensive statement of all potential risks and uncertainties that may manifest themselves in the future. Additional risks and uncertainties that are not presently known to the Directors, or which they currently deem immaterial, could also have an adverse effect on the Company's future operating results, financial condition or prospects. The table below sets out, in no particular order, the current principal risks that are considered by the Board to be material, their potential impacts and the factors that mitigate them. The inherent risk (before the operation of control) is stated for each risk area together with an indication of the current trend for that risk.
4.0
Rudridge Limited Strategic report (continued) Sheet1 5.0
tnherent risk: High ? ? ? Medium *0 Low ? Trend: Increasing ? Static 4 Reducing ?
Rudridge Limited Strategic report (continued) Sheet2 6.0
Inherent risk: High ? ? ? Medium 00 Low ? Trench Increasing ? Static I1* Reducing r
Rudridge Limited Strategic report (continued) Sheet3 7.0
lnhetent risk: High ? ? ? Medium 00 LAW ? Trend: kr:reasing ? Static I Redusing ?
Rudridge Limited Strategic report (continued) Sheet4 8.0
Inherent tisk: High ?SS Medium 0 11 Low 0 Trend: Increasing ? Static 4 Reducing ?
Rudridge Limited Strategic report (continued) Sheet5 9.0
Inherent risk: High ? ? ? Medium 00 Low ? Trend Increasing ? Static of to Reducing ?
Rudridge Limited Strategic report (continued) Sheet6 10.0
inherent risk: High ? Medium it 0 Low S Trench in:reasing ? Static 4 IP' Reducing ?
Rudridge Limited Strategic report (continued) Corporate responsibility Environment The Travis Perkins group recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Group's activities. The Company operates in accordance with group policies, which are described in the Group's Annual Report, which does not form part of this report. Initiatives designed to minimise the Company's impact on the environment include improving energy use efficiency, reducing the amount of CO2 emissions and minimising the consumption of water and the production of waste (both hazardous and non-hazardous).
The Company is subject to a broad range of existing and evolving governance, environmental, health and safety and other laws, regulations, standards and best practices which affect the way the Company operates and give rise to significant compliance costs, potential legal liability exposure and potential limitations on the development of the Company's operations. The Company's legal team is responsible for monitoring changes to laws and regulations that affect the business. The Company has policies in place that set out the ways employees and suppliers are expected to conduct themselves. Those expectations are widely disseminated using a range of methodologies to ensure colleagues and suppliers understand their responsibilities to comply with the law and other regulations affecting the Company at all times. The Travis Perkins Group Board and the Executive Committee regularly monitor compliance with laws and regulations. The Company operates a whistleblowing process that allows the anonymous reporting of non-compliance with health and safety, environmental, bribery and other laws and regulations. Legislation Inherent Risk: A A Trend:
Adverse effect on the Company's reputation, Adverse effect on branch operations. Adverse effect on financial performance
11.0
Rudridge Limited Strategic report (continued) Corporate responsibility (continued) Employees Details of the number of employees and related costs can be found in note 6 to the financial statements. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees. Employees (continued) The Company's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the Company they provide a fair framework within which employees work. The Company is firmly committed to ensuring that the manner in which it employs staff is fair and equitable. Its equal opportunities policy is designed to ensure that no person or group of individuals will be treated less favourably because of their race, colour, ethnic origin, gender or sexual orientation, age or disability. The Company maintains a policy of regular consultation and discussion with its employee on a wide range of issues that are likely to affect their interests and ensure that all employees are aware of the financial and economic performance of their business units and of the Company as a whole.
