REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 January 2022 to 30 June 2023 |
for |
Noble House Services (UK) Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 January 2022 to 30 June 2023 |
for |
Noble House Services (UK) Limited |
Noble House Services (UK) Limited (Registered number: 04643533) |
Contents of the Financial Statements |
for the Period 1 January 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Noble House Services (UK) Limited |
Company Information |
for the Period 1 January 2022 to 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Noble House Services (UK) Limited (Registered number: 04643533) |
Strategic Report |
for the Period 1 January 2022 to 30 June 2023 |
The directors present their strategic report for the period 1 January 2022 to 30 June 2023. |
REVIEW OF BUSINESS |
The results of the company for the period are set out on page 9, this shows a profit before taxation of £307,299 (loss before taxation 2021: £989,129). The shareholders funds for the company total £986,366 (2021: £771,336). |
The economic environment in the housing sector remains challenging but the company has been successful in winning a number of large contracts in the commercial and education sectors. The company's directors remain positive as recent contracts gained have given the company a significant forward order book going into a more subdued year for the construction sector. Due to the mix of work won and in advanced negotiation the company expects a positive impact on profitability this year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have become more selective on the type of work won and tendered in order to continue the focus on profitability going forward. To this end the company continues to try and enhance the spread of work tendered into a more even spread of sectors and in order to ensure the financial risk remains relatively low. |
Other risks include, but are not limited to the failure to comply with legislative and regulatory requirements including environmental and litigation failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans but cannot give absolute assurance that such procedures will be effective in identifying or controlling each of the operational risks faced by the company. |
The overall aim of the company's financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of the business, the company is exposed primarily to liquidity risk and credit risk. The company believes this risk has been mitigated by the increase in the share of the current and forward order book in new sectors. |
The company manages the principal financial risk within policies and operating parameters approved by the Board of Directors. |
i) Contract risk |
The directors consider that the company's principal business risk is failing to win new contracts which will generate sufficient profits into the future. The company has been successful in delivering a number of large contract wins in new sectors and with new clients while continuing to negotiate with existing clients on a number of 2 stage tenders. The company's proven ability to deliver high quality projects for our clients is again helping with the significant repeat orders from our major clients. |
ii) Liquidity risk |
The directors consider the liquidity risk mitigated as the company is almost entirely a cash based business and the directors have a policy of keeping the net current assets at a level that the cash generated by the company's business activities can comfortably support. |
iii) Credit risk |
Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that customers have an appropriate credit history, and appropriate billing schedules for long- term contract work are agreed in order to mitigate the risks on the business activity. Overall, the company considers that it is not exposed to a significant amount of credit risk. |
Noble House Services (UK) Limited (Registered number: 04643533) |
Strategic Report |
for the Period 1 January 2022 to 30 June 2023 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The key performance indicators of the business are considered to be turnover and gross profit margin. The key | financial highlights are as follows: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£'000 | £'000 |
Turnover | 21,341 | 17,802 |
Gross profit / (loss) | 1,598 | 1,447 |
Gross assets | 6,522 | 6,655 |
The directors frequently review the above results as part of the performance meetings. |
FUTURE DEVELOPMENTS |
The board believe with the work already successfully secured and in advanced negotiations the company should be able to maintain, if not slightly enhance the turnover of the company and believe that this will put the company in a good position as the broader construction market improves going forward. |
ON BEHALF OF THE BOARD: |
Noble House Services (UK) Limited (Registered number: 04643533) |
Report of the Directors |
for the Period 1 January 2022 to 30 June 2023 |
The directors present their report with the financial statements of the company for the period 1 January 2022 to 30 June 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of building construction, with a specific focus on roofing contracts. |
DIVIDENDS |
An interim dividend of 13.3p per share on the Ordinary A £1 shares was paid during the period. The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary B £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the period ending 30 June 2023 will be £4,000 (2021:£65,000) |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with the Companies act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008, Sch,7 to be contained in the director's report. It has done so in respect of principle risks and uncertainties, and financial instruments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 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. |
