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REGISTERED NUMBER: 11086332 (England and Wales)











Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

NRA Group Limited

NRA Group Limited (Registered number: 11086332)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive
Income

10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


NRA Group 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: 11086332 (England and Wales)





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

NRA Group Limited (Registered number: 11086332)

Group Strategic Report
for the Year Ended 31 December 2023


The directors present their strategic report of the company and the group 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.

Group turnover for the year was £49.8 million (2022 : £46.4 million) and pre-tax profits for the year amounted to £686,000 (2022 : £410,000).

Post-tax profits, attributable to the owners of the parent, for the year amounted to £493,000 (2022 : £307,000).

The group remains well capitalised with net assets of £5,468,000 (2022 : £5,176,000) and maintains a strong liquidity position, the cash balance at 31 December 2023 being £5,667,000 (2022 : £4,939,000). The group 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 group 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.

The group's scaffolding subsidiary, Safe Access Scaffolding (Midlands) Limited, continues to provide scaffolding services for external customers across the region in addition to providing scaffolding services to the other group companies.

The group's third trading subsidiary, NRA Construct Limited continues to expand and provides general construction services to both the other companies within the group and external public and private sector clients.

The group continues to diversify its portfolio through Rock House Developments (Midlands) Limited into residential property development. In early 2023, Rock House Developments completed its first housing development and has acquired two further local plots of land, with a view to constructing houses for sale during 2024 and 2025.

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 49,847 46,424
Gross Profit 10,788 9,715
Gross Profit Margin 21.64% 20.92%

During 2023, the group, along with most other businesses, continued to be impacted by widespread increases in the cost of labour, plant and materials. Notwithstanding these challenges, the group 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 Group Limited (Registered number: 11086332)

Group 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 group recognises a key factor in its continued success is its ability to attract, retain and develop the best workforce that it can. The group 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 group. The group 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 measures and controls are in place to mitigate any financial exposure.

Construction contract management - The group 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 Group Limited (Registered number: 11086332)

Report of the Directors
for the Year Ended 31 December 2023


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

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary "A" £1 - £40 - 13 December 2023
Ordinary "B" £1 - £40 - 13 December 2023
Ordinary "C" £1 - £40 - 13 December 2023
Ordinary "D" £1 - £40 - 13 December 2023
Ordinary "E" £1 - £40 - 13 December 2023

The total distribution of dividends for the year ended 31 December 2023 will be £ 200,000 .

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 Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NRA Group Limited (Registered number: 11086332)

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 group'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 group'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 Group Limited


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

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
NRA Group 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 Regulations 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 Group 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;

- Testing all material consolidation adjustments.

- 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 Group Limited (Registered number: 11086332)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 4 49,846,531 46,424,369

Cost of sales 39,058,712 36,708,894
GROSS PROFIT 10,787,819 9,715,475

Administrative expenses 10,163,967 9,344,218
623,852 371,257

Other operating income 61,932 38,409
OPERATING PROFIT 6 685,784 409,666

Interest receivable and similar income 27 11
PROFIT BEFORE TAXATION 685,811 409,677

Tax on profit 7 193,305 103,154
PROFIT FOR THE FINANCIAL YEAR 492,506 306,523

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

492,506

306,523

Profit attributable to:
Owners of the parent 492,506 306,523

Total comprehensive income attributable to:
Owners of the parent 492,506 306,523

NRA Group Limited (Registered number: 11086332)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2 2
Tangible assets 11 2,544,941 2,141,572
Investments 12 - -
2,544,943 2,141,574

CURRENT ASSETS
Stocks 13 955,957 1,497,362
Debtors 14 7,643,640 8,403,052
Cash at bank and in hand 5,667,474 4,939,374
14,267,071 14,839,788
CREDITORS
Amounts falling due within one year 15 11,062,843 11,561,467
NET CURRENT ASSETS 3,204,228 3,278,321
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,749,171

