NTM-GB LIMITED
Company registration number 04984293 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NTM-GB LIMITED
COMPANY INFORMATION
Directors
Mr N Pada
Mr K Nordin
Mr C K E Soder
Mr G A Jones
Mr J N Nasman
Company number
04984293
Registered office
NTM House
Whitehouse Road
Kidderminster
Worcestershire
DY10 1HT
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
NTM-GB LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
NTM-GB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
Despite the ongoing economic challenges in 2023, it has been another successful year for NTM-GB, as a result of the commitment of the UK Team in delivering quality products to our customers.
NTM-GB has exceeded expectations for 2023 with a revenue growth of 17%. We have also been able to meet our profit targets through continuing our drive for further operational efficiencies. Whilst continuing our focus on maintaining a strong balance sheet.
We have entered 2024 with a high number of orders already on the order book so expect another successful year. We will be continuing our focus on improving our operational performance which will provide further improvements across the business.
The results for the year and the financial position of the company are as shown in the annexed financial statements.
The company has recorded comprehensive income of £602,977 (2022: £542,357) and the company has net assets of £3,403,717 as at 31 December 2023 (2022: £2,800,740).
Principal risks and uncertainties
Our business performance may be influenced by a range of external factors, many of which are beyond the control of the company. The principal risk factors are non-availability of product from suppliers, resource availability and exchange rate movements.
We will continue to manage these risks through effective planning and coordination of deliveries with our suppliers, close monitoring of economic factors such as exchange rate movements and through the ongoing development of our resources to achieve their full potential.
Key performance indicators
KPI’s monitored by the company closely are revenue growth year on year and gross profit margin.
Revenue growth per year
2023: 17% growth
2022: 1% growth
Gross profit
2023: 25.8%
2022: 27.6%
Other performance indicators
As a company, NTM-GB is committed to a continual improvement in our health and safety standards and with our increased business activities we have still been able to reduce our reported accidents by over 50% in 2023.
Mr G A Jones
Director
20 February 2024
NTM-GB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
NTM-GB Limited primarily manufactures and sells compaction refuse collection vehicles for the 7.5t – 26t chassis market. Products range from light weight plastic bodies used for collecting food/pharmaceutical waste through to larger steel structured bodies up to 26t.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Pada
Mr K Nordin
Mr C K E Soder
Mr G A Jones
Mr J N Nasman
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
Treasury operations and financial instruments
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and related party loans. The main purpose of these instruments is to finance the business' operations.
Future developments
Future development disclosures have been made in the strategic report.
Auditor
The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and
(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Disclosure in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.
NTM-GB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr G A Jones
Director
20 February 2024
NTM-GB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NTM-GB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NTM-GB LIMITED
- 5 -
Opinion
We have audited the financial statements of NTM-GB Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 31 December 2023 and of its profit 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NTM-GB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NTM-GB LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, and instances of non-compliance with laws and regulations
We design procedures in line with our responsibilities, outlined above, to detect material misstatement misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Health and Safety Regulations and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
NTM-GB LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NTM-GB LIMITED
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Young FCA
Senior Statutory Auditor
For and on behalf of Dyke Yaxley Limited
20 February 2024
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
NTM-GB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
14,067,557
11,989,849
Cost of sales
(10,428,907)
(8,685,392)
Gross profit
3,638,650
3,304,457
Distribution costs
(596,877)