Noble House Services (UK) Limited (Registered number: 04643533) |
Report of the Directors |
for the Period 1 January 2022 to 30 June 2023 |
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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Hardcastle Burton LLP, 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 |
Noble House Services (UK) Limited |
Opinion |
We have audited the financial statements of Noble House Services (UK) Limited (the 'company') for the period ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2023 and of its profit for the period 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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. |
Other matters |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 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 |
Noble House Services (UK) Limited |
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 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, 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 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 four, 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 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. |
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 objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
Our approach was as follows:- |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations. |
We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of legal and professional costs to ascertain whether there were any legal issues arising. |
We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management to understand the systems and controls of the company. |
Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override. |
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 |
Noble House Services (UK) 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 |
Lake House |
Market Hill |
Royston |
Hertfordshire |
SG8 9JN |
Noble House Services (UK) Limited (Registered number: 04643533) |
Income Statement |
for the Period 1 January 2022 to 30 June 2023 |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
31,296 | (980,035 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Loan waiver | 6 |
331,296 | (957,196 | ) |
Interest receivable and similar income |
339,298 | (957,135 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
Noble House Services (UK) Limited (Registered number: 04643533) |
Other Comprehensive Income |
for the Period 1 January 2022 to 30 June 2023 |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE PERIOD | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
Noble House Services (UK) Limited (Registered number: 04643533) |
Balance Sheet |
30 June 2023 |
30.6.23 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Noble House Services (UK) Limited (Registered number: 04643533) |
Statement of Changes in Equity |
for the Period 1 January 2022 to 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Noble House Services (UK) Limited (Registered number: 04643533) |
Cash Flow Statement |
for the Period 1 January 2022 to 30 June 2023 |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New hire purchase agreements |
Loan repayments | (274,999 | ) | (106,947 | ) |
Capital repayments of hire purchase | ( |
) | ( |
) |
Capital introduced by directors | 537,045 | 37,761 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
1,845,449 |
Cash and cash equivalents at end of period |
2 |
1,545,589 |
1,963,199 |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Cash Flow Statement |
for the Period 1 January 2022 to 30 June 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 31,999 | 31,994 |
Finance income | (8,002 | ) | (61 | ) |
409,228 | (884,603 | ) |
Decrease in stocks |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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: |
Period ended 30 June 2023 |
30.6.23 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,545,589 | 1,963,199 |
Year ended 31 December 2021 |
31.12.21 | 1.1.21 |
£ | £ |
Cash and cash equivalents | 1,963,199 | 1,845,449 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,963,199 | (417,610 | ) | 1,545,589 |
1,963,199 | ( |
) | 1,545,589 |
Debt |
Finance leases | (70,817 | ) | 3,911 | (66,906 | ) |
Debts falling due within 1 year | (183,333 | ) | 15,277 | (168,056 | ) |
Debts falling due after 1 year | (259,722 | ) | 259,722 | - |
(513,872 | ) | 278,910 | (234,962 | ) |
Total | 1,449,327 | (138,700 | ) | 1,310,627 |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements |
for the Period 1 January 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Noble House Services (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis. The directors have considered the expected cash flow for a period of 12 months following the date of signing the accounts. The working capital is expected to allow sufficient financial headroom for the company to continue trading for the foreseeable future. Furthermore, in the event that the company has insufficient working capital, the shareholders have indicated that they will continue to provide further financial support by not calling upon their loan for repayment until the company has sufficient working capital to do so. |
Turnover |
Turnover represents net invoiced work done from construction and service activities except in respect of contracting activities where turnover represents the value of work carried out during the year, including amounts not invoiced. Sales of residential properties are recognised at the point of exchange of contracts. Retentions are included in the profit and loss account to the extent that they are considered receivable. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
In the comparative period, grants were obtained under the furlough scheme in light of the Covid-19 outbreak. The cashflows from these grants were accrued in line with section 24 of FRS 102 and are recognised under other income. |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Work in progress - long term contracts |
