IRIS Accounts Production v24.2.0.383 02001873 Board of Directors 1.1.23 31.12.23 31.12.23 layers of asphalt surfaces and felt and tile roofing contractors. true false true true false false false true false Ordinary "A" 1.00000 Ordinary "B" 1.00000 Ordinary "C" 1.00000 Ordinary "D" 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020018732022-12-31020018732023-12-31020018732023-01-012023-12-31020018732021-12-31020018732022-01-012022-12-31020018732022-12-3102001873ns15:EnglandWales2023-01-012023-12-3102001873ns14:PoundSterling2023-01-012023-12-3102001873ns10:Director12023-01-012023-12-3102001873ns10:CompanySecretary12023-01-012023-12-3102001873ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102001873ns10:FRS1022023-01-012023-12-3102001873ns10:Audited2023-01-012023-12-3102001873ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102001873ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102001873ns10:FullAccounts2023-01-012023-12-310200187312023-01-012023-12-3102001873ns10:OrdinaryShareClass22023-01-012023-12-3102001873ns10:OrdinaryShareClass32023-01-012023-12-3102001873ns10:OrdinaryShareClass42023-01-012023-12-3102001873ns10:OrdinaryShareClass52023-01-012023-12-3102001873ns10:Director22023-01-012023-12-3102001873ns10:Director32023-01-012023-12-3102001873ns10:Director42023-01-012023-12-3102001873ns10:Director52023-01-012023-12-3102001873ns10:RegisteredOffice2023-01-012023-12-3102001873ns5:CurrentFinancialInstruments2023-12-3102001873ns5:CurrentFinancialInstruments2022-12-3102001873ns5:ShareCapital2023-12-3102001873ns5:ShareCapital2022-12-3102001873ns5:SharePremium2023-12-3102001873ns5:SharePremium2022-12-3102001873ns5:RetainedEarningsAccumulatedLosses2023-12-3102001873ns5:RetainedEarningsAccumulatedLosses2022-12-3102001873ns5:ShareCapital2021-12-3102001873ns5:RetainedEarningsAccumulatedLosses2021-12-3102001873ns5:SharePremium2021-12-3102001873ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102001873ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102001873ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102001873ns5:PlantMachinery2023-01-012023-12-3102001873ns5:MotorVehicles2023-01-012023-12-310200187312023-01-012023-12-3102001873ns5:OwnedAssets2023-01-012023-12-3102001873ns5:OwnedAssets2022-01-012022-12-3102001873ns10:OrdinaryShareClass22022-01-012022-12-3102001873ns10:OrdinaryShareClass32022-01-012022-12-3102001873ns10:OrdinaryShareClass42022-01-012022-12-3102001873ns10:OrdinaryShareClass52022-01-012022-12-3102001873ns5:NetGoodwill2022-12-3102001873ns5:NetGoodwill2023-12-3102001873ns5:NetGoodwill2022-12-3102001873ns5:PlantMachinery2022-12-3102001873ns5:MotorVehicles2022-12-3102001873ns5:PlantMachinery2023-12-3102001873ns5:MotorVehicles2023-12-3102001873ns5:PlantMachinery2022-12-3102001873ns5:MotorVehicles2022-12-3102001873ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102001873ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102001873ns5:Non-currentFinancialInstruments2023-12-3102001873ns5:Non-currentFinancialInstruments2022-12-3102001873ns5:DeferredTaxation2022-12-3102001873ns5:DeferredTaxation2023-12-3102001873ns10:OrdinaryShareClass22023-12-3102001873ns10:OrdinaryShareClass32023-12-3102001873ns10:OrdinaryShareClass42023-12-3102001873ns10:OrdinaryShareClass52023-12-3102001873ns5:RetainedEarningsAccumulatedLosses2022-12-3102001873ns5:SharePremium2022-12-31
REGISTERED NUMBER: 02001873 (England and Wales)











Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2023

for

NRA Roofing & Flooring Services Limited

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


NRA Roofing & Flooring Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K Fletcher
Mrs A Fletcher
D Fletcher
J A Fletcher
E T McLoughlin





SECRETARY: J A Fletcher





REGISTERED OFFICE: Rock House
Millership Way
Ilkeston
Derbyshire
DE7 8DW





REGISTERED NUMBER: 02001873 (England and Wales)





AUDITORS: Mabe Allen LLP
Chartered Accountants & Statutory Auditors
50 Osmaston Road
Derby
DE1 2HU

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties that we face.

