Company registration number 10263467 (England and Wales)
NOTUL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NOTUL LIMITED
COMPANY INFORMATION
Directors
L J Day
S A Crawford
Secretary
L J Day
Company number
10263467
Registered office
Unit B Meadowbank Industrial Estate
Harrison Street
Rotherham
South Yorkshire
S61 1EE
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
NOTUL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
NOTUL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

Turnover has reduced, year on year, to £9,462,238 (2023: £11,448,707). This is the second consecutive year that revenue has reduced and reflects the continued focus by the Directors to target specialist schemes that deliver higher gross margins.

The ongoing eight National Highways SDF Framework lots have a further three years to run. Tendering activity, outside the framework has been very successful in the year. This adapted approach to pricing and tendering is now reaping rewards following an internal redistribution of responsibilities, resulting in an even greater emphasis on the submission of tenders designed to deliver high quality schemes at excellent margins for the business.

The business continues to benefit from the cost reduction programme carried out in the previous financial year. This programme has been followed up by reducing premises costs as a result of coming out of a smaller, secondary location and consolidating all activity into its Rotherham headquarters.

Further internal improvements to the commercial and finance processes mean our accounts and commercial teams are more aligned.

The business continued to slim down its asset base, disposing of a number of assets during the year. The Directors now feel the Group asset base is at the right level for the type and size of projects being undertaken. Mway Services continues to be the entity through which asset investment is made to service the rest of the Group.

Principal risks and uncertainties

Although the construction sector has, and continues to face significant challenges, the Directors are satisfied with the positioning of the business within the sector, focussing on core specialisms and projects that deliver strong margins. This represents a sea change from the previous approach which was to target large scale projects that ultimately delivered poor margins and carried significant levels of risk.

Bad and uncertain debt is much less of a risk for the business now than at any time in the last five years. Large-scale legacy contracts, coupled with Covid and Brexit, gave rise to the greatest risk for the business. Current schemes are either being run under the National Highways framework lots or are smaller projects in respect of which our exposure to risk is limited.

Key performance indicators

Gross margin 17.6% (2023: 19.0%)

 

EBITDA £763,177 (2023: £978,591)

 

Pre-tax profit £70,155 (2023: £379,251)

 

At the time of completing this report, the group surpassed 8 years without a RIDDOR, working in a high-risk environment.

Other information and explanations

The Directors are forecasting revenue of between £10m and £11m in the forthcoming year, this being slightly up on this year. Profitability is however expected to increase, due to a combination of a strong gross margin on the ongoing schemes and a much lower interest cost affecting net profit in the year. At the time of signing these accounts, the group’s quarter one results show a net profit more than 37% up against the year to date forecast at this stage of the year.

NOTUL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

On behalf of the board

S A Crawford
Director
16 August 2024
NOTUL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the group continued to be that of Highway Technology Works.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £68,917. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L J Day
S A Crawford
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

NOTUL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
S A Crawford
Director
16 August 2024
NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTUL LIMITED
- 5 -
Opinion

We have audited the financial statements of Notul Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 and parent 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.

Material uncertainty relating to going concern

We draw attention to note 1.4 in the financial statements which provides detail around management's assessment of going concern. Sensitivities within the cashflow forecasts present a risk to the group and potential breaches in bank covenants may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

 

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.

 

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOTUL LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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 laws and regulations, was as follows:

NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOTUL LIMITED
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP
16 August 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
NOTUL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
9,462,238
11,448,707
Cost of sales
(7,798,088)
(9,276,743)
Gross profit
1,664,150
2,171,964
Administrative expenses
(1,262,364)
(1,653,812)
Operating profit
4
401,786
518,152
Interest receivable and similar income
7
-
0
226
Interest payable and similar expenses
8
(331,631)
(151,004)
Amounts written off investments
9
-
11,877
Profit before taxation
70,155
379,251
Tax on profit
10
(42,000)
(125,250)
Profit for the financial year
28,155
254,001
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NOTUL LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
305,297
401,660
Tangible assets
13
574,705
943,841
880,002
1,345,501
Current assets
Stocks
16
194,829
134,727
Debtors
17
1,744,206
2,297,730
Cash at bank and in hand
300
233
1,939,335
2,432,690
Creditors: amounts falling due within one year
18
(3,206,825)
(3,915,612)
Net current liabilities
(1,267,490)
(1,482,922)
Total assets less current liabilities
(387,488)
(137,421)
Creditors: amounts falling due after more than one year
19
(1,144,987)
(1,396,292)
Provisions for liabilities
Deferred tax liability
22
15,000
(27,000)
(15,000)
27,000
Net liabilities
(1,547,475)
(1,506,713)
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
(1,547,575)
(1,506,813)
Total equity
(1,547,475)
(1,506,713)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
16 August 2024
S A Crawford
Director
Company registration number 10263467 (England and Wales)
NOTUL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
2,328,247
2,328,247
Current assets
Debtors
17
268,101
65,877
Creditors: amounts falling due within one year
18
(1,778,212)
(1,603,342)
Net current liabilities
(1,510,111)
(1,537,465)
Total assets less current liabilities
818,136
790,782
Creditors: amounts falling due after more than one year
19
(814,635)
(790,304)
Net assets
3,501
478
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
3,401
378
Total equity
3,501
478

