REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
NRT Building Services Group Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 July 2023 |
for |
NRT Building Services Group Limited |
NRT Building Services Group Limited (Registered number: 03229578) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
NRT Building Services Group Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
NRT Building Services Group Limited (Registered number: 03229578) |
Strategic Report |
for the Year Ended 31 July 2023 |
The directors present their strategic report for the year ended 31 July 2023. |
REVIEW OF BUSINESS |
The company has seen an increase in gross profit margin from 27% to 29% in the year. Turnover was £16,839,268, an increase of 32% from the previous year. Operating profit increased in the year by 29%. |
The increases in profit show that the company has traded well, and has focused on growing sales in the year. By maintaining regular business, and building solid relationships with clients, the company is able to provide continuous delivery of electrical installation works. The company seeks regular feedback from customers to ensure that it can meet it's own high standards. This also allows the company to seek ideas and solutions to ensure that it remains the contractor of choice for it's customers. |
The company has increased its client base, and is more focused on providing electrical installation in social housing, with a number of local authorities as clients. This has helped improve cashflow, and therefore reduce the risk of bad debts. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Health and Safety regulations are always a key area of concern. Ensuring that all staff are up to date on the most recent regulations is essential, so the company carries out regular training and upskilling, along with ensuring regular site inspections and toolbox talks take place to keep high standards. |
Large commercial clients making late payments or getting into financial difficulties creates a cashflow risk. However, the company maintains strong relationships with its customers to ensure that communication is clear. The company also has credit insurance on our clients to help mitigate this risk. |
The company has an increased number of vehicles, which leads to greater risk of accidents and insurance claims. Remaining in control of vehicle management is key to ensure the company remains an attractive option to vehicle insurers. |
There is a labour and skill shortage facing the entire industry. An increase in awareness of apprenticeships has seen an increase in applicants, and a cultural change of young people considering apprenticeships as opposed to university. The company have been recruiting apprentices for 22 years and will continue to do so moving forward. The company is looking to recruit more apprentices as a way of attempting to solve some of our increased labour need. |
KEY PERFORMANCE INDICATORS |
2023 | 2022 |
Turnover | 16,839,269 | 12,761,318 |
Gross profit margin | 29% | 27% |
Operating profit/(loss) | 2,419,923 | 1,883,005 |
EBITDA | 2,460,325 | 1,920,500 |
Net profit margin | 11% | 12% |
ON BEHALF OF THE BOARD: |
NRT Building Services Group Limited (Registered number: 03229578) |
Report of the Directors |
for the Year Ended 31 July 2023 |
The directors present their report with the financial statements of the company for the year ended 31 July 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electrical and electronic engineers and contractors. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
Ordinary £1 | - | £ |
Non voting redeemable B £1 | - | £ |
The total distribution of dividends for the year ended 31 July 2023 will be £ |
Mr N Hunt-Turner waived his right to the dividend issued on 01/08/2022, for £175.55 per share. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
The company continues to support national and international charities. The contributions made during the year amounted to £10,519 (2022 - £14,518). |
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. |
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. |
NRT Building Services Group Limited (Registered number: 03229578) |
Report of the Directors |
for the Year Ended 31 July 2023 |
AUDITORS |
The auditors, Xeinadin Auditing, 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 |
NRT Building Services Group Limited |
Opinion |
We have audited the financial statements of NRT Building Services Group Limited (the 'company') for the year ended 31 July 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 31 July 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. |
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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the 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 |
NRT Building Services Group 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 three, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. |
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control. |
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors. |
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. |
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
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 |
NRT Building Services Group Limited |
Other Matter |
The current period financial statements are the first period that company's financial statements have been audited. Hence, the comparatives for the previous period represent unaudited figures as the previous period was not subject to an audit. |
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 |
Becket House |
36 Old Jewry |
London |
EC2R 8DD |
NRT Building Services Group Limited (Registered number: 03229578) |
Income Statement |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
(Unaudited) |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,419,914 | 1,883,023 |
Other operating income | ( |
) |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
NRT Building Services Group Limited (Registered number: 03229578) |
Other Comprehensive Income |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NRT Building Services Group Limited (Registered number: 03229578) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
NRT Building Services Group Limited (Registered number: 03229578) |
Statement of Changes in Equity |
for the Year Ended 31 July 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
NRT Building Services Group Limited (Registered number: 03229578) |
Cash Flow Statement |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | 25,874 | (16,452 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,435,148 |
Cash and cash equivalents at end of year | 2 | 1,982,507 | 1,130,621 |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Cash Flow Statement |
for the Year Ended 31 July 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance income | (1,567 | ) | (103 | ) |
2,460,703 | 1,913,792 |