5,419,895

PROVISIONS FOR LIABILITIES 17 280,962 244,192
NET ASSETS 5,468,209 5,175,703

CAPITAL AND RESERVES
Called up share capital 18 5,000 5,000
Share premium 19 169,500 169,500
Retained earnings 19 5,293,709 5,001,203
SHAREHOLDERS' FUNDS 5,468,209 5,175,703

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 Group Limited (Registered number: 11086332)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,027,947 1,587,990
Investments 12 255,002 255,002
2,282,949 1,842,992

CURRENT ASSETS
Debtors 14 3,392,778 3,173,445
Cash at bank 24,928 740,980
3,417,706 3,914,425
CREDITORS
Amounts falling due within one year 15 4,126,247 4,337,026
NET CURRENT LIABILITIES (708,541 ) (422,601 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,574,408

1,420,391

PROVISIONS FOR LIABILITIES 17 196,414 172,709
NET ASSETS 1,377,994 1,247,682

CAPITAL AND RESERVES
Called up share capital 18 5,000 5,000
Retained earnings 19 1,372,994 1,242,682
SHAREHOLDERS' FUNDS 1,377,994 1,247,682

Company's profit for the financial year 330,312 176,421

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 Group Limited (Registered number: 11086332)

Consolidated 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 4,794,680 169,500 4,969,180

Changes in equity
Total comprehensive income - 306,523 - 306,523
Dividends - (100,000 ) - (100,000 )
Balance at 31 December 2022 5,000 5,001,203 169,500 5,175,703

Changes in equity
Total comprehensive income - 492,506 - 492,506
Dividends - (200,000 ) - (200,000 )
Balance at 31 December 2023 5,000 5,293,709 169,500 5,468,209

NRA Group Limited (Registered number: 11086332)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,000 1,166,261 1,171,261

Changes in equity
Total comprehensive income - 176,421 176,421
Dividends - (100,000 ) (100,000 )
Balance at 31 December 2022 5,000 1,242,682 1,247,682

Changes in equity
Total comprehensive income - 330,312 330,312
Dividends - (200,000 ) (200,000 )
Balance at 31 December 2023 5,000 1,372,994 1,377,994

NRA Group Limited (Registered number: 11086332)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,749,198 2,327,289
Tax paid (90,530 ) -
Net cash from operating activities 1,658,668 2,327,289

Cash flows from investing activities
Purchase of tangible fixed assets (927,462 ) (457,752 )
Sale of tangible fixed assets 106,867 69,500
Interest received 27 11
Net cash from investing activities (820,568 ) (388,241 )

Cash flows from financing activities
Amount introduced by directors 200,000 100,000
Amount withdrawn by directors (110,000 ) (85,000 )
Equity dividends paid (200,000 ) (100,000 )
Net cash from financing activities (110,000 ) (85,000 )

Increase in cash and cash equivalents 728,100 1,854,048
Cash and cash equivalents at
beginning of year

2

4,939,374

3,085,326

Cash and cash equivalents at end of
year

2

5,667,474

4,939,374

NRA Group Limited (Registered number: 11086332)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 685,811 409,677
Depreciation charges 451,764 402,835
Profit on disposal of fixed assets (34,538 ) (25,274 )
Finance income (27 ) (11 )
1,103,010 787,227
Decrease/(increase) in stocks 541,405 (1,083,656 )
Decrease/(increase) in trade and other debtors 759,412 (633,058 )
(Decrease)/increase in trade and other creditors (654,629 ) 3,256,776
Cash generated from operations 1,749,198 2,327,289

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 5,667,474 4,939,374
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 4,939,374 3,085,326


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 4,939,374 728,100 5,667,474
4,939,374 728,100 5,667,474
Total 4,939,374 728,100 5,667,474

NRA Group Limited (Registered number: 11086332)

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


1. STATUTORY INFORMATION

NRA Group 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Basis of consolidation
The consolidated financial statements present the results of the parent company and its subsidiaries (the "group") as if they formed a single entity. Inter-company transactions and balances between group members are therefore eliminated. All companies in the group have the same accounting reference date.

