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REGISTERED NUMBER: 13215832 (England and Wales)














NBP GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


NBP GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: J R Wilson
R Lindop
J J Browett
J M Green
S Jones
J S Gill
Ms J C W Callow





REGISTERED OFFICE: 2a-2b Elland Road Industrial Park
Elland Way
Leeds
United Kingdom
LS11 0EY





REGISTERED NUMBER: 13215832 (England and Wales)





AUDITORS: BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report of the company and the group for the year ended 30 April 2023.

REVIEW OF BUSINESS
The business showed great resilience in the face of an increasingly challenging economic climate, producing another strong year of growth against an exceptionally strong 2022 performance. This was supported by the continued deployment of our business plan.

The turnover in the year increased by 11.5% to £25,187,978 (2022: £22,581,567). Gross profit of £9,102,571 (2022: £8,406,602) represents a gross margin of 36.1% (2022: 37.2%), and costs at £9,281,943 (2022: £7,668,166) are at 36.9% as a % of sales (2022: 33.9%). The groups loss before tax finished at £179,372, after charging amortisation on goodwill of £854,165 (2022: profit was £738,434, after charging amortisation on goodwill of £840,069). EBITDA was £2,203,485 (2022: £2,833,864).

Cost inflation was rife in the year with increases in labour, product, fuel, and energy prices, being the main contributors. These coupled with the investment in a new super depot impacted margin, profit before tax and EBITDA. The business has continued to make strong progress in all key areas and remains well positioned for further growth.

The business continued its focus on investment for future growth with £1,217,796 capital investment in the year (2022: £1,657,028). This investment has enabled the business to remain ahead of its revenue and profit targets as outlined in its business plan. The investment included the opening of a new super depot, the implementation of a new IT platform, an increase in the number of tailored delivery vehicles and a further increase in the level of stock.

The business offers a wide range of leading brand products for roofline, drainage, insulation, cladding, timber, composite decking, sealants, ancillary products, tools, and fixings. It prides itself on delivering complete customer satisfaction by developing and maintaining close relationships with its customers, providing a 'one stop' shop for high performance building products across many market sectors. Providing customers across the UK with a free next day delivery service for all orders placed by 10 pm on the previous day.

The group's commitment to investing time and training for its staff is the cornerstone to developing a successful customer experience. Its highly professional team's technical knowledge means it always offers valued advice and provides the most suitable and cost-effective solution.

The business remains committed to providing an exceptional service, where the customer always comes first, and the directors remain very confident of continued growth despite the current challenging economic conditions.


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
The management of the business and the execution of the group's strategy are subject to several key risks. These are:

Credit facilities for customers
Recruitment and retention of staff
Cost of living inflationary pressures
Ukraine war and its impact on costs


Financial Risks
The group's objectives when managing capital are to safeguard the group's ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders.

The group has no material exposure to currency risk.

The group continues to monitor credit risk closely and has taken out credit insurance cover which together with credit checks and subscription to a reputable credit agency providing live updates meets its objectives of managing such exposure.

Strict debtor procedures are in place for current and potential customers to keep the potential risk of bad debts to a minimum. The directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit manager on a regular basis in conjunction with debt ageing and collection history.

Employee Motivation
The group's employees continue to be central to its operations. The group actively encourages employee involvement throughout all areas of the business to ensure that the workforce remain informed, motivated, and committed.

Ukraine/Inflationary Cost pressures
Though all sales are made within the UK, and most products are manufactured within and supplied from the UK, some of the key raw materials in the supply chain are imported from Europe and beyond.

The impact of the Ukraine war, in particular cost increases in fuel and energy prices meant that we were once again being hit by product price rises. These have been more difficult to pass on and we are seeing some push back from the market. Suppliers have indicated that prices have stabilised, although continued rises in energy prices and broader inflationary pressures across the economy may result in further price increases.

Staff recruitment and retention has been relatively stable, and we pulled forward our annual salary review to support our employees and remain competitive in the marketplace, against the backdrop of increasing costs and rising inflation.