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £71,940 (2023 - £113,802 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
16 August 2024
S A Crawford
Director
Company registration number 10263467 (England and Wales)
NOTUL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
100
(1,588,028)
(1,587,928)
(58,786)
(1,646,714)
Year ended 31 March 2023:
Profit and total comprehensive income
-
254,001
254,001
-
254,001
Dividends
11
-
(114,000)
(114,000)
-
(114,000)
Transfers
-
(58,786)
(58,786)
-
(58,786)
Other movements
-
-
-
58,786
58,786
Balance at 31 March 2023
100
(1,506,813)
(1,506,713)
-
0
(1,506,713)
Year ended 31 March 2024:
Profit and total comprehensive income
-
28,155
28,155
-
28,155
Dividends
11
-
(68,917)
(68,917)
-
(68,917)
Balance at 31 March 2024
100
(1,547,575)
(1,547,475)
-
0
(1,547,475)
NOTUL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
576
676
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
113,802
113,802
Dividends
11
-
(114,000)
(114,000)
Balance at 31 March 2023
100
378
478
Year ended 31 March 2024:
Profit and total comprehensive income
-
71,940
71,940
Dividends
11
-
(68,917)
(68,917)
Balance at 31 March 2024
100
3,401
3,501
NOTUL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,084,847
458,829
Interest paid
(331,631)
(151,004)
Net cash inflow from operating activities
753,216
307,825
Investing activities
Purchase of tangible fixed assets
(46,441)
(227,096)
Proceeds from disposal of tangible fixed assets
320,978
198,523
Proceeds from disposal of subsidiaries, net of cash disposed
-
(11,886)
Proceeds from disposal of investments
-
11,877
Decrease / (increase) in directors loan debtors
65,777
(29,649)
Interest received
-
0
226
Net cash generated from/(used in) investing activities
340,314
(58,005)
Financing activities
Proceeds from borrowings
195,000
-
Repayment of borrowings
(173,402)
(117,748)
Payment of finance leases obligations
(273,877)
(206,678)
Dividends paid to equity shareholders
(68,917)
(114,000)
Net cash used in financing activities
(321,196)
(438,426)
Net increase/(decrease) in cash and cash equivalents
772,334
(188,606)
Cash and cash equivalents at beginning of year
(968,051)
(779,445)
Cash and cash equivalents at end of year
(195,717)
(968,051)
Relating to:
Cash at bank and in hand
300
233
Bank overdrafts included in creditors payable within one year
(196,017)
(968,284)
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Notul Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit B Meadowbank Industrial Estate, Harrison Street, Rotherham, South Yorkshire, S61 1EE.

 

The group consists of Notul Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Notul Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Mway Services Limited and Mway Communications Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Mway Services Limited and Mway Communications Limited for the 12 month period. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

The group profit and loss account and statement of cash flows also include the results and cash flows of Neural Mind Limited for the 9 month period to the point of its disposal.

1.4
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the group will continue in operational existence for the foreseeable future. In considering the status of the group, the directors have reviewed the balance sheet position and the monthly management accounts that are produced to assess the ongoing financial performance and standing. They then reviewed their current order book, this being confirmed work that they are due to deliver over the next 12 months and beyond, and included a very modest element of speculative work, to produce a forecast.

The group has an agreed Time to Pay (“TTP”) repayment schedule with HMRC in respect of monies owed. This agreement has been in place since September 2023 and at the time of signing only one monthly repayment amount remains.

The level of overall underlying external debt in the group has again reduced over the last year, most notably through the repayment of amounts owed to HMRC, referred to above.

The group continues to work closely with its bank and has agreed the ongoing provision of its current facility. The medium / long term objective is for the group to gradually reduce the size of the facility over the next couple of years, which will be made possible by the anticipated cash generation through that period. It is expected that this reduction will commence in the second half of the next financial year.

The financial forecast prepared for 2024/25 shows a modest increase in revenue but a significant improvement in EBITDA and net profit. Further to this, for the 2024/25 year to date, the group’s financial results are considerably better than forecast at this stage.