Increase in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
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: |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 1,982,507 | 1,130,621 |
Year ended 31 July 2022 |
31.7.22 | 1.8.21 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,130,621 | 1,435,148 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.22 | Cash flow | At 31.7.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,130,621 | 851,886 | 1,982,507 |
1,130,621 | 1,982,507 |
Total | 1,130,621 | 851,886 | 1,982,507 |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
NRT Building Services Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about NRT Building Services Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405(2) of the Companies Act 2006 from the requirements to prepare consolidated financial statements as both the subsidiaries are dormant, and their inclusion is not material for the purpose of giving a true and fair view. |
Turnover |
Long term contracts : Turnover is ascertained by reference to the degree of completion of the contract. It includes the relevant proportion of total anticipated costs plus attributable gross profit. Attributable gross profit is also ascertained by reference to the degree of completion of the contract reduced by any anticipated costs not recoverable under the terms of the contract. Any excess of the amount included in turnover over payments invoiced on account is included in debtors as amounts recoverable on contracts. Any excess of payments invoiced on account over the amount included in turnover is first set off against the appropriate balance of long term contract work in progress, any balance is shown as payments on account. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Work in progress on construction contracts is shown under amounts recoverable on contracts. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtor and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Taxation |
Taxation for the year 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. |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The 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. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates are based on historical experience, and actual results may differ from these estimates. |
The main critical accounting judgement, and key source of uncertainty in applying these estimations, that may have a significant impact on the amounts recognised in these financial statements are as follows: |
REVENUE RECOGNITION FOR CONSTRUCTION CONTRACTS |
When the results of a construction contract can be estimated reliably, revenue is recognised using the |
percentage-of-completion method based on costs incurred, taking into account the expected costs and revenues at the end of the project, as the activity takes place. |
Changes in the performance of work, and estimated margins, including those that may arise for incentives for early conclusion of the projects, contractual penalties and final agreements in contracts, are recognized as income in the periods in which revisions are made or approved by customers. |
In accordance with the terms of various contracts, revenue is recognized and not necessarily related to the actual amounts billable to customers. Management periodically evaluates the reasonableness of its receivables. |
In cases where there is evidence collection difficulty, additional allowances for doubtful accounts affecting income in the year they are determined are recognised. The estimate of the reserve is based on the best judgment of the company under the circumstances prevailing at the time of its determination. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
United Kingdom |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
5. | EMPLOYEES AND DIRECTORS |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.7.23 | 31.7.22 |
(Unaudited) |
Administration | 2 | 2 |
Cost of sales | 76 | 67 |
The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by an independent pensions provider. Pension payments are recognised as an expense in the profit and loss account each year. |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Emoluments etc |
Accrued pension at 31 July 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
7. | AUDITORS' REMUNERATION |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
- |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustment for tax rate change | (96,727 | ) | - |
Deferred tax | 3,824 | 4,518 |
Under provision in prior year | - | 30,000 |
Total tax charge | 532,495 | 386,167 |
9. | DIVIDENDS |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
10. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Castle House, Park Road, Banstead, Surrey, England, SM7 3BT |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Castle House, Park Road, Banstead, Surrey, England, SM7 3BT |
Nature of business: |
% |
Class of shares: | holding |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
12. | STOCKS |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Trade debtors |
Other debtors |
Amounts recoverable on contracts |
Directors' current accounts | - | 12,124 |
Prepayments and accrued income |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 366,057 | 183,106 |
Other creditors |
Directors' current accounts | 13,750 | - |
Accrued expenses |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
31.7.23 | 31.7.22 |
(Unaudited) |
£ | £ |
Deferred tax |
Accelerated capital allowances | 31,645 | 27,821 |
NRT Building Services Group Limited (Registered number: 03229578) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 August 2022 |
Movement for year | 3,824 |
Balance at 31 July 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Non voting redeemable B | £1 | 900 | 900 |
1,000 | 1,000 |
The company has 100 Ordinary Shares, which have no restrictions on dividends and the repayment of capital. |
There are also 900 Non voting redeemable B shares, which have no voting rights. They have no restrictions on dividends and the repayment of capital. |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2023 |
19. | PENSION COMMITMENTS |
A defined contribution pension scheme is operated by the company on behalf of the employees. The assets of the scheme are held in an independently administered fund. The pension charge represents contributions payable to the fund and amounted to £43,948 (2022: £42,499). |
Company contributions amounting to £12,824 (2022 - £23,214) were payable to the fund at year end and are included in creditors. |
Amounts payable for the directors are disclosed separately, and total £347,297 (2022: £35,900) for the year. |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company occupied office premises owned by Amicus Partnership Limited, a company controlled by N R Hunt-Turner and P Antino. Rent has been charged at current market rates of £136,364 (2022 - £119,594), under full repairing terms. |