The outlook for the next few months remains very challenging, with the talk of recession very much at the forefront and economic outlook a bit gloomy. Having said this, our near-term demand forecasts remain stable and while inflationary pressures threaten business and consumer confidence, our expanded customer base and the current level of activity in key construction sectors provide many opportunities for our continued growth including the expansion of our depot network across the UK.

General
Apart from other factors outside the group's control, the directors are not aware of any significant risk which may adversely impact on the group during the forthcoming financial year. In the view of the directors, the performance of the group's business is primarily dependent upon maintaining customer relations and retaining our highly motivated and well-rewarded workforce.


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

KEY PERFORMANCE INDICATORS
In order to achieve growth in profitability and to control cash flow, strong financial management is maintained by the group. A number of key financial performance indicators are used as measures to ensure the group grows and remains financially strong to enable it to invest in the future. The indicators are drawn from the accounts and are shown below:


2023 2022


£

£
Turnover 25,187,978 22,581,567
Gross profit 9,102,571 8,406,602
Shareholders' funds 219,445 654,738

ON BEHALF OF THE BOARD:





J S Gill - Director


6 October 2023

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of independent stockist of maintenance free building materials including PVC fascias, soffits and windowboard systems.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2023.

FUTURE DEVELOPMENTS
In March 2021 the group successfully secured investment from Business Growth Fund (BGF). This investment has accelerated the growth strategy of the business through expansion of our service and delivery capability, allowing the business to increase its geographical coverage through new depots, extension of the product range and increase in stock holding volumes.

The business remains committed to providing an exceptional service, where the customer always comes first. A new depot was opened in July 2022 and we will continually review our options on the availability of new locations and invest when the opportunity arises in line with business performance and economic outlook.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

J R Wilson
R Lindop
J J Browett
J M Green
S Jones
J S Gill

Other changes in directors holding office are as follows:

Ms J C W Callow was appointed as a director after 30 April 2023 but prior to the date of this report.

M T Rigby ceased to be a director after 30 April 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The group uses various financial instruments which include cash, trade debtors and trade creditors which arise directly from its operations and sources of funding including hire purchase contracts. The main risks arising from the group's financial instruments are cash flow, interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below:

Credit risk
Strict debtor procedures are in place for current and potential customers to keep the potential risk of bad debts to a minimum. The directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Liquidity risk
The group seeks to manage financial risk by ensuring that sufficient liquidity is available to meet foreseeable needs.


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 418 of the Companies Act 2006) of which the group'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 group's auditors are aware of that information.

AUDITORS
The auditors, BPR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J S Gill - Director


6 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NBP GROUP LIMITED

Opinion
We have audited the financial statements of NBP Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2023 and of the group's loss 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.

Basis for opinion
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NBP GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NBP GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the group's policies and procedures to prevent and detect fraud, as well as whether they had knowledge of any actual, suspected, or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of accounting entries to supporting documentation. We did not identify any additional fraud risks.

We identified Health and Safety, and Employment Law as areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements.

We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The group is subject to laws and regulations that directly affect the financial statements, including financial reporting and taxation legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

It is considered that our procedures can detect irregularities, including fraud. However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NBP GROUP LIMITED


Use of our 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 a Report of the Auditors 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.




Stephen Hinchcliffe ACA FCCA (Senior Statutory Auditor)
for and on behalf of BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

6 October 2023

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

TURNOVER 25,187,978 22,581,567

Cost of sales 16,085,407 14,174,965
GROSS PROFIT 9,102,571 8,406,602

Administrative expenses 7,465,624 5,916,839
1,636,947 2,489,763

Other operating income 9 82
OPERATING PROFIT 1,636,956 2,489,845

Interest receivable and similar income 8,687 3,810
1,645,643 2,493,655
Goodwill amortisation 5 854,165 840,069
791,478 1,653,586

Interest payable and similar expenses 6 970,850 915,150
(LOSS)/PROFIT BEFORE TAXATION 7 (179,372 ) 738,436