(535,516)
Administrative expenses
(2,187,670)
(2,054,556)
Other operating income
5,904
Operating profit
3
854,103
720,289
Interest payable and similar expenses
6
(39,332)
(26,429)
Amounts written off investments
7
(100)
-
Profit before taxation
814,671
693,860
Tax on profit
8
(211,694)
(151,503)
Profit for the financial year
602,977
542,357
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NTM-GB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,595,545
1,514,762
Investments
10
100
1,595,545
1,514,862
Current assets
Stocks
12
4,853,651
4,454,213
Debtors
13
1,381,643
922,914
Cash at bank and in hand
158
181
6,235,452
5,377,308
Creditors: amounts falling due within one year
14
(3,610,425)
(3,254,741)
Net current assets
2,625,027
2,122,567
Total assets less current liabilities
4,220,572
3,637,429
Creditors: amounts falling due after more than one year
15
(735,000)
(787,500)
Provisions for liabilities
Deferred tax liability
18
81,855
49,189
(81,855)
(49,189)
Net assets
3,403,717
2,800,740
Capital and reserves
Called up share capital
20
194,633
194,633
Profit and loss reserves
3,209,084
2,606,107
Total equity
3,403,717
2,800,740
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mr G A Jones
Director
Company Registration No. 04984293
NTM-GB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
194,633
2,063,750
2,258,383
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
542,357
542,357
Balance at 31 December 2022
194,633
2,606,107
2,800,740
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
602,977
602,977
Balance at 31 December 2023
194,633
3,209,084
3,403,717
NTM-GB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
470,309
372,596
Interest paid
(39,332)
(26,429)
Income taxes paid
(190,888)
(204,713)
Net cash inflow from operating activities
240,089
141,454
Investing activities
Purchase of tangible fixed assets
(370,454)
(93,970)
Proceeds from disposal of tangible fixed assets
183,624
8,999
Net cash used in investing activities
(186,830)
(84,971)
Financing activities
Repayment of bank loans
(52,500)
(52,500)
Payment of finance leases obligations
(782)
(3,854)
Net cash used in financing activities
(53,282)
(56,354)
Net (decrease)/increase in cash and cash equivalents
(23)
129
Cash and cash equivalents at beginning of year
181
52
Cash and cash equivalents at end of year
158
181
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
NTM-GB Limited is a private company limited by shares incorporated in England and Wales. The registered office is NTM House, Whitehouse Road, Kidderminster, Worcestershire, DY10 1HT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, the principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of extended warranties sold are recognised by reference to the stage in the warranty provision. The stage of the provision is calculated by using the date of the sale of the warranty and income is recognised in years 2 and 3 equally.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
Over 30 years
Plant and machinery
20% Straight Line
Fixtures, fittings & equipment
20% Straight Line and 33.3% Straight Line
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is valued using the FIFO method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
The prior year financial statements present information about the company as an individual undertaking and not about its group. The subsidiary was dissolved on 24 January 2023. The company has not prepared group accounts as it is exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of AB Narpes Tra & Metall-Oy Narpion Puu Ja Metalli, a company incorporated in Finland, and is included in the consolidated accounts of that company.
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2
Turnover
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Vehicle sales
13,759,765
11,721,211
Warranty sales
307,792
268,638
14,067,557
11,989,849
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,743,325
11,094,511
Europe
1,324,232
895,338
14,067,557
11,989,849
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(9,085)
82,754
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
12,025
Depreciation of owned tangible fixed assets
137,291
140,703
Depreciation of tangible fixed assets held under finance leases
-
4,581
Profit on disposal of tangible fixed assets
(31,244)
(5,343)
Operating lease charges
101,287
100,658
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
5
5
Sales Staff
3
3
Other Staff
64
63
Total
72
71
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,305,339
2,123,677
Social security costs
222,503
213,489
Pension costs
66,804
60,904
2,594,646
2,398,070
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
152,569
92,599
Company pension contributions to defined contribution schemes
12,680
11,800
165,249
104,399
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).