The directors do acknowledge a material uncertainty however, that potential breaches in bank covenants and sensitivities within the cashflow forecasts represent a degree of risk, and the company is reliant in that sense on the continued support of the bank and funders.

The directors' review of the management information, forecasts and orderbook has given them comfort that the group will be able to meet its obligations over the coming year and into the future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue represents amounts receivable in relation to long term construction contracts and is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the term of the lease
Plant and equipment
20-50% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
25-33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

 

See note 2 for further information on the construction contract accounting policy.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.13
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Share capital issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. The useful economic lives and residual values are re-assessed 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 12 for the carrying amount of the property, plant and equipment and accounting policy note for useful economic lives for each class of assets.

Turnover from long term construction contracts

Turnover is generated from long term contracts. The company recognises contract revenue and contract costs associated with each contract using the percentage of completion method. The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract.

At each month end, all contracts are valued by the internal quantity surveyor allocated to the project. The valuation is compared to the expected total turnover on the contract and this forms the basis for the stage of completion.

This method ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors:

- Variations to overall contract value (expected turnover) which have been agreed with the client

- Costs incurred to date allocated to the project

The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project.

When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably.

Stock

Stock is reviewed for obsolescence with reference to the holding quantity, purchases in the year and volume consumed. Stock aged more than one year is provided for in full. Further to this, management review the stock on a line by line basis for those items not fully provided for that we know have become obsolete during the period – e.g. purchased for a specific scheme which has now finished and required specialist stock. Management then review for items recently purchased that may be inappropriately provided for, and for any known orders to reduce the provision accordingly.

3
Turnover and other revenue

All of the company's turnover relates to UK sales from its principal activity. Other income consists of:

 

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other revenue
Interest income
-
226
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,450
4,120
Depreciation of owned tangible fixed assets
65,363
130,492
Depreciation of tangible fixed assets held under finance leases
199,665
221,298
(Profit)/loss on disposal of tangible fixed assets
(168,615)
808
Amortisation of intangible assets
96,363
96,772
Operating lease charges
106,376
109,516
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
14
19
-
-
Trading
51
78
-
-
Total
65
97
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,736,937
3,488,704
-
0
-
0
Social security costs
292,823
409,338
-
-
Pension costs
83,059
72,861
-
0
-
0
3,112,819
3,970,903
-
0
-
0
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
97,856
144,838
Company pension contributions to defined contribution schemes
26,167
829
124,023
145,667
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
226
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
210,432
57,216
Other interest on financial liabilities
15,148
13,951
Interest on finance leases and hire purchase contracts
26,888
37,613
Other interest
79,163
42,224
Total finance costs
331,631
151,004
9
Amounts written off investments
2024
2023
£
£
Gain on disposal of financial assets held at cost
-
11,877

During the previous year, the company disposed of a partly owned subsidiary, Neural Mind Limited, which was dissolved on 20 December 2022. This resulted in a profit on disposal of £11,877, which is reflected in comparative Profit and Loss.

 

The transaction resulted also resulted in amounts of £58,786 attributed to non-controlling interests brought forward being transferred to reserves.

10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
4,020
-
0
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
37,980
125,250
Total tax charge
42,000
125,250