Tax on (loss)/profit 8 256,132 329,359
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(435,504

)

409,077

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(435,504

)

409,077

(Loss)/profit attributable to:
Owners of the parent (435,504 ) 409,077

Total comprehensive income attributable to:
Owners of the parent (435,504 ) 409,077

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

CONSOLIDATED BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 7,006,418 7,420,606
Tangible assets 11 2,265,090 1,932,348
Investments 12 - -
9,271,508 9,352,954

CURRENT ASSETS
Stocks 13 2,411,802 2,627,342
Debtors 14 3,974,964 3,450,264
Cash at bank and in hand 4,328,872 3,575,025
10,715,638 9,652,631
CREDITORS
Amounts falling due within one year 15 5,885,717 5,025,685
NET CURRENT ASSETS 4,829,921 4,626,946
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,101,429

13,979,900

CREDITORS
Amounts falling due after more than one
year

16

(13,259,727

)

(12,872,304

)

PROVISIONS FOR LIABILITIES 20 (622,257 ) (452,858 )
NET ASSETS 219,445 654,738

CAPITAL AND RESERVES
Called up share capital 21 10,526 10,315
Share premium 22 96,500 96,500
Retained earnings 22 112,419 547,923
SHAREHOLDERS' FUNDS 219,445 654,738

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





J S Gill - Director


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

COMPANY BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 11,316,911 11,192,397
11,316,911 11,192,397

CURRENT ASSETS
Debtors 14 2,925,141 2,458,670

CREDITORS
Amounts falling due within one year 15 615,339 333,397
NET CURRENT ASSETS 2,309,802 2,125,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,626,713

13,317,670

CREDITORS
Amounts falling due after more than one
year

16

12,909,153

12,479,474
NET ASSETS 717,560 838,196

CAPITAL AND RESERVES
Called up share capital 21 10,526 10,315
Share premium 22 96,500 96,500
Retained earnings 22 610,534 731,381
SHAREHOLDERS' FUNDS 717,560 838,196

Company's loss for the financial year (120,847 ) (915,155 )

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





J S Gill - Director


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 May 2021 9,700 138,846 96,500 245,046

Changes in equity
Issue of share capital 615 - - 615
Total comprehensive income - 409,077 - 409,077
Balance at 30 April 2022 10,315 547,923 96,500 654,738

Changes in equity
Issue of share capital 211 - - 211
Total comprehensive income - (435,504 ) - (435,504 )
Balance at 30 April 2023 10,526 112,419 96,500 219,445

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 May 2021 9,700 1,646,536 96,500 1,752,736

Changes in equity
Issue of share capital 615 - - 615
Total comprehensive income - (915,155 ) - (915,155 )
Balance at 30 April 2022 10,315 731,381 96,500 838,196

Changes in equity
Issue of share capital 211 - - 211
Total comprehensive income - (120,847 ) - (120,847 )
Balance at 30 April 2023 10,526 610,534 96,500 717,560

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,327,125 2,015,885
Interest paid (266,717 ) (147,543 )
Tax paid - (460,369 )
Net cash from operating activities 2,060,408 1,407,973

Cash flows from investing activities
Purchase of intangible fixed assets (442,263 ) -
Purchase of tangible fixed assets (900,047 ) (1,657,028 )
Sale of tangible fixed assets 32,814 22,050
Interest received 7,599 3,810
Net cash from investing activities (1,301,897 ) (1,631,168 )

Cash flows from financing activities
New loans in year - 49,900
Capital repayments in year (4,875 ) (8,357 )
Share issue 211 615
Net cash from financing activities (4,664 ) 42,158

Increase/(decrease) in cash and cash equivalents 753,847 (181,037 )
Cash and cash equivalents at
beginning of year

