Company registration number 10571363 (England and Wales)
NIMBLE DELIVERY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NIMBLE DELIVERY LIMITED
COMPANY INFORMATION
Directors
Mr J P Rigby
(Appointed 25 August 2023)
Mr S P Rigby
(Appointed 25 August 2023)
Mr C J Roberts
Mr N M Garner
(Appointed 18 January 2024)
Mr N Dunlop
(Appointed 27 June 2024)
Company number
10571363
Registered office
Fountain Precinct 8th Floor
Balm Green
Sheffield
South Yorkshire
S1 2JA
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NIMBLE DELIVERY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
NIMBLE DELIVERY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Review of the business
On 25th August 2023, SCC EMEA Ltd acquired 80% of Nimble Delivery Limited and is now part of the Rigby Group (RG) plc. Our relationship with SCC enables us to bring our specialist services to a wider range of customers and to deliver a broader solution when combining with SCC’s own areas of expertise.
Turnover of £14,520,605 (2023: £14,228,341) is +2% with further growth expected in 2025 coming from a wider range of customers through our partnership with SCC, organic growth of existing clients and onboarding new clients. Gross profit decreased from 33.6% in 2023 to 29.5% in 2024 as we increased our headcount in preparation for customer growth.
The company reported profit before taxation of £1,218,771 (2023: £2,221,192); administrative costs were higher than 2023 due to £589,461 of exceptional staff costs relating to the acquisition by SCC EMEA.
Principal risks and uncertainties
The directors consider that the principal risks and uncertainties of the business are those relating to competition within the industry sector and the current economic environment.
These risks are monitored regularly by the directors to ensure that they are managed effectively.
Key performance indicators
The directors consider the key performance indicators to be gross profit margins, cash balances and net assets position on the balance sheet. Gross profit margin for 2024 is 29.5% (2023: 33.6%).
Mr C J Roberts
Director
21 October 2024
NIMBLE DELIVERY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company in the year under review was that of providing information technology services.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £53,436. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J P Rigby
(Appointed 25 August 2023)
Mr S P Rigby
(Appointed 25 August 2023)
Mr C M Hunt
(Resigned 2 April 2024)
Mr I Ness
(Resigned 18 January 2024)
Mr C J Roberts
Ms C Olmsted
(Appointed 25 August 2023 and resigned 29 April 2024)
Mr N M Garner
(Appointed 18 January 2024)
Mr M A Bates
(Resigned 25 August 2023)
Mr N Dunlop
(Appointed 27 June 2024)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Financial instruments
Liquidity risk
The company manages its cash in order to maximise interest income and to ensure that the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
Details of future developments are referred to in the Strategic Report.
NIMBLE DELIVERY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr C J Roberts
Director
21 October 2024
NIMBLE DELIVERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBLE DELIVERY LIMITED
- 4 -
Opinion
We have audited the financial statements of Nimble Delivery Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NIMBLE DELIVERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBLE DELIVERY LIMITED (CONTINUED)
- 5 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, 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 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operations of the company and group, including the Companies Act 2006 and taxation legislation and;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where their knowledge of actual, suspected and alleged fraud;
considering internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual transactions or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias.
NIMBLE DELIVERY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NIMBLE DELIVERY LIMITED (CONTINUED)
- 6 -
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Comparative period figures unaudited
In the previous accounting period the directors took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Colm McGrory FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
21 October 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NIMBLE DELIVERY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
14,520,605
14,228,341
Cost of sales
(10,224,827)
(9,440,899)
Gross profit
4,295,778
4,787,442
Administrative expenses
(3,249,472)
(2,566,250)
Other operating income
175,863
Operating profit
4
1,222,169
2,221,192
Interest receivable and similar income
7
3,488
Interest payable and similar expenses
8
(6,886)
Profit before taxation
1,218,771
2,221,192
Tax on profit
9
(127,627)
(580,112)
Profit for the financial year
1,091,144
1,641,080
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NIMBLE DELIVERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
152,008
268,172
Current assets
Debtors
12
5,125,994
3,590,052
Cash at bank and in hand
2,112,825
3,166,271
7,238,819
6,756,323
Creditors: amounts falling due within one year
13
(1,188,063)
(2,200,985)
Net current assets
6,050,756
4,555,338
Total assets less current liabilities
6,202,764
4,823,510
Provisions for liabilities
Deferred tax liability
14
17,871
49,282
(17,871)
(49,282)
Net assets
6,184,893
4,774,228
Capital and reserves
Called up share capital
16
126
122
Share premium account
17
412,833
120,045
Other reserves
48,082
Profit and loss reserves
18
5,771,934
4,605,979
Total equity
6,184,893
4,774,228
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr C J Roberts
Director
Company registration number 10571363 (England and Wales)
NIMBLE DELIVERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Share premium account
Share option reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
122
120,037
16,161
3,187,704
3,324,024
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
-
1,641,080
1,641,080
Issue of share capital
16
8
-
-
8
Dividends
10
-
-
-
(222,805)
(222,805)
Share based payment charge
-
-
31,921
31,921
Balance at 31 March 2023
122
120,045
48,082
4,605,979
4,774,228
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,091,144
1,091,144
Issue of share capital
16
4
292,788
-
-
292,792
Dividends
10
-
-
-
(53,436)
(53,436)
Share based payment charge
-
-
80,165
80,165
Credit to equity for equity settled share-based payments
-
-
(128,247)
128,247
128,247
Balance at 31 March 2024
126
412,833
-
5,771,934
6,184,893
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Company information