With branches throughout the United Kingdom, the Company recognises its role in and responsibilities towards local communities. Branches are encouraged to support their local communities through involvement in local affairs, such as by sponsoring organisations or donating materials to projects. Approved and signed on behalf of the Board tAptsai' A R Williams Director 224' September 2017
12.0
Rudridge Limited Directors' responsibilities statement
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 they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 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 and then apply them consistently; ?make judgements and estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
13.0
Independent auditor's report to the members of Rudridge Limited We have audited the financial statements of Rudridge Limited for the 18 months period ended 31 December 2016 set out on pages 16 to 32. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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. Respective responsibilities of Directors and Auditor As explained more fully in the Directors' Responsibilities Statement set out on page 13, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council's website at www.frc.org.uk/auditscopeukprivate. Opinion on the fmancial statements In our opinion the financial statements: ?give a true and fair view of the state of the Company's affairs as at 31 December 2016 and of its profit for the period then ended; ?have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
14.0
Independent auditor's report (continued)
Opinion on other matters prescribed by the Companies Act 2006 In our opinion the information given in the Strategic report and the Directors' report for the financial year is consistent with the financial statements. Based solely on the work required to be undertaken in the course of the audit of the financial statements and from reading the Strategic report and the Directors' report: ?we have not identified material misstatements in those reports; and ?in our opinion, those reports have been prepared in accordance with the Companies Act 2006. Matters on which we are required to report by exception 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, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns; or ?certain disclosures of directors' remuneration specified by law are not made; Or ?we have not received all the information and explanations we require for our audit.
Greg Watts (Senior statutory auditor) for and on behalf of KPMG LLP, Statutory Auditor 2.c1?' September 2017 Chartered Accountants One Snowhill Snowhill Queensway Birmingham B4 6GH
15.0
Rudridge Limited
DIRECTORS' REPORT
YEAR ENDED 30 JUNE 2015
The directors present their report and the financial statements of the company for the year ended 30 June 2015.
RESULTS AND DIVIDENDS The profit for the year, after taxation, amounted to ?1,920,539. The directors have not recommended a divide
DIRECTORS' REPORT
YEAR ENDED 30 JUNE 2015
The directors present their report and the financial statements of the company for the year ended 30 June 2015.
RESULTS AND DIVIDENDS The profit for the year, after taxation, amounted to ?1,920,539. The directors have not recommended a dividend.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The directors have undertaken a review to identify major risks to which the company is exposed and systems are in place to mitigate those risks.
DIRECTORS The directors who served the company during the year were as follows:
A Betteridge R Rudd F M Elkins K Griffin
F M Elkins was appointed as a director on 4 February 2015. K Griffin was appointed as a director on 4 February 2015.
A Betteridge resigned as a director on 4 February 2015. R Rudd resigned as a director on 4 February 2015.
DONATIONS During the year the company made the following contributions:
2015 2014
Charitable 2,030 4,817
STRATEGIC REPORT In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has set out the business review and the principal risks and uncertainties in the Strategic Report on page 1 of these accounts.
- 2 -
RUDRIDGE LIMITED
DIRECTORS' REPORT (continued)
YEAR ENDED 30 JUNE 2015
Each of the persons who is a director at the date of approval of this report confirm that:
?so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and
?each director has taken all steps that they ought to have taken as a director to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Signed on behalf of the directors Registered office: Lodge Way House Lodge Way Har I eston Road Northampton Northamptonshire NN5 7UG
Approved by the directors on 31 March 2016
F M Elkins Director - 3 -
RUDRIDGE LIMITED STATEMENT OF DIRECTORS' RESPONSIBILITIES YEAR ENDED 30 JUNE 2015
The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and. enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
RUDRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RUDRIDGE LIMITED
YEAR ENDED 30 JUNE 2015
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2015 which comprise the Profit and Loss Account, Balance Sheet, Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 30 June 2015 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.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion 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.
- 5 -
RUDRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RUDRIDGE LIMITED (continued)
YEAR ENDED 30 JUNE 2015
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION 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, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors' remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit.
P MATTEI (Senior Statutory Auditor) For and on behalf of LEAMAN MATTEI Chartered Accountants & Statutory Auditor 47-57 Marylebone Lane London W1U 2NT
2016-03-31 00:00:00
- 6 -
RUDRIDGE LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 JUNE 2014
The directors present their report and the financial statements of the company for the year ended 30 June 2014.
RESULTS AND DIVIDENDS The profit for the year, after taxation, amounted to ?1,537,046. Particulars of dividends paid are detailed
DIRECTORS' REPORT
YEAR ENDED 30 JUNE 2014
The directors present their report and the financial statements of the company for the year ended 30 June 2014.
RESULTS AND DIVIDENDS The profit for the year, after taxation, amounted to ?1,537,046. Particulars of dividends paid are detailed in note 8 to the financial statements.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The directors have undertaken a review to identify major risks to which the company is exposed and systems are in place to mitigate those risks.
