IRIS Accounts Production v23.3.1.45 04643533 Board of Directors 1.1.22 30.6.23 30.6.23 true false true true false false true false Ordinary A 1.00000 Ordinary B 1.00000 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REGISTERED NUMBER: 04643533 (England and Wales)
















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: Mr G Keating
Mrs J E Keating
Mr B Clarke
Mr K Palmer





SECRETARY: Mrs J E Keating





REGISTERED OFFICE: Unit 30 Acton Place Industrial Estate
Melford Road
Acton
Sudbury
Suffolk
CO10 0BB





REGISTERED NUMBER: 04643533 (England and Wales)





AUDITORS: Hardcastle Burton LLP
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:





Mr G Keating - Director


14 March 2024

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.

Mr G Keating
Mrs J E Keating
Mr B Clarke

Other changes in directors holding office are as follows:

Mr K Palmer - appointed 8 November 2022

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:





Mr G Keating - Director


14 March 2024

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.




Denise Lindsell FCA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

14 March 2024

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 21,341,078 17,802,220

Cost of sales 19,743,005 16,355,271
GROSS PROFIT 1,598,073 1,446,949

Administrative expenses 1,566,777 2,426,984
31,296 (980,035 )

Other operating income - 22,839
OPERATING PROFIT/(LOSS) 5 31,296 (957,196 )

Loan waiver 6 300,000 -
331,296 (957,196 )

Interest receivable and similar income 8,002 61
339,298 (957,135 )

Interest payable and similar expenses 7 31,999 31,994
PROFIT/(LOSS) BEFORE TAXATION 307,299 (989,129 )

Tax on profit/(loss) 8 88,269 (211,585 )
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

219,030

(777,544

)

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 219,030 (777,544 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

219,030

(777,544

)

Noble House Services (UK) Limited (Registered number: 04643533)

Balance Sheet
30 June 2023

30.6.23 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 157,629 162,299

CURRENT ASSETS
Stocks 11 634,888 944,874
Debtors 12 4,183,943 3,584,296
Cash at bank and in hand 1,545,589 1,963,199
6,364,420 6,492,369
CREDITORS
Amounts falling due within one year 13 5,467,280 5,575,895
NET CURRENT ASSETS 897,140 916,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,054,769

1,078,773

CREDITORS
Amounts falling due after more than one
year

14

(28,996

)

(292,665

)

PROVISIONS FOR LIABILITIES 18 (39,407 ) (14,772 )
NET ASSETS 986,366 771,336

CAPITAL AND RESERVES
Called up share capital 19 30,002 30,002
Retained earnings 20 956,364 741,334
SHAREHOLDERS' FUNDS 986,366 771,336

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





Mr G Keating - Director


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 30,002 1,583,878 1,613,880

Changes in equity
Dividends - (65,000 ) (65,000 )
Total comprehensive income - (777,544 ) (777,544 )
Balance at 31 December 2021 30,002 741,334 771,336

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 219,030 219,030
Balance at 30 June 2023 30,002 956,364 986,366

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 (815,058 ) 344,365
Interest paid (21,748 ) (24,815 )
Interest element of hire purchase payments
paid

(10,251

)

(7,179

)
Tax paid 240,572 (3,176 )
Net cash from operating activities (606,485 ) 309,195

Cash flows from investing activities
Purchase of tangible fixed assets (73,263 ) (46,420 )
Interest received 8,002 61
Net cash from investing activities (65,261 ) (46,359 )

Cash flows from financing activities
New hire purchase agreements 80,040 38,887
Loan repayments (274,999 ) (106,947 )
Capital repayments of hire purchase (83,950 ) (49,787 )
Capital introduced by directors 537,045 37,761
Equity dividends paid (4,000 ) (65,000 )
Net cash from financing activities 254,136 (145,086 )

(Decrease)/increase in cash and cash equivalents (417,610 ) 117,750
Cash and cash equivalents at beginning of
period

2

1,963,199

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 307,299 (989,129 )
Depreciation charges 73,311 49,326
Loss on disposal of fixed assets 4,621 23,267
Finance costs 31,999 31,994
Finance income (8,002 ) (61 )
409,228 (884,603 )
Decrease in stocks 309,986 150,246
Increase in trade and other debtors (840,219 ) (326,398 )
(Decrease)/increase in trade and other creditors (694,053 ) 1,405,120
Cash generated from operations (815,058 ) 344,365

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 (417,610 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