6
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
39,332
26,429
7
Amounts written off investments
2023
2022
£
£
Other gains and losses
(100)
-
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
179,028
143,657
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 17 -
Deferred tax
Origination and reversal of timing differences
32,666
7,846
Total tax charge
211,694
151,503
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
814,671
693,860
Expected tax charge based on the standard rate of corporation tax in the UK of 23.69% (2022: 19.00%)
192,996
131,833
Tax effect of expenses that are not deductible in determining taxable profit
33,798
28,639
Gains not taxable
(7,889)
(1,015)
Permanent capital allowances in excess of depreciation
32,666
7,846
Net capital allowances
(39,877)
(15,800)
Taxation charge for the year
211,694
151,503
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
9
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,764,311
572,741
257,616
8,937
2,603,605
Additions
10,767
254,422
105,265
370,454
Disposals
(247,961)
(58,599)
(306,560)
At 31 December 2023
1,775,078
579,202
304,282
8,937
2,667,499
Depreciation and impairment
At 1 January 2023
449,205
453,942
177,391
8,305
1,088,843
Depreciation charged in the year
60,472
34,701
41,739
379
137,291
Eliminated in respect of disposals
(99,305)
(54,875)
(154,180)
At 31 December 2023
509,677
389,338
164,255
8,684
1,071,954
Carrying amount
At 31 December 2023
1,265,401
189,864
140,027
253
1,595,545
At 31 December 2022
1,315,106
118,799
80,225
632
1,514,762
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
2,729
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
100
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
100
Disposals
(100)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
100
11
Subsidiaries
These financial statements are separate company financial statements for NTM-GB Limited.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
NTM Linktip Limited
NTM House, Whitehouse Road, Kiddeminster, Worcestershire, England DY10 1HT
Ordinary Shares
0
NTM Linktip Limited was dissolved with Companies House on 24 January 2023.
12
Stocks
2023
2022
£
£
Work in progress
3,294,784
3,065,951
Finished goods and goods for resale
1,558,867
1,388,262
4,853,651
4,454,213
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,250,256
857,772
Prepayments and accrued income
131,387
65,142
1,381,643
922,914
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
52,500
52,500
Obligations under finance leases
17
782
Trade creditors
1,980,284
1,792,976
Amounts owed to group undertakings
439,779
322,764
Corporation tax
93,028
104,888
Other taxation and social security
203,922
258,657
Other creditors
15,197
12,003
Accruals and deferred income
825,715
710,171
3,610,425
3,254,741
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
735,000
787,500
16
Loans and overdrafts
2023
2022
£
£
Bank loans
787,500
840,000
Payable within one year
52,500
52,500
Payable after one year
735,000
787,500
The Company has access to the Group's overdraft facility, and has pledged the building owned by NTM-GB Limited as security.
The bank loan and overdraft are secured by fixed and floating charges over the assets of the company.
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
782
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
81,855
49,189
2023
Movements in the year:
£
Liability at 1 January 2023
49,189
Charge to profit or loss
32,666
Liability at 31 December 2023
81,855
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so.
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,804
60,904
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
Issued and fully paid
Ordinary shares of £1 each
194,633
194,633
194,633
194,633
The ordinary shares have a right to vote, a right to participate in dividends and the right to participate in a distribution on a wind up.
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
94,112
92,831
Between two and five years
140,185
172,673
234,297
265,504
22
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
175,566
-
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
268,825
244,479
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
58,164
220,124
2,585,584
1,184,814
Other related parties
460,946
3,980
325,003
251,526
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Related party transactions
(Continued)
- 23 -
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
434,736
315,449
Entities over which the entity has control, joint control or significant influence
-
100
Other related parties
5,043
7,215
Other information
NTM-GB Limited is related to its parent company AB Narpes Tra & Metall-Oy Narpion Puu Ja Metalli.
24
Ultimate controlling party
The ultimate parent undertaking and controlling party is AB Narpes Tra & Metall-Oy Narpion Puu Ja Metalli which is the parent undertaking of the smallest and largest group to consolidate these financial statements. The directors regard AB Narpes Tra & Metall-Oy Narpion Puu Ja Metalli, a company incorporated in Finland, as being the ultimate parent undertaking and controlling party. Its accounts are available from Kristinestadsvägen 417, FI-64200 Narpes, Finland.
25
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
602,977
542,357
Adjustments for:
Taxation charged
211,694
151,503
Finance costs
39,332
26,429
Gain on disposal of tangible fixed assets
(31,244)
(5,343)
Depreciation and impairment of tangible fixed assets
137,291
145,284
Other gains and losses
100
-
Movements in working capital:
Increase in stocks
(399,438)
(1,590,891)
(Increase)/decrease in debtors
(458,729)
249,057
Increase in creditors
368,326
854,200
Cash generated from operations
470,309
372,596
NTM-GB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
26
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
181
(23)
158
Borrowings excluding overdrafts
(840,000)
52,500
(787,500)
Obligations under finance leases
(782)
782
-
(840,601)
53,259
(787,342)
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