2

3,575,025

3,756,062

Cash and cash equivalents at end of
year

2

4,328,872

3,575,025

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (179,372 ) 738,436
Depreciation charges 1,412,007 1,180,277
Profit on disposal of fixed assets (21,065 ) (5,603 )
Finance costs 970,850 915,150
Finance income (8,687 ) (3,810 )
2,173,733 2,824,450
Decrease/(increase) in stocks 215,540 (1,555,422 )
Increase in trade and other debtors (592,208 ) (634,286 )
Increase in trade and other creditors 530,060 1,381,143
Cash generated from operations 2,327,125 2,015,885

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 4,328,872 3,575,025
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 3,575,025 3,756,062


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/5/22 Cash flow At 30/4/23
£    £    £   
Net cash
Cash at bank and in hand 3,575,025 753,847 4,328,872
3,575,025 753,847 4,328,872
Debt
Finance leases (4,875 ) 4,875 -
Debts falling due after 1 year (11,899,800 ) - (11,899,800 )
(11,904,675 ) 4,875 (11,899,800 )
Total (8,329,650 ) 758,722 (7,570,928 )

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. GENERAL INFORMATION

NBP Group Limited ("the parent") is a limited company incorporated in the United Kingdom. Northern Building Plastics Limited Limited ("the subsidiary") is a limited company incorporated in the United Kingdom. The address of the registered office for the parent and the subsidiary and the address of the group's principal place of business is:

2a-2b Elland Road Industrial Park
Elland Way
Leeds
LS11 0EY

2. STATUTORY INFORMATION

NBP Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared using the going concern basis.

The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the directors consider that the group maintains an appropriate level of liquidity sufficient to meet the demands of the business including any capital and servicing obligations of external debt liabilities.

In addition, the group's assets are assessed for recoverability on a regular basis, and the directors consider that the group is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the group's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Basis of consolidation
The consolidated financial statements include the results of NBP Group Limited and its subsidiary undertaking, Northern Building Plastics Limited, registered in the UK drawn up to 30 April 2023.

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Related party exemption
The group 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 wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the group's accounting policies.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events.

In preparing these financial statements, the directors have made the following judgements:

Intangible fixed assets
Intangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of amortisation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of intangible assets is £7,006,418 (2022: £7,420,606). During the year amotisation of £882,014 (2022: £840,069) has been provided.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of depreciation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of tangible assets is £2,265,090 (2022: £1,932,348). During the year depreciation of £529,993 (2022: £340,209) has been provided.

Bad debt provision
Where the group believes that unpaid debtors may result in a bad debt, a provision is calculated, which considers the payment history of the relevant customers, and the ageing of the debt.

Leases
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the group as lessee.

Stock Provision
Stock is carried at the lower of cost and net realisable value which requires the estimation of eventual sales price of goods to customers. Management base these on historical data. Stock is periodically reviewed, and allowances are made for obsolete and slow-moving items.

Revenue recognition
Revenue is recognised to the extent that the group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and rebates, and is stated net of VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over remaining life of lease
Plant and machinery - 12.5% on cost, 10% on cost and over term of lease
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% and 33.3% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The cost formula used is weighted average.

Financial instruments
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors and trade creditors.

Where the arrangement does not constitute financial transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Impairment
At the end of each reporting period where there is objective evidence of impairment of any financial asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments
The group does not have any financial instruments that would not be classed as 'basic'.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Investments
All investments are initially recorded at cost, being fair value of the consideration given and including acquisition costs associated with the investment.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,852,456 3,234,510
Social security costs 389,155 324,607
Other pension costs 76,311 57,862
4,317,922 3,616,979

The average number of employees during the year was as follows:
2023 2022

Directors 6 6
Finance and administration 14 16
Sales, warehouse and distribution 105 77
125 99

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 609,712 653,439
Directors' pension contributions to money purchase schemes 6,607 6,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 115,644 142,860
Pension contributions to money purchase schemes 1,322 1,321