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
£    £   
Rendering of services 21,341,078 17,802,220
21,341,078 17,802,220

4. EMPLOYEES AND DIRECTORS
Period
1.1.22
to Year Ended
30.6.23 31.12.21
£    £   
Wages and salaries 780,357 579,469
Social security costs 82,964 62,181
Other pension costs 38,357 56,494
901,678 698,144

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
14 15

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 165,950 84,460
Directors' pension contributions to money purchase schemes 10,161 41,314

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

Money purchase schemes 2 2

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 22,627 17,405
Depreciation - assets on hire purchase contracts 50,685 31,919
Loss on disposal of fixed assets 4,621 23,267
Auditors' remuneration 25,355 8,823

6. EXCEPTIONAL ITEMS
Period
1.1.22
to Year Ended
30.6.23 31.12.21
£    £   
Loan waiver 300,000 -

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 19,713 14,098
Other finance costs 2,035 10,717
Hire purchase 10,251 7,179
31,999 31,994

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 63,634 (190,548 )

Deferred tax 24,635 (21,037 )
Tax on profit/(loss) 88,269 (211,585 )

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 307,299 (989,129 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
20% (2021 - 19%)

61,460

(187,935

)

Effects of:
Expenses not deductible for tax purposes 16,427 5,282
Adjustments to tax charge in respect of previous periods 3,637 12,040
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 4,000 65,000

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 128,187 19,904 231,491 42,617 422,199
Additions 33,500 830 33,201 5,732 73,263
Disposals - - (21,595 ) - (21,595 )
At 30 June 2023 161,687 20,734 243,097 48,349 473,867
DEPRECIATION
At 1 January 2022 84,479 13,395 123,399 38,627 259,900
Charge for period 21,256 1,548 45,909 4,599 73,312
Eliminated on disposal - - (16,974 ) - (16,974 )
At 30 June 2023 105,735 14,943 152,334 43,226 316,238
NET BOOK VALUE
At 30 June 2023 55,952 5,791 90,763 5,123 157,629
At 31 December 2021 43,708 6,509 108,092 3,990 162,299

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 48,190 114,707 162,897
Additions 33,500 33,200 66,700
Transfer to ownership (24,095 ) (70,222 ) (94,317 )
At 30 June 2023 57,595 77,685 135,280
DEPRECIATION
At 1 January 2022 20,255 40,797 61,052
Charge for period 15,845 34,840 50,685
Transfer to ownership (16,867 ) (49,048 ) (65,915 )
At 30 June 2023 19,233 26,589 45,822
NET BOOK VALUE
At 30 June 2023 38,362 51,096 89,458
At 31 December 2021 27,935 73,910 101,845

11. STOCKS
30.6.23 31.12.21
£    £   
Stocks 24,276 25,661
Work-in-progress 610,612 919,213
634,888 944,874

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 3,135,123 2,594,987
Other debtors 21,220 8,083
Tax - 240,572
VAT 171,706 88,858
Prepayments and accrued income 82,053 -
3,410,102 2,932,500

Amounts falling due after more than one year:
Trade debtors 773,841 651,796

Aggregate amounts 4,183,943 3,584,296

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 31.12.21
£    £   
Bank loans and overdrafts (see note 15) 168,056 183,333
Hire purchase contracts (see note 16) 37,910 37,874
Trade creditors 4,230,234 4,241,225
Tax 63,634 -
Social security and other taxes 19,023 29,917
Other creditors 74,337 -
Directors' current accounts 769,686 232,641
Accrued expenses 104,400 850,905
5,467,280 5,575,895

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 31.12.21
£    £   
Bank loans (see note 15) - 259,722
Hire purchase contracts (see note 16) 28,996 32,943
28,996 292,665

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 168,056 183,333

Amounts falling due between one and two years:
Bank loans - 1-2 years - 183,333

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 - 76,389

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 37,910 37,874
Between one and five years 28,996 32,943
66,906 70,817

17. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 31.12.21
£    £   
Bank loans 168,056 443,055

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 39,407 30,837
Tax losses carried forward - (16,065 )
39,407 14,772

Deferred
tax
£   
Balance at 1 January 2022 14,772
Provided during period 24,635
Balance at 30 June 2023 39,407

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: £    £   
30,000 Ordinary A £1 30,000 30,000
2 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 741,334
Profit for the period 219,030
Dividends (4,000 )
At 30 June 2023 956,364

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.