Turnover and profit recognition
Consolidated financial statements

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.

Company financial statements

The company's turnover is derived from management charges made to group companies in relation to overhead expenditure incurred and includes a modest profit margin as appropriate.

As these management charges are, in all cases, between group member companies, they are eliminated from the Group's consolidated accounts.

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 Group Limited (Registered number: 11086332)

Notes to the Consolidated 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.
Land and buildings - 2% on cost
Improvements to property - 20% on cost and 10% on cost
Plant and machinery - 20% on cost, 15% on cost and 10% on cost
Motor vehicles - 25% on cost and 20% on cost
Computer equipment - 25% on cost and 15% 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
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

NRA Group Limited (Registered number: 11086332)

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


2. ACCOUNTING POLICIES - continued

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.

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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

NRA Group Limited (Registered number: 11086332)

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


5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 8,844,198 8,544,314
Social security costs 1,050,255 1,045,644
Other pension costs 172,610 160,133
10,067,063 9,750,091

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

Directors 5 5
Administrative 36 32
Productive labour 48 55
89 92

2023 2022
£    £   
Directors' remuneration 4,066,752 4,189,500
Directors' pension contributions to money purchase schemes 96,000 88,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 1,348,469 1,403,000
Pension contributions to money purchase schemes 10,000 4,000

6. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 451,764 402,835
Profit on disposal of fixed assets (34,538 ) (25,274 )
Auditors' remuneration 32,475 29,375

NRA Group Limited (Registered number: 11086332)

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


7. 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 156,535 102,123

Deferred tax 36,770 1,031
Tax on profit 193,305 103,154

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 685,811 409,677
Profit multiplied by the standard rate of corporation tax in the UK of
23.319 % (2022 - 19 %)

159,924

77,839

Effects of:
Expenses not deductible for tax purposes 33,381 23,462
Capital allowances in excess of depreciation - (10,259 )
Future corporation tax rate increase on deferred tax - 12,112
Total tax charge 193,305 103,154

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

Dividends of £40 per share (2022 : £20) were paid during the year on all classes of ordinary share capital.

NRA Group Limited (Registered number: 11086332)

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


10. INTANGIBLE FIXED ASSETS

Group
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

11. TANGIBLE FIXED ASSETS

Group
Improvements
Land and to Plant and
buildings property machinery
£    £    £   
COST
At 1 January 2023 422,359 699,066 1,128,726
Additions - 4,595 39,193
Disposals - - -
At 31 December 2023 422,359 703,661 1,167,919
DEPRECIATION
At 1 January 2023 19,913 87,266 605,115
Charge for year 5,705 70,229 104,410
Eliminated on disposal - - -
At 31 December 2023 25,618 157,495 709,525
NET BOOK VALUE
At 31 December 2023 396,741 546,166 458,394
At 31 December 2022 402,446 611,800 523,611

NRA Group Limited (Registered number: 11086332)

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


11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 1,462,039 75,377 3,787,567
Additions 883,674 - 927,462
Disposals (332,635 ) - (332,635 )
At 31 December 2023 2,013,078 75,377 4,382,394
DEPRECIATION
At 1 January 2023 913,522 20,179 1,645,995
Charge for year 260,855 10,565 451,764
Eliminated on disposal (260,306 ) - (260,306 )
At 31 December 2023 914,071 30,744 1,837,453
NET BOOK VALUE
At 31 December 2023 1,099,007 44,633 2,544,941
At 31 December 2022 548,517 55,198 2,141,572