5. GOODWILL AMORTISATION
2023 2022
£    £   
Goodwill amortisation 854,165 840,069

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 970,850 915,150

7. (LOSS)/PROFIT BEFORE TAXATION

The loss (2022 - profit) is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 647,941 452,054
Depreciation - owned assets 529,993 335,352
Depreciation - assets on hire purchase contracts - 4,855
Profit on disposal of fixed assets (21,065 ) (5,603 )
Goodwill amortisation 854,165 840,069
Computer software amortisation 27,849 -
Auditors' remuneration 27,750 25,113
Loan interest 970,850 915,152

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 24,963 -
Prior year tax charge 61,770 -
Total current tax 86,733 -

Deferred tax 169,399 329,359
Tax on (loss)/profit 256,132 329,359

UK corporation tax has been charged at 19.38 % (2022 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (179,372 ) 738,436
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19.378 % (2022 - 19 %)

(34,759

)

140,303

Effects of:
Expenses not deductible for tax purposes 166,455 160,408
Adjustments to tax charge in respect of previous periods 61,770 -
Change in the rate of tax applied to deferred tax 38,094 79,046
Superdeductions (64,025 ) (91,757 )
Unrelieved tax losses 88,597 41,359
Total tax charge 256,132 329,359

The UK government announced in the 2021 Budget that from 1 April 2023 the main rate of corporation tax in the UK will increase from 19% to 25%. This has been recognised in the deferred tax provision.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2022 8,400,686 - 8,400,686
Additions 124,514 317,749 442,263
Reclassification/transfer - 25,563 25,563
At 30 April 2023 8,525,200 343,312 8,868,512
AMORTISATION
At 1 May 2022 980,080 - 980,080
Amortisation for year 854,165 27,849 882,014
At 30 April 2023 1,834,245 27,849 1,862,094
NET BOOK VALUE
At 30 April 2023 6,690,955 315,463 7,006,418
At 30 April 2022 7,420,606 - 7,420,606

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 May 2022 36,266 1,249,263 320,291
Additions 13,076 298,415 50,583
Disposals - - -
Reclassification/transfer - - -
At 30 April 2023 49,342 1,547,678 370,874
DEPRECIATION
At 1 May 2022 12,693 362,284 260,903
Charge for year 4,825 145,038 38,856
Eliminated on disposal - - -
At 30 April 2023 17,518 507,322 299,759
NET BOOK VALUE
At 30 April 2023 31,824 1,040,356 71,115
At 30 April 2022 23,573 886,979 59,388

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 1,419,189 423,420 3,448,429
Additions 525,563 12,410 900,047
Disposals (104,144 ) (1,523 ) (105,667 )
Reclassification/transfer - (25,563 ) (25,563 )
At 30 April 2023 1,840,608 408,744 4,217,246
DEPRECIATION
At 1 May 2022 552,608 327,593 1,516,081
Charge for year 314,682 26,592 529,993
Eliminated on disposal (93,154 ) (764 ) (93,918 )
At 30 April 2023 774,136 353,421 1,952,156
NET BOOK VALUE
At 30 April 2023 1,066,472 55,323 2,265,090
At 30 April 2022 866,581 95,827 1,932,348

Included in the above fixed assets are motor vehicles with a net book value of £Nil (2022: £14,566 held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2022 11,192,397
Additions 124,514
At 30 April 2023 11,316,911
NET BOOK VALUE
At 30 April 2023 11,316,911
At 30 April 2022 11,192,397

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Northern Building Plastics Limited
Registered office: 2a-2b Elland Road Industrial Park, Leeds, LS11 0EY
Nature of business: Building materials stockist
%
Class of shares: holding
Ordinary £1 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,127,840 3,588,332
Profit for the year 1,389,508 2,164,301




13. STOCKS

Group
2023 2022
£    £   
Stocks 2,411,802 2,627,342

The above is all in respect of finished goods.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,967,314 2,742,940 - -
Amounts owed by group undertakings - - 2,917,649 2,458,670
Other Debtors 45,931 - 7,492 -
Tax - 75,000 - -
Prepayments 961,719 632,324 - -
3,974,964 3,450,264 2,925,141 2,458,670