Company turnover for the year was £42.3 million (2022 : £43.4 million) and pre-tax profits for the year amounted to £3,966,000 (2022 : £4,111,000).

Post-tax profits for the year amounted to £3,005,000 (2022 : £3,316,000).

The company remains well capitalised with net assets of £3,573,000 (2022 : £3,568,000) and maintains a strong liquidity position, the cash balance at 31 December 2023 being £4,729,000 (2022 : £3,926,000). The company has no external borrowings and, therefore, is not exposed to current high interest rates. This strong liquidity position, coupled with zero debt obligations, will enable the company to take advantage of any opportunities that may arise.

As installing contractors of all types of roofing products including asphalt, bituminous felt, liquid and slating and tiling, NRA Roofing & Flooring Services Limited continues to operate within its core geographical area of the wider Midlands area as well as on long-term customer projects throughout the whole of the UK.

We consider that our key financial performance indicators are those that communicate the financial performance of the group, these being turnover and gross margin. These are shown below.


2023 2022
£'000 £'000
Turnover 42,327 43,380
Gross Profit 8,717 8,111
Gross Profit Margin 20.59% 18.70%

During 2023, the company, along with most other businesses, continued to be impacted by the widespread increases in the cost of labour, plant and materials experienced over the past twelve months. Notwithstanding these challenges, the company has succeeded in improving gross profit margins.

Despite the challenging economic outlook, the current year has started well, with a very strong order book and the directors are cautiously optimistic of another successful year.


NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Our ability to identify and manage the risks to our business is an important element of ensuring our continued success.

The directors have identified the following key operational risks:

Human resource - The company recognises a key factor in its continued success is its ability to attract, retain and develop the best workforce that it can. The company has an excellent record in retaining its key staff and will strive to continue this by ensuring staff development and training is encouraged at all levels.

Health & safety - The health and safety of all employees, customers and contractors is of vital importance to the company. The company has in place, processes and procedures designed to mitigate health and safety risks. These policies are regularly reviewed to ensure all are up to date and meet the requirements of all relevant parties.

Customers and suppliers - The credit-worthiness of customers and key suppliers is reviewed on an on-going basis and appropriate actions are taken in order to mitigate any financial exposure.

Construction contract management - The company recognises the fact that efficiently managing each contract is of vital importance to the group's continued success. To remain competitive, we continue to focus on delivering and completing our projects to the highest possible standards, on time and on budget. Strong management and financial controls are in place in respect of contract management.

Market conditions - As contractors within the construction sector, our operations are heavily influenced by macro-economic factors, including public sector maintenance budgets, over which we have little control. Where possible, this is mitigated by having a diversified client base across the public and private sectors.

ON BEHALF OF THE BOARD:





J A Fletcher - Secretary


17 September 2024

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Report of the Directors
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary "A" £1 - £600
Ordinary "B" £1 - £600
Ordinary "C" £1 - £600
Ordinary "D" £1 - £600
Ordinary "E" £1 - £600

The total distribution of dividends for the year ended 31 December 2023 will be £ 3,000,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

K Fletcher
Mrs A Fletcher
D Fletcher
J A Fletcher
E T McLoughlin

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Report of the Directors
for the Year Ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



J A Fletcher - Secretary


17 September 2024

Report of the Independent Auditors to the Members of
NRA Roofing & Flooring Services Limited


Opinion
We have audited the financial statements of NRA Roofing & Flooring Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
NRA Roofing & Flooring Services Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

Report of the Independent Auditors to the Members of
NRA Roofing & Flooring Services Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance including targets for income and net profit;

- Results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance, including any related to the General Data Protection Regulation or Bribery Act 2010;

- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- The internal controls to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team and including relevant internal tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the ability of management to manipulate revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and the Financial Reporting Standard 102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These include The General Data Protection Regulation, the Bribery Act 2010 and Health and Safety policies.