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
70,155
379,251
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
17,539
72,058
Tax effect of expenses that are not deductible in determining taxable profit
39,651
16,038
Change in unrecognised deferred tax assets
(23,793)
7,893
Adjustments in respect of prior years
4,020
(2,751)
Permanent capital allowances in excess of depreciation
4,401
3,188
Other permanent differences
182
-
0
Effect of change in rate of deferred tax
-
0
28,824
Taxation charge
42,000
125,250
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
68,917
114,000
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
996,877
53,531
1,050,408
Amortisation and impairment
At 1 April 2023
595,217
53,531
648,748
Amortisation charged for the year
96,363
-
0
96,363
At 31 March 2024
691,580
53,531
745,111
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Intangible fixed assets
(Continued)
- 25 -
Carrying amount
At 31 March 2024
305,297
-
0
305,297
At 31 March 2023
401,660
-
0
401,660
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
202,875
234,474
33,460
105,237
1,184,566
1,760,612
Additions
-
0
78,561
7,879
-
0
110,775
197,215
Disposals
-
0
(36,775)
-
0
-
0
(542,127)
(578,902)
Transfers
-
0
(12,697)
-
0
-
0
12,697
-
0
At 31 March 2024
202,875
263,563
41,339
105,237
765,911
1,378,925
Depreciation and impairment
At 1 April 2023
177,152
92,638
30,824
76,598
439,559
816,771
Depreciation charged in the year
20,287
41,989
2,589
21,442
178,721
265,028
Eliminated in respect of disposals
-
0
(2,452)
-
0
-
0
(275,127)
(277,579)
At 31 March 2024
197,439
132,175
33,413
98,040
343,153
804,220
Carrying amount
At 31 March 2024
5,436
131,388
7,926
7,197
422,758
574,705
At 31 March 2023
25,723
141,836
2,636
28,639
745,007
943,841
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
67,464
43,752
-
0
-
0
Motor vehicles
427,895
695,424
-
0
-
0
495,359
739,176
-
-
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,328,247
2,328,247
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
2,328,247
Carrying amount
At 31 March 2024
2,328,247
At 31 March 2023
2,328,247
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Mway Communications Limited
England & Wales
Ordinary
0
100.00
Mway Services Limited
England & Wales
Ordinary
100.00
-
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
194,829
134,727
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
969,896
245,081
-
0
-
0
Gross amounts owed by contract customers
676,085
1,820,480
-
0
-
0
Amounts owed by group undertakings
-
-
268,000
-
Other debtors
101
66,096
101
65,877
Prepayments and accrued income
98,124
166,073
-
0
-
0
1,744,206
2,297,730
268,101
65,877
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
196,017
968,284
-
0
8
Obligations under finance leases
21
188,440
307,462
-
0
-
0
Other borrowings
20
258,190
113,997
-
0
-
0
Trade creditors
1,294,228
1,469,279
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,567,925
1,543,751
Other taxation and social security
626,603
681,541
-
-
Other creditors
254,488
103,753
210,287
59,583
Accruals and deferred income
388,859
271,296
-
0
-
0
3,206,825
3,915,612
1,778,212
1,603,342
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
222,654
375,695
-
0
-
0
Other borrowings
20
107,698
230,293
-
0
-
0
Other creditors
814,635
790,304
814,635
790,304
1,144,987
1,396,292
814,635
790,304
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
196,017
968,284
-
0
8
Other loans
365,888
344,290
-
0
-
0
561,905
1,312,574
-
8
Payable within one year
454,207
1,082,281
-
0
8
Payable after one year
107,698
230,293
-
0
-
0

The bank overdraft is secured by a fixed and floating charge over the companies assets. Other borrowings of £365,888 (2023: £244,290) are secured by a guarantee from the Directors.

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
188,440
307,462
-
0
-
0
In two to five years
222,654
375,695
-
0
-
0
411,094
683,157
-
-

Finance lease payments represent rentals payable by the company or group for certain motor vehicles and plant & machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
128,000
198,200
Tax losses
(107,000)
(219,500)
Short term timing differences
(6,000)
(5,700)
15,000
(27,000)
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(27,000)
-
Charge to profit or loss
42,000
-
Liability at 31 March 2024
15,000
-
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,059
72,861

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
67,383
44,280
-
-
Between two and five years
268,667
5,667
-
-
In over five years
328,083
-
-
-
664,133
49,947
-
-
26
Related party transactions

In the year, sales of £12,355 (2023: £4,529) were made to Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. A debtor balance remained outstanding at the year end of £10,857 (2023: £4,529) which is included in trade debtors.

 

In the year, there was £335,458 of purchases from Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. A creditor balance remained outstanding at the year end of £147,847 which is included in trade creditors.

 

In the year, tangible fixed assets with a net book value of £89,845 (2023: £138,839) were disposed of to Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. Proceeds on disposal were received of £137,500 (2023: £133,187).

NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
28,155
254,001
Adjustments for:
Taxation charged
42,000
125,250
Finance costs
331,631
151,004
Investment income
-
0
(226)
(Gain)/loss on disposal of tangible fixed assets
(168,615)
808
Amortisation and impairment of intangible assets
96,363
96,772
Depreciation and impairment of tangible fixed assets
265,028
351,790
Other gains and losses
-
(11,877)
Movements in working capital:
Increase in stocks
(60,102)
(104,727)
Decrease in debtors
487,747
251,676
Increase/(decrease) in creditors
62,640
(655,642)
Cash generated from operations
1,084,847
458,829
28
Analysis of changes in net debt - group
1 April 2023
Cash flows
New finance leases
Other non-cash changes
31 March 2024
£
£
£
£
£
Cash at bank and in hand
233
67
-
-
300
Bank overdrafts
(968,284)
772,267
-
-
(196,017)
(968,051)
772,334
-
-
(195,717)
Borrowings excluding overdrafts
(344,290)
(21,598)
-
-
(365,888)
Obligations under finance leases
(683,157)
273,877
(309,427)
307,613
(411,094)
(1,995,498)
1,024,613
(309,427)
307,613
(972,699)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.100S A CrawfordS A CrawfordL J 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