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Registered number: 12348377


 







NRLB LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
NRLB LIMITED
 
 
COMPANY INFORMATION


Directors
N T Brown  
A M Morris (appointed 20 July 2023) 




Registered number
12348377



Registered office
Anson House
Schooner Court

Crossways Business Park

Dartford

Kent
United Kingdom

DA2 6QQ




Independent auditor
Barnes Roffe LLP
Chartered Accountants  
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
NRLB LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 8
Independent auditor's report
 
9 - 13
Consolidated statement of comprehensive income
 
14
Consolidated balance sheet
 
15
Company balance sheet
 
16
Consolidated statement of changes in equity
 
17 - 18
Company statement of changes in equity
 
19 - 20
Consolidated statement of cash flows
 
21 - 22
Consolidated analysis of net debt
 
23
Notes to the financial statements
 
24 - 42


 
NRLB LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Business review
 
Emerging from the devastating impact caused by the coronavirus pandemic across the global economy and the Group over the previous financial years and then facing the challenging climate as a result of the war in Ukraine, the operating results for financial year 2023 demonstrate the importance of the decisive actions taken by the directors and key management to adapt to the challenges faced, to control overheads, to safeguard staff members and to ensure the business has continued to deliver outstanding service levels to its customers.
 
Despite the major global economic factors during the year the Group has successfully delivered strong growth in annualised turnover whilst maintaining profitability at an operating level. Whilst operating profit has reduced significantly compared to the previous period this is largely attributable to certain legacy contracts which have since completed post year-end. Ongoing contracts continue to deliver good returns which demonstrate the Group has risen to the task in hand by maintaining strong working relationships with its key customers and suppliers. The underlining loss for the year was predominantly driven by financing costs on loans with key strategic partners and these costs have significantly reduced post year end.
 
The Group’s European demolition project for a major blue-chip customer continued to perform well and generated strong returns underlining the Group’s outstanding reputation both in the UK and internationally and paves the way for further expansion into Europe.

Page 1

 
NRLB LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Principal risks and uncertainties
 
From a financial perspective, the directors have always maintained appropriate banking facilities to ensure that the Group can manage fluctuations in working capital requirements and continue to invest in plant and machinery to successfully tender, win, and complete large high-profile contracts.
The directors recognise that it is important for the Group’s customers to be confident of the financial strength and integrity of the Group.
Risk from customer debt is low, in-line with the Group’s client base and quality standards. Forward contracts are used to de-risk from price fluctuations where appropriate.
The Group also has no significant concentration of supply risk, with exposure adequately spread over several suppliers. As part of the Group’s Quality Management System, all subcontractors and suppliers are required to submit specific information to enable routine review of the Group’s approved subcontractors and suppliers list.
Operating risks are managed via a combination of strong internal controls and external accreditations as detailed below.
Financial assets and business risks are also suitably covered by relevant insurance policies. This provides assurance to both the Group and its customers.
Risk management
The Group adopts a measured approach in identifying and managing its financial and business risks.
The directors recognise that the specialist sector and competitive environment in which the Group operates require that management maintains an active and direct involvement in the assessment and running of the key operational priorities:
health, safety & environment (via our “Integrated Management Systems”), the Company seeks to achieve its primary objectives of zero accidents, incidents, environmental or otherwise;
staff training (via continuous general and specific training programmes and efforts to obtain full CSCS certification), to work safely, employing and demonstrating a professional, efficient, competent and fully trained workforce;
compliance with industry standards and regulations (as demonstrated by various accreditations and maintained via internal quality control system and regular external audits);
to continue as one of the leading demolition/dismantling contractors and steadily increase upon market share;
to ensure that projects are completed within the stated contract duration and stated contract budget;
to maintain repeat business as 'preferred' contract to major client base.

Page 2

 
NRLB LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Financial key performance indicators
 
The directors are pleased to report turnover has increased from £47.3m (10 month period) to £63.3m for the year and whilst operating profit has reduced from £2.1m to £307k the Group has returned an overall operating profit to shareholders during this challenging year which demonstrates the Group’s continuing ability to secure and fulfil large demolition contracts in the UK and abroad and underlining its position as a market leader. Significant financing costs have however resulted in an overall net loss for the financial year but are forecasted to be significantly lower moving forwards.
 