DIRECTORS The directors who served the company during the year were as follows:
A Betteridge R Rudd
DONATIONS During the year the company made the following contributions:
Charitable 2014 2013
4,817 7,919 STRATEGIC REPORT In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has set out the business review and the principal risks and uncertainties in the Strategic Report on page 1 of these accounts.
AUDITOR Leaman Mattei are deemed to be re-appointed under section 487(2) of the Companies Act 2006.
Each of the persons who is a director at the date of approval of this report confirm that:
?so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and
?each director has taken all steps that they ought to have taken as a director to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Signed on behalf of the directors
R Rudd Registered office: 47-57 Marylebone Lane London W1U 2NT Director
Approved by the directors on 17 October 2014
- 2 -
RUDRIDGE LIMITED STATEMENT OF DIRECTORS' RESPONSIBILITIES YEAR ENDED 30 JUNE 2014
The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently;
?make judgements and accounting estimates that are reasonable and prudent;
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 3 -
RUDRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RUDRIDGE LIMITED
YEAR ENDED 30 JUNE 2014
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2014 which comprise the Profit and Loss Account, Balance Sheet, Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements:
?give a true and fair view of the state of the company's affairs as at 30 June 2014 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.
OPINION ON OTHER MATTER PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion 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.
- 4 -
RUDRIDGE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF RUDRIDGE LIMITED (continued)
YEAR ENDED 30 JUNE 2014
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION 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, or returns adequate for our audit have not been received from branches not visited by us; or
?the financial statements are not in agreement with the accounting records and returns; or
?certain disclosures of directors' remuneration specified by law are not made; or
?we have not received all the information and explanations we require for our audit.
47-57 Marylebone Lane London W1U 2NT
2014-10-17 00:00:00
P MATTEI (Senior Statutory
For and on behalf of
Chartered Accountants & Statutory Auditor
- 5 - RUDRIDGE LIMITED
The directors present their report with the financial statements of the company for the year ended 30 June 2005.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwork and civil engineering materials.
REVIEW OF BUSINESS Th
The directors present their report with the financial statements of the company for the year ended 30 June 2005.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwork and civil engineering materials.
REVIEW OF BUSINESS The results for the year and financial position of the company are as shown in the annexed financial statements.
DIVIDENDS No dividends will be distributed for the year ended 30 June 2005.
DIRECTORS The directors during the year under review were:
R Rudd A Betteridge
The beneficial interests of the directors holding office on 30 June 2005 in the issued share capital of the company were as follows: 30.6.05 1.7.04 Ordinary II shares
R Rudd 25,000 25,000 A Betteridge 25,000 25,000
STATEMENT OF DIRECTORS' RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year which 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 those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently; - make judgements and 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 proper accounting records which 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 1985. 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.
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the directors are aware, there is no relevant audit information (as defined by Section 234ZA of the Companies Act 1985) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 2
RUDRIDGE LIMITED
Report of the Directors for the Year Ended 30 June 2005
AUDITORS The auditors, AVN Churchmill, will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
ON BEHALF OF THE BOARD: Pk
R Rudd - Director
2006-02-24 00:00:00
Page 3 Report of the Independent Auditors to the Shareholders of
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2005 on pages six to eleven. These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002), under the historical cost convention and the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. 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.
Respective responsibilities of directors and auditors As described on page two the company's directors are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Page 4 Report of the Independent Auditors to the Shareholders of Rudridge Limited
Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 June 2005 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act J985.
A u Ai ,e, etc-i._' c4, s& c-e-0
AVN Churchmill Churchmill House Ockford Road GODALM1NG Surrey GU7 1QY
2006-02-24 00:00:00
Page 5 RUDRIDGE LIMITED
Report of the Directors for the Year Ended 30 June 2004
The directors present their report with the financial statements of the company for the year ended 30 June 2004.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwor
Report of the Directors for the Year Ended 30 June 2004
The directors present their report with the financial statements of the company for the year ended 30 June 2004.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwork and civil engineering materials.
REVIEW OF BUSINESS The results for the year and financial position of the company are as shown in the annexed financial statements.
DIVIDENDS No dividends will be distributed for the year ended 30 June 2004.
