for the Period Ended 31 March 2022
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2022
Principal activities of the company
Additional information
Business reviewThe results for 2021/22 show that turnover increased to £474k (compared to £63k in 2020/21) despite the on-going impact of the pandemic on operations. Costs on ordinary activities have been managed to a loss of £64k which is in line with the budget and an improvement compared to losses of £95k in 2020/21). The business plan approved by the parent company Raven Housing Trust Board in May 2019 included investment in staff and resources as activity is stepped up to gain more contracts, with expected losses in the initial years of plan. The losses to date have been lower than the original business plan forecast due to efficiencies in delivery. The Boards of Raven Repairs Limited (RRL) and Raven Housing Trust continue to invest and support the Raven Repairs business model. Raven Housing Trust financially supports the growth of the company, maintaining borrowing facilities at £740k and provides an annual letter of support approved by the Raven Group Board. In keeping with the Business Plan strategy there has been a focus on obtaining contracts from the Business to Business (B2B) market. Despite the pandemic, works have continued with further orders placed and contracts won with existing and new customers including renewable energy systems and fire-safety systems and monitoring for properties impacted by cladding issues. Overheads remain a challenge. The business plan ambition is to increase scale as rapidly as possible to be able to reduce fixed overheads as a proportion of total costs of the business. ‘Raven Works’ continues to be the trading name for RRL in its delivery of maintenance, repairs and improvement works. During the year , work began to develop a new net zero carbon works offer, delivered under the trading name Raven Renewables. with an initial focus on solar photovoltaics and air source heat pumps. There is a fast-growing level of interest and initial contracts won for 2022/23.Key risksThe Company needs to secure more work to maintain growth, turnover and profit in line the business plan. Focussing on the B2B market relies on relationships and being able to competitively quote at the right time. Raven Repairs Limited has a place on some supplier frameworks, which provide a small income stream, but needs to now build on these by quoting for larger opportunities. To manage the risk of poor quoting for job costs, the company has safeguards in place to ensure jobs are always profitable. RRL is able to draw on Raven Housing Trust Limited’s vetted contractor framework to manage scheduling risks.Managing cashflow risk is taken into consideration in how payments are structured when bidding for larger opportunities. As per note 8, the Company has £95K of available undrawn facilities from the current loan facility with Raven Housing Trust. RRL continues to track risk and operates a risk register which fits with the wider risk framework, operated by the Raven. Independent auditorCrowe UK were appointed as auditors in December 2021 after undergoing a competitive tender process.Disclosure of information to auditorAt the date of making this report each of the Company’s Directors, as set out within Board and Company information, confirm the following:- so far as the Directors are aware, there is no relevant audit information of which the Company’s auditor is 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 auditor is aware of that information.Going concernThe Directors, after making appropriate enquiries, have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. A letter of support has been obtained from the parent company, Raven Housing Trust Limited, confirming that financial support will be provided to the Company for a period of 12 months from the date of signing of these financial statements. As a result of the pandemic RRL have re-forecast the business plans and growth assumptions. These are in line with funding available from Raven Housing Trust. RRL has successfully tendered for new contracts and is actively pursuing other business streams with a reasonable prospect of new commercial contracts. It is these opportunities, coupled with a reduction in cost forecasts and a confirmation of support from Raven Housing Trust that support RRL continuing to operate on a going concern basis.DirectorsThose who held office as Directors during the period are listed, within Board and Company information. In preparing this report, the Directors have taken advantage of the small companies’ exemptions provided by Section 415A of the Companies Act 2006.
Directors
The directors shown below have held office during the whole of the period from
1 April 2021 to 31 March 2022
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2022 | 2021 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | ( | ( |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | ( | ( |
Tax: | | |
Profit(or loss) for the financial year: | ( | ( |
As at
Notes | 2022 | 2021 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | | | |
Tangible assets: | | | |
Investments: | | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | | | |
Debtors: | 3 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 4 | ( | ( |
Net current assets (liabilities): | ( | ( | |
Total assets less current liabilities: | ( | ( | |
Creditors: amounts falling due after more than one year: | | | |
Provision for liabilities: | | | |
Accruals and deferred income: | | | |
Total net assets (liabilities): | ( | ( | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Other reserves: | | | |
Profit and loss account: | ( | ( | |
Total Shareholders' funds: | ( | ( |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2022
Basis of measurement and preparation
Other accounting policies
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |