Company registration number 03584154 (England and Wales)
Nolan Roadmarking Ltd
financial statements
For the period ended 31 January 2023
Nolan Roadmarking Ltd
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
Nolan Roadmarking Ltd
Statement of financial position
as at 31 January 2023
31 January 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
696,567
556,975
Current assets
Stocks
109,007
160,646
Debtors falling due after more than one year
5
200,000
-
0
Debtors falling due within one year
5
507,703
873,678
Cash at bank and in hand
833,743
1,196,246
1,650,453
2,230,570
Creditors: amounts falling due within one year
6
(509,606)
(870,828)
Net current assets
1,140,847
1,359,742
Total assets less current liabilities
1,837,414
1,916,717
Creditors: amounts falling due after more than one year
7
(72,948)
(109,819)
Provisions for liabilities
(174,141)
(133,000)
Net assets
1,590,325
1,673,898
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,590,323
1,673,896
Total equity
1,590,325
1,673,898

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 July 2023 and are signed on its behalf by:
Mr W D Johnston
Director
Company Registration No. 03584154
Nolan Roadmarking Ltd
Statement of changes in equity
For the period ended 31 January 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 July 2022:
Balance at 1 August 2021
2
1,403,239
1,403,241
Year ended 31 July 2022:
Profit and total comprehensive income for the year
-
509,770
509,770
Dividends
-
(239,113)
(239,113)
Balance at 31 July 2022
2
1,673,896
1,673,898
Period ended 31 January 2023:
Loss and total comprehensive income for the period
-
(83,573)
(83,573)
Balance at 31 January 2023
2
1,590,323
1,590,325
Nolan Roadmarking Ltd
Notes to the financial statements
For the period ended 31 January 2023
- 3 -
1
Accounting policies
Company information

Nolan Roadmarking Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Seaway Parade Industrial Estate, Baglan, Port Tabot, West Glamorgan, SA12 7BR.

1.1
Reporting period

The period of accounts covered by the financial statements is a shorter period than that of the comparative period and therefore is not entirely comparable.

 

The current period covers 01/08/2022 - 31/01/2023 (6 months).

 

The comparative period covers 01/08/2021 - 31/07/2022 (12 months).

 

The period end was changed to bring the company in line with the rest of the group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.

 

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Computers
33.33% on cost
Motor vehicles
15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Critical judgements

 

In the directors' opinion there are no critical judgements that they have made in applying the company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.

 

Key sources of estimation uncertainty

 

The directors do not consider there to be any key estimates or assumptions used in preparing the financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
31
27
Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
- 8 -
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
981,641
6,533
188,260
1,176,434
Additions
12,093
6,645
182,666
201,404
Disposals
-
0
(1,500)
(30,439)
(31,939)
At 31 January 2023
993,734
11,678
340,487
1,345,899
Depreciation and impairment
At 1 August 2022
455,088
3,794
160,577
619,459
Depreciation charged in the period
47,870
1,290
9,832
58,992
Eliminated in respect of disposals
-
0
(83)
(29,036)
(29,119)
At 31 January 2023
502,958
5,001
141,373
649,332
Carrying amount
At 31 January 2023
490,776
6,677
199,114
696,567
At 31 July 2022
526,553
2,739
27,683
556,975
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
446,049
846,567
Amounts owed by group undertakings
54,308
-
0
Other debtors
4,171
23,936
Prepayments and accrued income
3,175
3,175
507,703
873,678
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
200,000
-
0
Total debtors
707,703
873,678

Amounts owed by group undertakings due after more than one year are due between 1 and 2 years. Interest is receivable at a rate of 2.5%. The amounts are unsecured.

Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
77,783
88,192
Trade creditors
122,559
410,766
Amounts owed to group undertakings
36,151
-
0
Corporation tax
171,263
171,775
Other taxation and social security
45,056
39,581
Other creditors
33,066
135,561
Accruals and deferred income
23,728
24,953
509,606
870,828

The hire purchase contracts are secured against the assets financed.

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
72,948
109,819

The hire purchase contracts are secured against the assets financed.

8
Defined contribution schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions totalling £13,863 (2022 : £4,849) were payable to the fund at the balance sheet date and are included in creditors.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Gary Neil Chadwick FCCA
Statutory Auditor:
DJH Mitten Clarke Audit Limited
Nolan Roadmarking Ltd
Notes to the financial statements (continued)
For the period ended 31 January 2023
- 10 -
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
20,267
-
0
11
Parent company

The immediate parent company is WJ (Group) Limited which owns 100% of the ordinary share capital. WJ (Group) Limited is incorporated in England and the registered office is Unit 7 Brock Way, Newcastle, Staffordshire, ST5 6AZ.

 

The ultimate controlling party is the THI Holdings GmbH. a company registered in Germany. THI Holdings GmbH is controlled by the Hagenmeyer family.

 

The smallest group into which the entity is consolidated is WJ Group Holdings Limited. WJ Group Holdings Limited is incorporated in England. Copies of the group financial statements of WJ Group Holdings Limited are available from Unit 7 Brock Way, Newcastle, Staffordshire, United Kingdom, ST5 6AZ.

 

The largest group into which the entity is consolidated is THI Holdings GmbH, a company registered in Germany. Copies of the group financial statements of THI Holdings GmbH are available from THI Investments, Eberhardstraße 65, 70173 Stuttgart, Germany.

12
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
509,770
Profit as adjusted
509,770
Notes to reconciliation
Classification of payroll costs

During the period, an error in the classification of payroll costs in the prior period has been identified. This has had the impact of reducing cost of sales by £95,969, increasing gross profit and administrative expenses by the same amount. There is no impact on overall profit after tax in the prior period, nor is there an impact on the Statement of financial position.

2023-01-312022-08-01false31 July 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr Wayne Douglas JohnstonMr Terry John TrevelyanMr G J Thomas035841542022-08-012023-01-31035841542023-01-31035841542022-07-3103584154core:PlantMachinery2023-01-3103584154core:ComputerEquipment2023-01-3103584154core:MotorVehicles2023-01-3103584154core:PlantMachinery2022-07-3103584154core:ComputerEquipment2022-07-3103584154core:MotorVehicles2022-07-3103584154core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3103584154core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3103584154bus:Original2023-01-3103584154core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3103584154core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3103584154core:CurrentFinancialInstruments2023-01-3103584154core:CurrentFinancialInstruments2022-07-3103584154core:ShareCapital2023-01-3103584154core:ShareCapital2022-07-3103584154core:RetainedEarningsAccumulatedLosses2023-01-3103584154core:RetainedEarningsAccumulatedLosses2022-07-3103584154core:ShareCapital2021-07-3103584154core:RetainedEarningsAccumulatedLosses2021-07-3103584154bus:Director12022-08-012023-01-3103584154core:RetainedEarningsAccumulatedLosses2021-08-012022-07-31035841542021-08-012022-07-3103584154core:RetainedEarningsAccumulatedLosses2022-08-012023-01-3103584154core:PlantMachinery2022-08-012023-01-3103584154core:ComputerEquipment2022-08-012023-01-3103584154core:MotorVehicles2022-08-012023-01-3103584154core:PlantMachinery2022-07-3103584154core:ComputerEquipment2022-07-3103584154core:MotorVehicles2022-07-31035841542022-07-3103584154core:AfterOneYear2023-01-3103584154core:AfterOneYear2022-07-3103584154core:Non-currentFinancialInstruments2023-01-3103584154core:Non-currentFinancialInstruments2022-07-3103584154bus:PrivateLimitedCompanyLtd2022-08-012023-01-3103584154bus:SmallCompaniesRegimeForAccounts2022-08-012023-01-3103584154bus:FRS1022022-08-012023-01-3103584154bus:Audited2022-08-012023-01-3103584154bus:Director22022-08-012023-01-3103584154bus:Director32022-08-012023-01-3103584154bus:FullAccounts2022-08-012023-01-31xbrli:purexbrli:sharesiso4217:GBP