Audit Response to Risks Identified

Our procedures to respond to risks identified above include the following:


Report of the Independent Auditors to the Members of
NRA Roofing & Flooring Services Limited

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements:

- Enquiring of management and directors concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- in addressing the fraud risk in revenue recognition we have tested a sample of revenue recorded in the year through agreement to the relevant sales terms and conditions and bank statements. Additionally, at an analytical review level, we developed an expectation of the revenue with reference to our experience of the client and discussions on the recognition and volatility of revenue in the year ; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kevin Slack FCA (Senior Statutory Auditor)
for and on behalf of Mabe Allen LLP
Chartered Accountants & Statutory Auditors
50 Osmaston Road
Derby
DE1 2HU

17 September 2024

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 42,327,130 43,380,460

Cost of sales 33,610,284 35,269,950
GROSS PROFIT 8,716,846 8,110,510

Administrative expenses 4,812,416 4,037,752
3,904,430 4,072,758

Other operating income 61,932 38,409
OPERATING PROFIT 5 3,966,362 4,111,167

Interest receivable and similar income 15 11
PROFIT BEFORE TAXATION 3,966,377 4,111,178

Tax on profit 6 961,194 795,522
PROFIT FOR THE FINANCIAL YEAR 3,005,183 3,315,656

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,005,183

3,315,656

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 2 2
Tangible assets 9 60,448 71,247
60,450 71,249

CURRENT ASSETS
Stocks 10 214,281 153,319
Debtors 11 7,298,383 8,705,863
Cash at bank and in hand 4,728,560 3,926,150
12,241,224 12,785,332
CREDITORS
Amounts falling due within one year 12 8,728,436 9,288,526
NET CURRENT ASSETS 3,512,788 3,496,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,573,238

3,568,055

CAPITAL AND RESERVES
Called up share capital 14 5,000 5,000
Share premium 15 169,500 169,500
Retained earnings 15 3,398,738 3,393,555
SHAREHOLDERS' FUNDS 3,573,238 3,568,055

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





D Fletcher - Director


NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 5,000 3,277,899 169,500 3,452,399

Changes in equity
Total comprehensive income - 3,315,656 - 3,315,656
Dividends - (3,200,000 ) - (3,200,000 )
Balance at 31 December 2022 5,000 3,393,555 169,500 3,568,055

Changes in equity
Total comprehensive income - 3,005,183 - 3,005,183
Dividends - (3,000,000 ) - (3,000,000 )
Balance at 31 December 2023 5,000 3,398,738 169,500 3,573,238

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

NRA Roofing & Flooring Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same financial statements.

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 £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

As permitted by FRS 102 Section 1.12, the company has taken advantage of the disclosure exemptions available in relation to the presentation of a statement of cash flows. Where required, equivalent disclosures are given in the consolidated financial statements of NRA Group Limited, a company registered in England and Wales.

Turnover and profit recognition
Turnover consists entirely of goods and services provided in the performance of construction contracts and represents net invoiced sales of goods and applications for payment, excluding value added tax.

Turnover is derived from increases in periodic valuations and is normally determined in agreement with external quantity surveyor valuations.

Profit on contracts is calculated in accordance with applicable accounting standards and industry practice. Profit recognition is based on an assessment of the overall profitability on individual contracts and is recognised when the outcome of a contract can be assessed with reasonable certainty.