Whilst the loss for the year has reduced the balance sheet value, the Group has significantly strengthened its net current asset position from £14.1m to £33.1m including an increase in cash reserves from £5.8m to £8.1m ensuring adequate liquidity and cash flow facilities to continue investing in new plant allowing it to target further growth in revenues in financial year 2024.
 
The directors will continue to manage costs and resources effectively and prudently on its multi-year contracts, the results of which are expected to be reflected in improved margins in future years.
Directors' statement of compliance with duty to promote the success of the Group
The directors of the Group have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Group and its stakeholders and in doing so must have regard to the following:
• the likely consequences of any decision in the long term;
• the interests of the Group’s employees;
• the need to foster the Group’s business relationships with suppliers, customers and others;
• the impact of the Group’s operations on the community and the environment;
• the desirability of the Group maintaining a reputation for high standards of business conduct; and
• the need to act fairly between members of the Group.
Our key stakeholders, and the ways in which we engage with them, are as follows:
Employment policy
The Group does not discriminate against anyone on any grounds. The sole criterion for selection or promotion is the suitability of the person for the job. It is the policy of the Group to provide employment to people irrespective of sex, age, religion or disability whenever the demands of the Group and the abilities of the individual will allow. Appropriate levels of training and development are available for all levels and categories of staff.
Customers and suppliers
The Group is aware that our customers and suppliers are an important part of our success. We strive to build long standing, sustainable relationships with both to ensure mutual benefit, and always aim to be honest and transparent in line with our Group culture. Our conduct guarantees that we treat all customers and suppliers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
Environment
The Group is registered with National Quality Assurance (NQA), a leading assessment, verification and certification body in quality, environment and health & safety management. The Group operates an integrated management system which complies with the three recognised standards of BS EN ISO9001, ISO14001 and ISO45001.
 
Page 3

 
NRLB LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


Standards of Business Conduct
The Group is committed to conducting its business with the highest integrity and compliance with the law and has standards in place which must be adhered to by everyone who represents the Group.
These standards embody the fundamental principles that govern our ethical and legal obligations and not only comply with the Group's policies but also with applicable laws and regulations.

Outlook
 
The fragile state of the UK and global economy as we emerge from the coronavirus pandemic, together with the long-term effects of Brexit on trade within the EU and further afield, pressure on labour rates, significant increases in energy costs as a result of the war in Ukraine, the fluctuating value of Sterling against the US dollar and unprecedented inflationary pressures across all cost centres, inevitably provides future economic uncertainty for the Group.
 
Management continues to take decisive action to manage and adapt to an ever-changing situation and ensure the Group is well-positioned to capitalise on future opportunities. The Group has strong commercial and strategic relationships with its key trading partners in ferrous and nonferrous scrap and continues to target improving efficiencies across every area of operations and maximise economies of scale as it grows revenue streams.
 
The Group’s pipeline of projects remains strong on the back of further contract wins during and after the year and the directors anticipate further contract wins over the next 12 months. This demonstrates the Group’s ability to meet its customers’ requirements, to complete projects to their agreed timetable and programme, safely, competently and efficiently. It is also an endorsement of the Group’s operational capabilities.
 
The directors would like to take this opportunity to thank its staff, customers, and business partners for their continued support throughout the period.


This report was approved by the board on 30 April 2024 and signed on its behalf.



A M Morris
Director

Page 4

 
NRLB LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £2,619,093 (2022 - profit £1,645,729).

Director

The director who served during the year was:

N T Brown 

Page 5

 
NRLB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Further information

In February 2022, a Company subsidiary, Brown and Mason Group Limited (as economic successor to another company, Brown and Mason Limited), admitted participation in two infringements of competition law (in 2013 and 2014) following an investigation by the Competition and Markets Authority (CMA) into suspected anti-competitive tendering practices (cover bidding and compensation payments) on the part of 10 companies (across 19 projects) in the demolition sector.
Having settled the case (involving the imposition of a reduced fine), the CMA notified the Company’s then managing director, Mr Nicholas Brown, that it was continuing to pursue disqualification proceedings against him in view of his role in and responsibility for the infringements. Mr Brown subsequently offered (and the CMA accepted) a competition director disqualification undertaking (CDU) which, once taking effect, would apply until 28 July 2030. Following a subsequent Court application from Mr Brown, the effect of the CDU was suspended in respect of the Company and Brown and Mason Group Limited until 23:59 on 28 July 2024, until which time Mr Brown has the Court’s permission (subject to stringent conditions) to act as a director of, and be involved in the management of, those two companies only.  Thereafter, for information, it is anticipated that Mr Brown will provide consultancy services to the Company’s subsidiary, Brown and Mason Group Limited, subject to the strictures of the CDU.
A copy of the Court Order (and the CDU) setting out further information on this matter can be accessed on the Company’s website (as well as the CMA’s website) via the following link:
https://brownandmason .com/commitment/competition -law-compliance/
The Group is absolutely committed to driving better industry practices and applying the CMA's guidance to encourage and enable competition law-compliant behaviours. A rigorous competition law compliance and training programme has been implemented within its group. The reputation of the Group and the trust and confidence of those with whom it deals are among its most vital resources, and the protection of these is of fundamental importance.

Page 6

 
NRLB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The emissions in Tonnes of Carbon Dioxide Equivalent (“tCO2e”) related to the Group’s energy demand for the period is 7,198.
The intensity ratio for the Group based on the total tCO2e emissions per million pounds of turnover is 114.
The emissions and energy consumption information disclosed were calculated using SECR methodology, as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" used in conjunction with Government GHG reporting conversion factors.


Measures taken to increase energy efficiency during the period
We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
Environmental management measures and projects have been completed or implemented since 2013 and the carbon emission reduction achieved by these schemes equate to circa 4000tCO2e. To affect such change we have:
Implemented environmental management measures including certification to ISO14001.
Tracked carbon emissions to focus the business on reduction measures.
Joined the Global Compact.
Incorporated environmental issues, including carbon reduction, into board level meetings and reviews.

We are committed to the continual improvement of our environmental performance, not just limited to the prevention of pollution where ever practicable but also to minimising our ecological impact and the potential to affect biodiversity. In our decision making we will take due cognisance of the environmental impact of our activities.
We will:
Promote the safe implementation of demolition and asbestos removal techniques.
Control harmful emissions to the environment.
Utilise techniques to reduce the environmental impact of current and future intended activities.
We will change fuel source from Red Diesel to Green D+ HVO for all site plant and equipment.
Plan and implement our work with due cognisance of and respect for local biodiversity.
Determine our strategies for compliance to both local and national ecological constraints.
Show our commitment to the continual improvement of our environmental management system and procedures.
We will adopt the use of LED lights and PIR lighting controls across the business.
We will look to the electrification of the group's fleet of cars and vans.
Reduce the amount and environmental impact of waste generated through waste minimisation with emphasis on re-use and recycling following the Waste Minimisation Hierarchy; reduce, reuse, recycle, dispose.

Page 7

 
NRLB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 April 2024 and signed on its behalf.
 





A M Morris
Director

Page 8

 
NRLB LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED
 

Opinion


We have audited the financial statements of NRLB Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Emphasis of matter


We draw attention to the Further information section of the Directors’ report of these financial statements, which details disqualification proceedings against a director of the Group, the pending application of that director for permission to act as a director of the Group and the interim permission granted by the Court for that director to act until 28 July 2024. Our opinion is not modified in respect of this matter.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 9

 
NRLB LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 10

 
NRLB LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 11

 
NRLB LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follos;
°Companies Act 2006
°FRS102
°ISO standards
°Health and Safety legislation
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
 
Page 12

 
NRLB LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Barnes (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

 
Date: 
30 April 2024
Page 13

 
NRLB LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

Year ended
30 April
10 months ended
30 April
2023
2022
                                                                                                                       Note
£
£

  

Turnover
 4 
63,252,575
47,268,193

Cost of sales
  
(53,328,012)
(37,135,013)

Gross profit
  
9,924,563
10,133,180

Administrative expenses
  
(9,622,992)
(7,887,680)

Exceptional administrative expenses
  
-
(200,000)

Other operating income
 5 
5,888
41,962

Operating profit
 6 
307,459
2,087,462

Interest payable and similar charges
 11 
(2,426,687)
(226,653)

(Loss)/profit before taxation
  
(2,119,228)
1,860,809

Tax on (loss)/profit
 10 
(499,865)
(215,080)

(Loss)/profit for the financial year
  
(2,619,093)
1,645,729

  

Total comprehensive income for the year
  
(2,619,093)
1,645,729

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(2,619,093)
1,645,729

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 24 to 42 form part of these financial statements.