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 18) - 4,875 - -
Trade creditors 4,094,774 3,560,018 - -
Taxation 10,645 - - -
Social security and other taxes 428,088 411,046 - -
Other creditors 24,200 45,774 - -
Accrued costs 1,328,010 1,003,972 615,339 333,397
5,885,717 5,025,685 615,339 333,397

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans (see note 17) 11,899,800 11,899,800 11,899,800 11,899,800
Accrued costs due after more than five
years

148,996

-

-

-
Accrued costs 1,210,931 972,504 1,009,353 579,674
13,259,727 12,872,304 12,909,153 12,479,474

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 4,833,333 2,900,000 4,833,333 2,900,000
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst 7,066,467 8,999,800 7,066,467 8,999,800

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 4,875

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 672,014 465,280
Between one and five years 2,165,710 2,146,620
In more than five years 1,232,971 1,687,865
4,070,695 4,299,765

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans 11,899,800 11,899,800 11,899,800 11,899,800
Hire purchase contracts - 4,875 - -
11,899,800 11,904,675 11,899,800 11,899,800

BGF nominees as security trustee and Judah Wilson as security trustee hold fixed and floating charges over all the property or undertaking of the subsidiary company.

20. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 622,257 452,858

Group
Deferred
tax
£   
Balance at 1 May 2022 452,858
Provided during year 169,399
Balance at 30 April 2023 622,257

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,400 C Ordinary £1 1,400 1,400
200 D Ordinary £1 200 200
4,700 B Ordinary £1 4,700 4,700
200 E Ordinary £1 200 200
3,500 A Ordinary £1 3,500 3,500
526 F Ordinary £1 526 315
10,526 10,315

The following shares were issued during the year for cash at par :

211 F Ordinary shares of £1

NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

21. CALLED UP SHARE CAPITAL - continued

Voting rights
All the Ordinary A, Ordinary B, Ordinary C, Ordinary D and Ordinary E shares carry voting rights. Ordinary F shares do not carry voting rights.

Rights to dividend
Ordinary A shares are entitled to receive, in priority to the holders of ordinary shares, the long term dividend pursuant to the articles.

Ordinary B, Ordinary C, Ordinary D and Ordinary E shares have the right to participate in dividends pursuant to the articles. Ordinary F shares do not have any dividend rights.

Rights to capital
Ordinary A shares have the right to participate in capital distributions, in priority to the holders of ordinary shares, pursuant to the articles.

Ordinary B, Ordinary C, Ordinary D, Ordinary E and Ordinary F shares have the right to participate in capital distributions pursuant to the articles.

All the Ordinary A, Ordinary B, Ordinary C, Ordinary D, Ordinary E and Ordinary F shares are non-redeemable.

22. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2022 547,923 96,500 644,423
Deficit for the year (435,504 ) (435,504 )
At 30 April 2023 112,419 96,500 208,919

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 May 2022 731,381 96,500 827,881
Deficit for the year (120,847 ) (120,847 )
At 30 April 2023 610,534 96,500 707,034


NBP GROUP LIMITED (REGISTERED NUMBER: 13215832)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

23. RELATED PARTY DISCLOSURES

In the previous year loan notes in the sum of £49,900 were granted to a director of the parent company.

Loan notes were due to an entity that provides key management personnel services to the entity in the sum of £5,800,000 (2022: £5,800,000)

Loan notes were due to directors of the parent company in the sum of £6,081,800 (2022: £6,081,800)

Loan interest was charged by an entity that provides key management personnel services to the entity in the sum of £641,652 (2022: £603,786). Payments for loan interest were made during the year of £333,396 (2022: £140,057).

Loan interest was charged by directors of the parent company during the year in the sum of £328,223 (2022: £310,445).

Loan interest was owed to an entity that provides key management personnel services to the entity in the sum of £832,607 (2022: £524,352)

Loan interest was owed to the directors of the parent company in the sum of £688,347 (2022: £360,124)

Management charges were levied on the group by an entity that provides key management personnel services to the entity during the year of £61,909 (2022: £60,500).