FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
COMPANY INFORMATION
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RED PADDLE CO LIMITED
CONTENTS
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RED PADDLE CO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
Last years report summarised that ‘after a difficult period navigating the impact of Covid-19, we feel the whole group finished at the end of August 2020 in a strong position with a very positive outlook for the new financial year commencing 1st September 2020’. That was certainly the case for 2021. The group has had a very strong year, both in terms of finances and also the Red brand’s position in the market. We have recovered strongly from the Covid-19 impact, and are exceeding performance levels anticipated in previous long term plans.
On a pro-rata basis compared with the previous 18 month period, sales increased by 58%. The large percentage increase was partly due to coming from a Covid-19 impacted period, but also in a significant part due to a renewed positivity and demand for products across all regions and channels – global distributors, UK and Australian retailers, and D2C.
The Red Original range of products made a strong contribution to the sales and profit uplift, and has gained significant traction in its target markets.Our product development and investment in this brand continues. Gross profit remained at 29% despite significant increases in shipping costs incurred, meaning our underlying product margin increased. Again on a pro rata basis compared to the previous 18 month period, operating profit increased 245%. This is due to our strategy of resisting any dramatic cuts to overheads through the Covid-19 impacted period, so that the group was ready to take advantage of the subsequent uplift. Also Red Original moving from an investment phase into a profit contribution phase . The Covid-19 restrictions continued to restrict our ability to operate in the usual way, but the whole team reacted positively in adapting the way we work and the way we communicate with trade customers and end users from the start. This has now resulted in some new working practices that in many parts will be adopted into standard processes going forward. We continued to strengthen our focus on excellent customer service across the group, with the ambition of being considered a Customer Service market leader still high on the agenda. The emphasis on service, quality and innovation remains key. Our Head of Production continues to maintain strong links with our suppliers to ensure our required high quality is maintained. This is obviously a more difficult task to carry our remotely, but we have made it work.
Page 1
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RED PADDLE CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Covid-19 introduced a new level of uncertainty across all industries. After the initial impact in March – August 2020, the level of risk to us has fallen significantly. The main impact in this year and ongoing is the increased cost of freight containers and the availability of shipping from China. From a margin point of view this impact was partly offset by a strengthened GBP vs USD. We continue to monitor the situation and ensure our approach to trading is agile.
Exchange rate fluctuations continue to impact and introduce a degree of uncertainty to the business. Our products are purchased in US dollars and sold in US dollars and Sterling within the wider group. The cash impact of any exchange risk is hedged to a large degree by our trade in multi currencies, but there is still a potential impact when our earnings are translated back into Sterling. Internationally, we buy and sell in US dollar, so there is no obvious exchange risk, however the timing of the purchases and sales can be mis?matched, leading to potential transactional exchange differences which can impact our Sterling gross profit margin. The improved system of forecasting and pre-ordering by distributors has allowed us to plan production in a way that stock holding is minimalised, thus reducing any impact. The worldwide SUP market continues to be negatively impacted by the number of cheap, lower quality boards available as the barriers to entry at the bottom end of the market are low. However, our constant push for innovation and product improvement; and sharing that message with consumers who increasingly ask for our brand means we are able to look to the future with considerable confidence. Our strategy continues to be to produce high quality products that offer excellent performance and value for money backed up by great service.
Sales have increased significantly and margins remained constant, despite significant import carriage increases. Board numbers sales increased in quantity, as did sales of our Red Original key product – the Pro Change robe.
Warranty rates remained low and well within our target.
This report was approved by the board on 12 November 2021
and signed on its behalf.
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RED PADDLE CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The directors present their report and the financial statements for the year ended 31 August 2021.
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
1,246,512
(2020:
£
679,048
)
.
The directors who served during the year were:
The directors believe the future of the Company's business is that of the principal activity.
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RED PADDLE CO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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RED PADDLE CO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED PADDLE CO LIMITED
We have audited the financial statements of Red Paddle Co Limited (the 'Company') for the year ended 31 August 2021, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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RED PADDLE CO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED PADDLE CO LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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RED PADDLE CO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED PADDLE CO LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance; • the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities; • any matters we identified having obtained and reviewed the Company’s documentation of its policies and procedures relating to: o identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance; o detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and o the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations. • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, UK tax legislation and overseas tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, environmental legislations and employment legislation. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; • enquiring of management and the directors concerning actual and potential litigation claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
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RED PADDLE CO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RED PADDLE CO LIMITED (CONTINUED)
• reading minutes of meetings of management and directors and reviewing correspondence with external parties; • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. • communicating relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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RED PADDLE CO LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
REGISTERED NUMBER:
01371094
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 15 to 29 form part of these financial statements.
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RED PADDLE CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 AUGUST 2021
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RED PADDLE CO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The company is limited by shares, incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered the risks in relation to the COVID-19 pandemic as detailed in the Strategic Report. The business has sufficient financial reserves to withstand a short-term closure and the associated losses that this might reasonably be expected to result in. Red Paddle Co has, thus far, maintained operations throughout the pandemic with minimal disruptions to supply and has actually increased sale distribution during this period. On this basis the directors do not consider the COVID-19 have an impact on the going concern status of the Company.
The Directors have prepared forecasts that show that the company will be able to met its debts as they fall due over the next 12 months. On this basis, the Directors have prepared the accounts on the going concern basis.
Functional and presentation currency
Transactions and balances
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
ACCOUNTING POLICIES (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
ACCOUNTING POLICIES (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.
ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position. Key Accounting Estimates and Assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Stock The carrying amounts of the Company's stock is reviewed for impairment where events or changes in circumstances indicate that the carrying amount of the stock may not be recoverable. Judgement is applied to identify any indications of impairment. If any such indication exists, the stock recoverable amount is estimated. An impairment or write-off loss is recognised in the profit and loss account. At the year-end a % of stock is provided against on this basis and this is determined by historical information avaliable.
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The whole of the turnover is attributable to the design, production and sale of stand up paddle boards and associated goods.
Analysis of turnover by country of destination:
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
11.
TAXATION (CONTINUED)
In the Spring 2021 Budget the government announced that companies with a profit of greater than £250k would be subject to corporation tax rate of 25% from April 2023, companies with profits less that £50k would still be subject to the 19% rate. This change forms part of the Finance Bill and was substantively
enacted in March 2021.
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Page 26
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £37,724 (2020: £38,768). Contributions totalling £13,548 (2020: £4,530) were payable to the fund at the reporting date and are included in creditors.
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RED PADDLE CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
The company is controlled by Vian Marketing Limited, which is the only company in which the results of the company are consolidated. Consolidated financial statements are available to the public and may be obtained from the Registrar of Companies, Crown Way, Maindy, Cardiff.
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