Provision is made for losses incurred or foreseen on individual contracts as they become apparent.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost and 15% on cost
Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Basic financial instruments
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Pension costs and other post-retirement benefits
The company operates defined contribution pension schemes. Contributions payable for the year are charged in the profit and loss account.


NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below.

Recognition of profit on long term contracts

Profit recognition is the area requiring the greatest use of judgement and is based on an assessment of the overall profitability forecast on individual contracts. Losses are recognised as soon as they are foreseen. Profits are recognised by the directors when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the accounting date. Contract reviews are undertaken on a monthly basis by the directors.

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices, applications and retentions where recoverability is uncertain.

The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and change the profit and loss account.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,628,480 3,008,211
Social security costs 359,597 307,843
Other pension costs 56,401 52,569
4,044,478 3,368,623

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administrative 29 26
Productive labour 31 36
60 62

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 20,974 116,359
Profit on disposal of fixed assets (39,530 ) (29,030 )
Auditors' remuneration 14,305 13,500

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 961,492 820,405

Deferred tax (298 ) (24,883 )
Tax on profit 961,194 795,522

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,966,377 4,111,178
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

932,892

781,124

Effects of:
Expenses not deductible for tax purposes 28,302 19,729
company
Future increase in rate on deferred tax - (5,331 )
Total tax charge 961,194 795,522

7. DIVIDENDS
2023 2022
£    £   
Ordinary "A" shares of £1 each
Interim 870,000 928,000
Ordinary "B" shares of £1 each
Interim 180,000 192,000
Ordinary "C" shares of £1 each
Interim 750,000 800,000
Ordinary "D" shares of £1 each
Interim 750,000 800,000
Ordinary "E" shares of £1 each
Interim 450,000 480,000
3,000,000 3,200,000

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 30,001
AMORTISATION
At 1 January 2023
and 31 December 2023 29,999
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 284,083 84,700 368,783
Additions 18,645 - 18,645
Disposals - (84,700 ) (84,700 )
At 31 December 2023 302,728 - 302,728
DEPRECIATION
At 1 January 2023 221,306 76,230 297,536
Charge for year 20,974 - 20,974
Eliminated on disposal - (76,230 ) (76,230 )
At 31 December 2023 242,280 - 242,280
NET BOOK VALUE
At 31 December 2023 60,448 - 60,448
At 31 December 2022 62,777 8,470 71,247

10. STOCKS
2023 2022
£    £   
Stocks 81,655 80,871
Work-in-progress 132,626 72,448
214,281 153,319

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 6,087,304 6,566,105
Amounts owed by group undertakings 529,799 1,170,153
Social security & other taxes 52,163 91,300
Deferred tax asset 22,509 22,211
Prepayments and accrued income 294,375 253,251
6,986,150 8,103,020

Amounts falling due after more than one year:
Trade debtors 312,233 602,843

Aggregate amounts 7,298,383 8,705,863

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,538,625 6,046,553
Amounts owed to group undertakings 2,252,600 2,453,463
Corporation tax 150,830 -
Social security and other taxes 434,412 362,553
Accruals 351,969 425,957
8,728,436 9,288,526

13. DEFERRED TAX
£   
Balance at 1 January 2023 (22,211 )
Accelerated capital allowances (298 )
Balance at 31 December 2023 (22,509 )

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,450 Ordinary "A" £1 1,450 1,450
300 Ordinary "B" £1 300 300
1,250 Ordinary "C" £1 1,250 1,250
1,250 Ordinary "D" £1 1,250 1,250
750 Ordinary "E" £1 750 750
5,000 5,000

15. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,393,555 169,500 3,563,055
Profit for the year 3,005,183 3,005,183
Dividends (3,000,000 ) (3,000,000 )
At 31 December 2023 3,398,738 169,500 3,568,238

16. ULTIMATE PARENT COMPANY

The company is a 100% owned subsidiary of NRA Group Limited, a company registered in England & Wales.

Both the company and its parent share the same registered office address.

NRA Roofing & Flooring Services Limited (Registered number: 02001873)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.