Page 14

 
NRLB LIMITED
REGISTERED NUMBER: 12348377

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
                                                                         Note
£
£

Fixed assets
  

Intangible assets
 13 
242,358
371,956

Tangible assets
 14 
23,478,983
23,002,822

  
23,721,341
23,374,778

Current assets
  

Stocks
 16 
40,590,634
30,060,325

Debtors: amounts falling due within one year
 17 
4,686,578
3,099,063

Cash at bank and in hand
 18 
8,131,568
5,830,606

  
53,408,780
38,989,994

Creditors: amounts falling due within one year
 19 
(20,355,425)
(24,893,701)

Net current assets
  
 
 
33,053,355
 
 
14,096,293

Total assets less current liabilities
  
56,774,696
37,471,071

Creditors: amounts falling due after more than one year
 20 
(53,707,625)
(31,789,077)

Other provisions
  
(2,350,000)
(2,350,000)

Net assets
  
717,071
3,331,994


Capital and reserves
  

Called up share capital 
 24 
100
100

Foreign exchange reserve
 25 
(186,914)
(191,084)

Profit and loss account
 25 
903,885
3,522,978

Equity attributable to owners of the parent Company
  
717,071
3,331,994


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.


A M Morris
Director

The notes on pages 24 to 42 form part of these financial statements.

Page 15

 
NRLB LIMITED
REGISTERED NUMBER: 12348377

COMPANY BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
                                                                           Note
£
£

Fixed assets
  

Investments
 15 
10,000,940
10,000,840

Current assets
  

Debtors: amounts falling due within one year
 17 
560,997
60,873

  
560,997
60,873

Creditors: amounts falling due within one year
 19 
(33,568)
(35,308)

Net current assets
  
 
 
527,429
 
 
25,565

Creditors: amounts falling due after more than one year
 20 
(12,062,565)
(10,000,000)

Net (liabilities)/assets
  
(1,534,196)
26,405


Capital and reserves
  

Called up share capital 
 24 
100
100

Profit and loss account brought forward
  
26,305
18,394

(Loss)/profit for the year

  

(1,560,601)
7,911

Profit and loss account carried forward
  
(1,534,296)
26,305


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.


A M Morris
Director

The notes on pages 24 to 42 form part of these financial statements.

Page 16

 
NRLB LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 May 2022
100
(191,084)
3,522,978
3,331,994
3,331,994


Comprehensive income for the year

Loss for the year
-
-
(2,619,093)
(2,619,093)
(2,619,093)
Total comprehensive income for the year
-
-
(2,619,093)
(2,619,093)
(2,619,093)

Foreign exchange reserve differences
-
4,170
-
4,170
4,170


Total transactions with owners
-
4,170
-
4,170
4,170


At 30 April 2023
100
(186,914)
903,885
717,071
717,071


The notes on pages 24 to 42 form part of these financial statements.

Page 17

 
NRLB LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 July 2021
100
-
1,877,249
1,877,349
1,877,349


Comprehensive income for the period

Profit for the period
-
-
1,645,729
1,645,729
1,645,729
Total comprehensive income for the period
-
-
1,645,729
1,645,729
1,645,729

Foreign exchange reserve differences
-
(191,084)
-
(191,084)
(191,084)


Total transactions with owners
-
(191,084)
-
(191,084)
(191,084)


At 30 April 2022
100
(191,084)
3,522,978
3,331,994
3,331,994


The notes on pages 24 to 42 form part of these financial statements.

Page 18

 
NRLB LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
100
26,305
26,405


Comprehensive income for the period

Loss for the year
-
(1,560,601)
(1,560,601)


Total transactions with owners
-
-
-


At 30 April 2023
100
(1,534,296)
(1,534,196)


The notes on pages 24 to 42 form part of these financial statements.