DIRECTORS The directors during the year under review were:
R Rudd A Betteridge
The beneficial interests of the directors holding office on 30 June 2004 in the issued share capital of the company were as follows: 30.6.04 1.7.03 Ordinary El shares
R Rudd 25,000 25,000 A Betteridge 25,000 25,000
STATEMENT OF DIRECTORS' RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year which 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 those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently; - make judgements and 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 proper accounting records which 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 1985. 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 RUDRIDGE LIMITED
Report of the Directors for the Year Ended 30 June 2004
AUDITORS The auditors, AVN Churchmill, will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
ON BEHALF OF THE BOARD:
A Betteridge - Director
2005-05-25 00:00:00
Page 3 Report of the Independent Auditors to the Shareholders of Rudridge Limited
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2004 on pages six to eleven. These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002), under the historical cost convention and the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. 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.
Respective responsibilities of directors and auditors As described on page two the company's directors are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Page 4 Report of the Independent Auditors to the Shareholders of Rudridge Limited
Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 June 2004 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
Lit ?la Cd< ("1:11
AVN Churchmill Churchmill House Ockford Road GODALMING Surrey GU7 1QY
2005-05-25 00:00:00
Page 5 RUDRIDGE LIMITED
Report of the Directors for the Year Ended 30 June 2003
The directors present their report with the financial statements of the company for the year ended 30 June 2003.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwor
Report of the Directors for the Year Ended 30 June 2003
The directors present their report with the financial statements of the company for the year ended 30 June 2003.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwork and civil engineering materials.
REVIEW OF BUSINESS The results for the year and financial position of the company are as shown in the annexed financial statements.
DIVIDENDS No dividends will be distributed for the year ended 30 June 2003.
DIRECTORS The directors during the year under review were:
R Rudd A Betteridge
The beneficial interests of the directors holding office on 30 June 2003 in the issued share capital of the company were as follows: 30.6.03 1.7.02 Ordinary shares
R Rudd 25,000 25,000 A Betteridge 25,000 25,000
STATEMENT OF DIRECTORS' RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year which 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 those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently; - make judgements and 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 proper accounting records which 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 1985. 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
RUDIUDGE LIMITED
Report of the Directors for the Year Ended 30 June 2003
AUDITORS The auditors, Churchmill Partnership, will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
ON BEHALF OF THE BOARD:
R Rudd - Director
2004-03-31 00:00:00
Page 3 Report of the Independent Auditors to the Shareholders of Rud ridge Limited
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2003 on pages six to fifteen. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein.
This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. 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.
Respective responsibilities of directors and auditors As described on page two the company's directors are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Page 4 Report of the Independent Auditors to the Shareholders of Rud ridge Limited
Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 June 2003 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
ettryetA,,t( 47/) Churchmill Partnership Chartered Accountants and Registered Auditors Churchmill House Ockford Road Godalming Surrey GU7 1QY
2004-03-31 00:00:00
Page 5 RUDRIDGE LIMITED
Report of the Directors for the Year Ended 30 June 2002
The directors present their report with the financial statements of the company for the year ended 30 June 2002.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwor
Report of the Directors for the Year Ended 30 June 2002
The directors present their report with the financial statements of the company for the year ended 30 June 2002.
PRINCIPAL ACTIVITY The principal activity of the company in the year under review was that of distributors of groundwork and civil engineering materials.
DIRECTORS The directors during the year under review were:
R Rudd A Betteridge
The beneficial interests of the directors holding office on 30 June 2002 in the issued share capital of the company were as follows: 30.6.02 1.7.01 Ordinary ?1 shares
R Rudd 25,000 25,000 A Betteridge 25,000 25,000
STATEMENT OF DIRECTORS' RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year which 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 those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently; - make judgements and 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 proper accounting records which 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 1985. 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.
AUDITORS The auditors, Churchmill Partnership, will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
ON BEHALF OF THE BOARD:
R Rudd - DIRECTOR Dated: 19 December 2002
Page 2
RUDRIDGE LIMITED
Report of the Independent Auditors to the Shareholders of Rudridge Limited
We have audited the financial statements of Rudridge Limited for the year ended 30 June 2002 on pages five to ten. These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective June 2002), under the historical cost convention and the accounting policies set out therein.
