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REGISTERED NUMBER: SC235198 (Scotland)















Unaudited Financial Statements for the Year Ended 29 September 2023

for

NORCO GROUP LIMITED

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Contents of the Financial Statements
for the Year Ended 29 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NORCO GROUP LIMITED

Company Information
for the Year Ended 29 September 2023







DIRECTORS: A M Mccarle
L G Robertson
J P Roy
R Sharp
L J Grove





REGISTERED OFFICE: Norco House
Units 3-6 Pitmedden Road
Dyce
Aberdeen
AB21 0DT





REGISTERED NUMBER: SC235198 (Scotland)






NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Balance Sheet
29 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,475,504 1,429,800

CURRENT ASSETS
Stocks 827,527 334,323
Debtors 5 4,511,428 3,580,150
Cash at bank 137,288 230,252
5,476,243 4,144,725
CREDITORS
Amounts falling due within one year 6 3,379,204 1,719,670
NET CURRENT ASSETS 2,097,039 2,425,055
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,572,543

3,854,855

CREDITORS
Amounts falling due after more than one
year

7

(224,085

)

(891,899

)

PROVISIONS FOR LIABILITIES (188,525 ) (169,653 )
NET ASSETS 3,159,933 2,793,303

CAPITAL AND RESERVES
Called up share capital 120,000 120,000
Share premium 150,000 150,000
Capital redemption reserve 30,000 30,000
Retained earnings 2,859,933 2,493,303
3,159,933 2,793,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Balance Sheet - continued
29 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





R Sharp - Director


NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements
for the Year Ended 29 September 2023


1. STATUTORY INFORMATION

Norco Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 20% on cost
Plant and machinery - at varying rates on cost
Batteries - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 108 (2022 - 111 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Batteries Totals
£    £    £    £    £   
COST
At 30 September 2022 791,902 216,720 2,060,302 2,516,645 5,585,569
Additions - 8,752 253,327 130,256 392,335
Disposals - - (539,177 ) (52,953 ) (592,130 )
At 29 September 2023 791,902 225,472 1,774,452 2,593,948 5,385,774
DEPRECIATION
At 30 September 2022 59,367 208,360 1,793,916 2,094,126 4,155,769
Charge for year 15,838 4,276 163,613 157,367 341,094
Eliminated on disposal - - (538,091 ) (48,502 ) (586,593 )
At 29 September 2023 75,205 212,636 1,419,438 2,202,991 3,910,270
NET BOOK VALUE
At 29 September 2023 716,697 12,836 355,014 390,957 1,475,504
At 29 September 2022 732,535 8,360 266,386 422,519 1,429,800

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,060,671 1,622,359
Amounts owed by group undertakings 2,103,777 1,722,483
Other debtors 346,980 235,308
4,511,428 3,580,150

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 597,008 148,323
Hire purchase contracts 93,767 120,148
Trade creditors 1,143,268 612,239
Taxation and social security 466,563 308,592
Other creditors 1,078,598 530,368
3,379,204 1,719,670

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 126,583 723,592
Hire purchase contracts 97,502 168,307
224,085 891,899

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 3,480 13,920

8. LOANS

The company's bankers hold bonds and floating charges over the assets of the company in respect of bank borrowings and commercial finance facilities. Hire purchase contracts are secured against the assets to which they relate.

9. POST BALANCE SHEET EVENTS

The outstanding mortgage of £548,008.28 was paid back on 21/06/2024.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Sharp.