Profit on contracting activities is taken as work progresses. Unless a more conservative approach is necessary, the percentage margin on each individual contract is the margin forecast at completion. Full provision is made for contract losses as soon as they are foreseen. Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 period 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Share-based payments |
The company has applied the requirements of FRS 102 Share-based Payments. |
The company issues equity-settled share based payments to certain employees in the form of share options. These are measured at fair value at the date of grant. The fair value determined at the grant date of the equity settled share-based payments is expensed on a straight-line basis over the vesting period, based on the company's estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. |
Comparatives |
The current period figures are for the 18 month period ended 30 June 2023. The comparative figures are for the year ended 31 December 2021. |
3. | TURNOVER |
The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
Directors | 3 | 3 |
Administrative | 11 | 12 |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2021 - operating loss) is stated after charging: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
6. | EXCEPTIONAL ITEMS |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Loan waiver |
During the period a loan provided by a third party amounting to £300,000 has been waived in full. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Bank interest |
Other finance costs |
Hire purchase |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Super deduction | (2,010 | ) | (2,646 | ) |
Due to change of tax rate | 8,755 | - |
Previous year R&D Claim | - | (38,326 | ) |
Total tax charge/(credit) | 88,269 | (211,585 | ) |
9. | DIVIDENDS |
Period |
1.1.22 |
to | Year Ended |
30.6.23 | 31.12.21 |
£ | £ |
Ordinary A shares of £1 each |
Interim |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Transfer to ownership | (24,095 | ) | (70,222 | ) | (94,317 | ) |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Transfer to ownership | (16,867 | ) | (49,048 | ) | (65,915 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
11. | STOCKS |
30.6.23 | 31.12.21 |
£ | £ |
Stocks |
Work-in-progress |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
12. | DEBTORS |
30.6.23 | 31.12.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 31.12.21 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 769,686 | 232,641 |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 31.12.21 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.23 | 31.12.21 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
15. | LOANS - continued |
30.6.23 | 31.12.21 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.6.23 | 31.12.21 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 31.12.21 |
£ | £ |
Bank loans |
The company has a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 48 month period. The loan is repayable by instalments which commenced in June 2021, 12 months after the loan was received. Interest is charged at 3% per annum over Base Rate from the first repayment date, June 2021. |
The loan from Natwest is secured over all assets of the company through a registered security dated 9 November 2016. Further details can be obtained from Companies House charge code 0464 3533 0002. |
18. | PROVISIONS FOR LIABILITIES |
30.6.23 | 31.12.21 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Tax losses carried forward | ( |
) |
39,407 | 14,772 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Provided during period |
Balance at 30 June 2023 |
Noble House Services (UK) Limited (Registered number: 04643533) |
Notes to the Financial Statements - continued |
for the Period 1 January 2022 to 30 June 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 31.12.21 |
value: | £ | £ |
Ordinary A | £1 | 30,000 | 30,000 |
Ordinary B | £1 | 2 | 2 |
30,002 | 30,002 |
The B Ordinary shares have the right to receive dividends and the right to receive capital distribution, but do not have any voting rights. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the period |
Dividends | ( |
) |
At 30 June 2023 |
21. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £38,357 (2021: £56,494). The pension contributions outstanding at the period end amounted to £2,236 (2021: £Nil). |
22. | RELATED PARTY DISCLOSURES |
At the period end Mr G and Mrs J Keating, directors of the company were owed £769,686 (2021: £232,641) from the company. The directors have confirmed that whilst the balance is repayable on demand, they will not call for repayment until the company has sufficient working capital to do so. |
23. | EMPLOYEE SHARE OPTION SCHEME |
On 9 March 2016 the company approved the Noble House Services (UK) Ltd Enterprise Management Incentive Scheme. The company granted share options over a total of 7,600 £1 B Ordinary shares. The options can be exercised at a price of £25 per share and the right to option expires on 9 March 2026. An Option Holder may not exercise an Option before the earlier of either the 3 year anniversary of the Grant Date, the company reaching specific profit levels, or an Exit. Any options granted to employees will lapse should they leave the company or 10 years from the date of the grant, whichever is the earlier. A sum of £nil was paid by each employee on grant. |
The options granted included the following amounts to directors of the company. |
B Clarke option over 1,600 B Ordinary shares |
K Palmer option over 1,600 B Ordinary shares |
The calculated charge in the profit and loss account in respect of the vested options is not material and has therefore not been included in these financial statements. |