Respective responsibilities of directors and auditors As described on page two the company's directors are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Page 3 RUDRIDGE LIMITED
Report of the Independent Auditors to the Shareholders of Rudridge Limited
Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 June 2002 and of its profit for the year then ended and have been properly prepared in accordance with the Companies Act 1985.
etn_ ,--et Ly Churchmill Partnership Chartered Accountants and Registered Auditors Churchmill House Ockford Road Godalming Surrey GU7 1QY Dated: 19 December 2002
Page 4 RUDRIDGE LIMITED
Report of the Directors for the Period 11 February 2000 to 30 June 2001
The directors present their report with the financial statements of the company for the period 11 February 2000 to 30 June 2001.
INCORPORATION The company was incorporated on 11 February 2000 and commenced trading on
Report of the Directors for the Period 11 February 2000 to 30 June 2001
The directors present their report with the financial statements of the company for the period 11 February 2000 to 30 June 2001.
INCORPORATION The company was incorporated on 11 February 2000 and commenced trading on I May 2000. The company passed a special resolution on 15 March 2001 changing its name from Stargrow Limited to Rudridge Limited. Accordingly, the financial statements do not include any comparatives.
PRINCIPAL ACTIVITY The principal activity of the company in the period under review was that of distributors of groundwork and civil engineering materials.
DIRECTORS The directors during the period under review were:
R Rudd - appointed 7.3.00 A Betteridge -appointed 7.3.00
The beneficial interests of the directors holding office on 30 June 2001 in the issued share capital of the company were as follows: 30.6.01 at date of appointment Ordinary shares
R Rudd 25,000 A Betteridge 25,000
Both the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.
STATEMENT OF DIRECTORS RESPONSIBILITIES Company law requires the directors to prepare financial statements for each financial year which 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 those financial statements, the directors are required to
- select suitable accounting policies and then apply them consistently; - make judgements and 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 proper accounting records which 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 1985. 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.
AUDITORS The auditors, Churchmill Partnership, will be proposed for re-appointment in accordance with Section 385 of the Companies Act 1985.
Page 2
RUDRIDGE LIMITED
Report of the Directors for the Period 11 February 2000 to 30 June 2001
This report has been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies.
ON BEHALF OF THE BOARD:
c_cee{ R Rudd - DIRECTOR Dated: 10 December 2001
Page 3 RUDRIDGE LIMITED
Report of the Independent Auditors to the Shareholders of Rudridge Limited
We have audited the financial statements of Rudridge Limited for the period ended 30 June 2001 on pages five to nine. These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective March 2000), under the historical cost convention and the accounting policies set out therein.
Respective responsibilities of directors and auditors As described on page two the company's directors are responsible for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and United Kingdom Auditing Standards.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the Report of the Directors is not consistent with the financial statements, if the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors' remuneration and transactions with the company is not disclosed.
We read the Report of the Directors and consider the implications for our report if we become aware of any apparent misstatements within it.
Basis of audit opinion We conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion In our opinion the financial statements give a true and fair view of the state of the company's affairs as at 30 June 2001 and of its profit for the period then ended and have been properly prepared in accordance with the Companies Act 1985.
Churchmill Partnership Chartered Accountants and Registered Auditors Churchmill House Ockford Road Godalming Surrey GU7 1QY
Dated: 10 December 2001 Page 4 RIJDRIDGE LIMITED
Qynn provides data and insight on all directors, officers and shareholders. Use the drop down below to choose which category you want to know more about. For more information on the directors, simply click their name to be taken to their profile page.
04/02/2015
6 Yrs 1 Mth
n/a
February 1967
11/07/2017
3 Yrs 7 Mths
n/a
November 1969
11/05/2018
2 Yrs 9 Mths
n/a
11/05/2018
2 Yrs 9 Mths
n/a
February 1972
23/11/2015
5 Yrs 3 Mths
51,613
50.0%
53
25,000
24.2%
60
25,000
24.2%
1,613
1.6%
Secretary
11/02/2000
07/03/2000
Director
04/02/2015
3 Yrs
27/02/2018
Director
07/03/2000
14 Yrs 10 Mths
04/02/2015
Director
07/03/2000
14 Yrs 10 Mths
04/02/2015
Director
11/02/2000
07/03/2000
Secretary
07/03/2000
14 Yrs 10 Mths
04/02/2015
Corporate Entity
n/a
06/04/2016
Ownership of shares – 75% or more
Ownership of voting rights - 75% or more
Right to appoint and remove directors
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