Page 19

 
NRLB LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2021
100
18,394
18,494


Comprehensive income for the period

Profit for the period
-
7,911
7,911


Total transactions with owners
-
-
-


At 30 April 2022
100
26,305
26,405


The notes on pages 24 to 42 form part of these financial statements.

Page 20

 
NRLB LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(2,619,093)
1,645,729

Adjustments for:

Amortisation of intangible assets
129,598
100,690

Depreciation of tangible assets
2,448,987
1,704,895

Loss on disposal of tangible assets
8,406
78,169

Interest paid
2,426,687
226,653

Taxation charge
499,865
215,080

Increase in stocks
(10,530,309)
(14,021,133)

Increase in debtors
(1,573,702)
(1,186,492)

Increase in creditors
15,554,227
21,727,067

Increase in provisions
-
200,000

Corporation tax paid
(254,142)
(37,589)

Foreign exchange
(4,170)
(191,084)

Net cash generated from operating activities

6,086,354
10,461,985


Cash flows from investing activities

Purchase of intangible fixed assets
-
(62,646)

Purchase of tangible fixed assets
(4,273,011)
(2,916,559)

Sale of tangible fixed assets
1,339,457
155,000

HP interest paid
(324,864)
(182,185)

Net cash from investing activities

(3,258,418)
(3,006,390)
Page 21

 
NRLB LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(152,536)
(114,402)

New/(repayment of) finance leases
1,727,385
(639,189)

Interest paid
(2,101,823)
(44,468)

Net cash used in financing activities
(526,974)
(798,059)

Net increase in cash and cash equivalents
2,300,962
6,657,536

Cash and cash equivalents at beginning of year
5,830,606
(826,930)

Cash and cash equivalents at the end of year
8,131,568
5,830,606


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,131,568
5,830,606

8,131,568
5,830,606


The notes on pages 24 to 42 form part of these financial statements.

Page 22

 
NRLB LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023





At 1 May 2022
Cash flows
New finance leases
At 30 April 2023
£

£

£

£

Cash at bank and in hand

5,830,606

2,300,962

-

8,131,568

Debt due after 1 year

(1,093,633)

145,932

-

(947,701)

Debt due within 1 year

(202,893)

6,604

-

(196,289)

Finance leases

(3,449,105)

-

(1,727,385)

(5,176,490)


1,084,975
2,453,498
(1,727,385)
1,811,088

The notes on pages 24 to 42 form part of these financial statements.

Page 23

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

NRLB Limited ("the Company") is a private Company, limited by shares and incorporated in England and Wales. The address of its registered office is Anson House Schooner Court, Crossways Business Park, Dartford, Kent, United Kingdom, DA2 6QQ.
The principal activity of the Group continued to be that of demolition of buildings and disposal of materials extracted therefrom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. 

 
2.3

Going concern

The Group continues to adopt the going concern basis in preparing its financial statements.

Page 24

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 25

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of income and retained earnings turnover and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
Where contracts consist of demolition services and the extraction of scrap, they are treated as one for the purpose of accounting for long term contracts as they are, in effect, part of a single project with an overall profit margin. The scrap arising from the demolition work in reaching that stage of completion is taken to revenue on delivery. Any potential loss on a long-term demolition contract is provided in full as soon as it is foreseen.
In order to apply the above policy, the contracts are reviewed at the end of the year to determine the estimated costs to completion, the future sales value of the contracts and the estimated revenues to be earned on the sale of scrap.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual bases:

Freehold property
-
2%
straight line on buildings
Plant and machinery
-
10%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
5%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 26

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks represent work in progress in relation to scrap arising from demolition work. This is released to the statement of income and retained earnings over the term of the contract in accordance with the stage of completion. 
At each balance sheet date, work in progress is assessed for impairment and any impairment loss is recognised immediately in the statement of income and retained earnings.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

Page 27

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.16

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.17

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.18

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.19

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 28

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.20

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.21

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 29

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Determining the stage of completion on contracts requires the assessment of future costs to complete and the probability that the economic benefits will flow to the entity so that revenue can be measured reliably with reasonable certainty. In order to apply the above assessment, the directors will review the contracts at the end of the year and make estimates and assumptions based on historic experience and expected outcomes. This consideration will impact upon revenue, profits and the valuation of stock of scrap.
The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property, plant and equipment, and note 2.6 for useful economic lives for each class of asset.