Company
Improvements
Land and to Motor Computer
buildings property vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 422,359 690,181 737,255 64,825 1,914,620
Additions - 4,595 835,674 - 840,269
Disposals - - (166,485 ) - (166,485 )
At 31 December 2023 422,359 694,776 1,406,444 64,825 2,588,404
DEPRECIATION
At 1 January 2023 19,913 84,551 210,010 12,156 326,630
Charge for year 5,705 69,479 251,546 9,724 336,454
Eliminated on disposal - - (102,627 ) - (102,627 )
At 31 December 2023 25,618 154,030 358,929 21,880 560,457
NET BOOK VALUE
At 31 December 2023 396,741 540,746 1,047,515 42,945 2,027,947
At 31 December 2022 402,446 605,630 527,245 52,669 1,587,990

Included in cost of land and buildings is freehold land of £ 140,000 (2022 - £ 140,000 ) which is not depreciated.

NRA Group Limited (Registered number: 11086332)

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


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 255,002
NET BOOK VALUE
At 31 December 2023 255,002
At 31 December 2022 255,002

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

NRA Roofing & Flooring Services Limited
Registered office: Rock House, Millership Way, Ilkeston, Derbyshire DE7 8DW
Nature of business: Roofing contractors
%
Class of shares: holding
Ordinary £1 100.00

Safe Access Scaffolding (Midlands) Limited
Registered office: Rock House, Millership Way, Ilkeston, Derbyshire DE7 8DW
Nature of business: Erectors and hirers of scaffolding
%
Class of shares: holding
Ordinary £1 100.00

NRA Construct Limited
Registered office: Rock House, Millership Way, Ilkeston, Derbyshire DE7 8DW
Nature of business: Providers of general construction services
%
Class of shares: holding
Ordinary £1 100.00

Rock House Developments (Midlands) Limited
Registered office: Rock House, Millership Way, Ilkeston, Derbyshire DE7 8DW
Nature of business: Residential property developer
%
Class of shares: holding
Ordinary £1 100.00


NRA Group Limited (Registered number: 11086332)

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


13. STOCKS

Group
2023 2022
£    £   
Stocks 87,655 86,871
Work-in-progress 868,302 1,410,491
955,957 1,497,362

14. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,901,954 7,339,642 - -
Amounts owed by group undertakings - - 3,385,434 3,142,560
Amounts recoverable on contract - 25,000 - -
Social security and other taxes 77,154 141,332 - 27,982
Prepayments and accrued income 352,299 294,235 7,344 2,903
7,331,407 7,800,209 3,392,778 3,173,445

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

Aggregate amounts 7,643,640 8,403,052 3,392,778 3,173,445

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 5,764,715 6,230,143 549 164,830
Corporation tax 156,536 90,530 - -
Social security and other taxes 780,498 759,488 234,967 249,014
Directors' current accounts 205,873 115,873 205,758 115,758
Accruals 4,155,221 4,365,433 3,684,973 3,807,424
11,062,843 11,561,467 4,126,247 4,337,026

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

NRA Group Limited (Registered number: 11086332)

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


Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 11,434 6,072
Between one and five years 11,291 1,012
22,725 7,084

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 280,962 244,192 196,414 172,709

Group
Deferred
tax
£   
Balance at 1 January 2023 244,192
Use of losses brought forward
Accelerated capital allowances 18,186
Other timing differences 17,309
Future tax rate changes 1,275
Balance at 31 December 2023 280,962

Company
Deferred
tax
£   
Balance at 1 January 2023 172,709
Accelerated capital allowances 23,705
Balance at 31 December 2023 196,414

NRA Group Limited (Registered number: 11086332)

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


18. 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

19. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 5,001,203 169,500 5,170,703
Profit for the year 492,506 492,506
Dividends (200,000 ) (200,000 )
At 31 December 2023 5,293,709 169,500 5,463,209

Company
Retained
earnings
£   

At 1 January 2023 1,242,682
Profit for the year 330,312
Dividends (200,000 )
At 31 December 2023 1,372,994


20. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Sales 699,550 -
Amount due from related party 317,125 -

Sales to key management personnel were carried out under normal market conditions.