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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Glenewes House |
Gate Way Drive |
Leeds |
West Yorkshire |
LS19 7XY |
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 |
( |
) |
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 |
CURRENT ASSETS |
Debtors | 14 |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 April 2022 |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 April 2023 |
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 |
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 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 |
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. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
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 |
Registered office: 2a-2b Elland Road Industrial Park, Leeds, LS11 0EY |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 | - | - |
Other Debtors | 45,931 | - |
Tax | - | 75,000 |
Prepayments | 961,719 | 632,324 |
3,974,964 | 3,450,264 |
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 |
5,885,717 | 5,025,685 |
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 |
Accrued costs due after more than five years |
148,996 |
- |
- |
- |
Accrued costs | 1,210,931 | 972,504 |
13,259,727 | 12,872,304 |
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 |
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 |
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: | £ | £ |
C Ordinary | £1 | 1,400 | 1,400 |
D Ordinary | £1 | 200 | 200 |
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 | 827,881 |
Deficit for the year | ( |
) | ( |
) |
At 30 April 2023 | 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). |