4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Contract revenue
38,448,235
27,710,662

Scrap revenue
24,804,340
19,557,531

63,252,575
47,268,193


Analysis of turnover by country of destination:

Year ended
30 April
10 months ended
30 April
2023
2022
£
£

United Kingdom
53,688,616
42,407,224

Rest of Europe
9,563,959
4,860,969

63,252,575
47,268,193


Page 30

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Other operating income

Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Government grants receivable
-
41,962

Insurance claims receivable
5,888
-

5,888
41,962



6.


Operating profit

The operating profit is stated after charging:

Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Depreciation of tangible fixed assets
2,448,987
1,704,895

Amortisation of intangible fixed assets
129,598
100,690

Exchange differences
(29,191)
28,638

Other operating lease rentals
3,992,886
3,319,572

Loss on sale of tangible fixed assets
8,406
78,169


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the consolidated and parent Company's financial statements
15,000
15,000

Fees payable to the Group's auditor and its associates in respect of:

All other services
106,711
76,565

Page 31

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
11,139,555
9,203,681
307,551
251,595

Social security costs
1,231,230
1,068,648
41,738
32,981

Cost of defined contribution scheme
260,804
228,858
-
-

12,631,589
10,501,187
349,289
284,576


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
    Year ended  
30 April
   10 months ended
30 April
    Year ended  
30 April
   10 months ended
30 April
2023
 2022
2023
 2022









Contract and site
206
197
-
-



Administration
21
22
1
1



Distribution and maintenance
51
50
-
-

278
269
1
1


9.


Directors' remuneration

Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Directors' emoluments
500,659
447,340


The highest paid director received remuneration of £500,659 (2022 - £447,340).

Page 32

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

10.


Taxation


Year ended
30 April
10 months ended
30 April
2023
2022
£
£

Corporation tax


Current tax on profits for the year
499,865
215,080


Total current tax
499,865
215,080

Factors affecting tax charge for the year/period

The tax assessed for the year/period is higher than (2022 - higher than) the standard rate of corporation tax in the UK of19% (2022 - 19%). The differences are explained below:

Year ended
30 April
10 months ended
30 April
2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(2,119,228)
1,860,809


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
-
353,554

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
19,131

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
69,731
91,496

Capital allowances for the year/period in excess of depreciation
(642,245)
(170,870)

Utilisation of tax losses
-
(130,044)

Higher rate taxes on overseas earnings
105,867
-

Unrelieved tax losses carried forward
485,597
51,813

Tax rate increases during the year/period
97,303
-

Deferred tax not provided
383,612
-

Total tax charge for the year
499,865
215,080

Page 33

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
10.Taxation (continued)


Factors that may affect future tax charges

The Group has taxable losses to carry forward and utilise against future taxable profits of £12,323,166 (2022 - £5,752,096).
There was a corporation tax rate increase from 1 April 2023 from 19% to 25%, as enacted in the legislation.


11.


Interest payable and similar charges

Year ended
30 April
10 months ended
30 April
2023
2022
£
£


Bank interest payable
39,258
44,468

Other loan interest payable
2,062,565
-

Finance leases and hire purchase contracts
324,864
182,185

2,426,687
226,653


12.


Exceptional items

Year ended
30 April
10 months ended
30 April
2023
2022
£
£


Regulatory fine and associated legal costs
-
200,000

Page 34

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 May 2022
647,992



At 30 April 2023

647,992



Amortisation


At 1 May 2022
276,036


Charge for the year on owned assets
129,598



At 30 April 2023

405,634



Net book value



At 30 April 2023
242,358



At 30 April 2022
371,956



Page 35

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2022
3,695,000
22,218,205
1,305,585
2,477
27,221,267


Additions
-
3,851,275
361,090
60,646
4,273,011


Disposals
-
(1,786,529)
(38,654)
-
(1,825,183)



At 30 April 2023

3,695,000
24,282,951
1,628,021
63,123
29,669,095



Depreciation


At 1 May 2022
44,094
3,709,483
464,072
796
4,218,445


Charge for the year on owned assets
22,037
1,293,573
225,375
7,392
1,548,377


Charge for the year on financed assets
-
861,416
39,194
-
900,610


Disposals
-
(464,968)
(12,352)
-
(477,320)



At 30 April 2023

66,131
5,399,504
716,289
8,188
6,190,112



Net book value



At 30 April 2023
3,628,869
18,883,447
911,732
54,935
23,478,983



At 30 April 2022
3,650,906
18,508,722
841,513
1,681
23,002,822




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
3,628,869
3,650,906


Page 36

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
9,266,155
9,369,052

Motor vehicles
318,410
116,014

9,584,565
9,485,066


15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2022
10,000,840


Additions
100



At 30 April 2023
10,000,940





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Brown and Mason Group Limited
Ordinary
100%
Brown & Mason Holdings BV
Ordinary
100%
Brown & Mason BV*
Ordinary
100%
T & B Investments Limited**
Ordinary
100%
Alf Brown's (Transport) Limited**
Ordinary
100%
Site Contracting Services Limited
Ordinary
100%

*Brown & Mason BV is a wholly owned subsidiary of Brown & Mason Holdings BV.
**T & B Investments Limited and Alf Brown's (Transport) Limited are wholly owned subsidiaries of Brown and Mason Group Limited.

Page 37

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

16.


Stocks

Group
Group
2023
2022
£
£

Work in progress
40,590,634
30,060,325



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,175,235
2,338,667
-
-

Amounts owed by group undertakings
-
-
552,948
52,824

Other debtors
539,983
142,512
8,049
8,049

Prepayments and accrued income
281,013
288,993
-
-

Amounts recoverable on long term contracts
690,347
328,891
-
-

4,686,578
3,099,063
560,997
60,873



18.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
8,131,568
5,830,606


Page 38

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
196,289
202,893
-
-

Trade creditors
6,896,322
6,223,306
-
-

Corporation tax
466,276
215,080
-
-

Other taxation and social security
1,177,932
1,055,485
33,568
35,308

Obligations under finance lease and hire purchase contracts
1,846,012
1,603,661
-
-

Other creditors
842,644
289,967
-
-

Accruals and deferred income
8,929,950
15,303,309
-
-

20,355,425
24,893,701
33,568
35,308



20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
947,701
1,093,633
-
-

Net obligations under finance leases and hire purchase contracts
3,330,478
1,845,444
-
-

Other creditors
12,062,565
11,791,945
12,062,565
10,000,000

Accruals and deferred income
37,366,881
17,058,055
-
-

53,707,625
31,789,077
12,062,565
10,000,000


Secured loans
The bank loan of £1,143,990 (2022 - £1,296,526) is secured by means of legal charge over three properties held by the Group and any assets located at these properties.
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
Other creditors includes a loan with accumulated interest of £12,062,565
 (2022 - £11,791,945) secured by means of a legal fixed charge over all land and intellectual property owned by the Group.

Page 39

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
196,289
202,893

Amounts falling due 1-2 years

Bank loans
189,684
196,289

Amounts falling due 2-5 years

Bank loans
529,424
549,238

Amounts falling due after more than 5 years

Bank loans
228,593
348,106

1,143,990
1,296,526



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
1,846,012
1,603,661

Between 1-5 years
3,330,478
1,845,444

5,176,490
3,449,105

Page 40

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

23.


Provisions

2023
£

Group


At 1 May 2022
2,350,000

-

At 30 April 2023
2,350,000

The Group has addressed a civil regulatory matter relating to historic issues which arose under a separate legal entity for which the Group is considered to be the economic successor. The Group has fully cooperated with the matter and has subsequently reached a settlement pursuant to which a payment will be made in due course.


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



25.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £260,804 (2022 - £228,858). Contributions totalling £33,012 (2022 - £27,064) were payable to the fund at the balance sheet date and are included in creditors.

Page 41

 
NRLB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

27.


Commitments under operating leases

At 30 April 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
256,477
362,387

Later than 1 year and not later than 5 years
254,174
499,427

510,651
861,814

28.


Related party transactions

The Group have taken the exemption available under FRS 102 Section 33 'Related party transactions' not to disclose inter-group information.


29.


Controlling party

The Group is controlled by N T Brown. 

 
Page 42