Nimble Delivery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fountain Precinct 8th Floor, Balm Green, Sheffield, South Yorkshire, S1 2JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of SCC EMEA Limited. These consolidated financial statements are available from its registered office, James House, Warwick Road, Birmingham, B11 2LE.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office Equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Provision of information technology services
14,520,605
14,228,341
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,823,913
13,006,896
Europe
1,009,335
60,965
Rest of world
687,357
1,160,480
14,520,605
14,228,341
2024
2023
£
£
Other revenue
Interest income
3,488
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
Depreciation of owned tangible fixed assets
118,864
77,904
Loss on disposal of tangible fixed assets
14,004
125
Operating lease charges
218,542
166,293
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
815,425
340,985
Company pension contributions to defined contribution schemes
34,432
64,774
849,857
405,759
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
The number of directors who are entitled to receive shares under long term incentive schemes during the year was 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
£
Remuneration for qualifying services
417,190
Company pension contributions to defined contribution schemes
11,259
The highest paid director has exercised share options during the year.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
121
95
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,516,899
6,078,532
Social security costs
1,022,753
680,594
Pension costs
895,640
368,054
10,435,292
7,127,180
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,488
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
6,886
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
68,108
401,399
Adjustments in respect of prior periods
90,930
152,054
Total current tax
159,038
553,453
Deferred tax
Origination and reversal of timing differences
(31,411)
20,261
Changes in tax rates
6,398
Total deferred tax
(31,411)
26,659
Total tax charge
127,627
580,112
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,218,771
2,221,192
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
304,693
422,026
Tax effect of expenses that are not deductible in determining taxable profit
137,556
12,850
Tax effect of income not taxable in determining taxable profit
(42,447)
(13,215)
Adjustments in respect of prior years
90,930
152,054
Effect of change in corporation tax rate
6,398
Effects of tax reliefs'
(376,855)
Transfer pricing adjustments
13,750
(1)
Taxation charge for the year
127,627
580,112
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 17 -
The Company is member of a group that is in scope of the Global Minimum Tax rules, otherwise known as Pillar Two, implemented by the OECD. The Company has reviewed the rules and does not expect there to be a material impact to tax expense and liability for the current and future periods as a result of these rules.
The standard rate of corporation tax in the UK is currently 25%. An increase to the main rate of corporation tax in the UK to 25% from April 2023 was substantively enacted on 24 May 2021. Deferred tax at the balance sheet date has been measured using this enacted tax rate and reflected in these financial statements
10
Dividends
2024
2023
£
£
Final paid
53,436
222,805
11
Tangible fixed assets
Office Equipment
£
Cost
At 1 April 2023
370,723
Additions
22,053
Disposals
(19,353)
At 31 March 2024
373,423
Depreciation and impairment
At 1 April 2023
102,551
Depreciation charged in the year
118,864
At 31 March 2024
221,415
Carrying amount
At 31 March 2024
152,008
At 31 March 2023
268,172
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,142,201
3,462,128
Corporation tax recoverable
237,325
Amounts owed by group undertakings
2,397,578
Other debtors
215,200
51,682
Prepayments and accrued income
133,690
76,242
5,125,994
3,590,052
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
238,963
390,361
Corporation tax
401,400
Other taxation and social security
719,623
945,621
Other creditors
76,015
71,045
Accruals and deferred income
153,462
392,558
1,188,063
2,200,985
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
36,875
67,043
Short term timing differences
(19,004)
(17,761)
17,871
49,282
2024
Movements in the year:
£
Liability at 1 April 2023
49,282
Credit to profit or loss
(31,412)
Other
1
Liability at 31 March 2024
17,871
Deferred tax liability of £10,506 is expected to reverse within 12 months and £7,365 after 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
895,640
368,054
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
-
12,155
-
122
Ordinary A of 1p each
10,110
-
101
-
Ordinary B of 1p each
2,533
-
25
-
Ordinary G of 0.001p each
10,000
-
-
-
22,643
12,155
126
122
During the year the company allotted 488 Ordinary shares of £0.01 each which were issued at a premium of £158.99 per share.
Also during the year the company passed a special resolution to reclassify 10,110 Ordinary shares of £0.01 to 10,110 A Ordinary shares of £0.01, and 2,533 Ordinary shares of £0.01 to 2,533 Ordinary B shares of £0.01 each.
The company also allotted 10,000 Ordinary G of £0.00001 each which had an unpaid subscription price of £21,52 per share, resulting in a share premium of £215,200.
17
Share premium account
Represents the amount by which shares have been issued at a price greater than the nominal value less issue costs.
18
Profit and loss reserves
The profit and loss account reserve represents cumulative profits and losses made by the company to date less any dividends declared.
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
57,557
40,777
Between two and five years
4,050
27,588
61,607
68,365
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
NIMBLE DELIVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Related party transactions
(Continued)
- 20 -
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
464,773
23,116
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
2,397,578
-
21
Ultimate controlling party
The company is a subsidiary undertaking of SCC EMEA Limited, a company registered in England and Wales.
The results of Nimble Delivery Limited are consolidated into those of SCC EMEA Limited, registered in England and Wales, being the smallest group for which consolidated financial statements are prepared. Consolidated financial statements are available at James House, Warwick Road, Birmingham, B11 2LE, which is its registered office.
The largest group of which the company is a member, and for which consolidated financial statements are drawn up, is that headed by Rigby Group (RG) plc. Consolidated financial statements are available at Bridgeway House, Bridgeway, Stratford-upon-Avon, Warwickshire, CV37 6YX which is its registered office.
Ultimate controlling party
The Rigby Family control the company as a result of being members of the group of trustees and the only beneficiaries of trusts which own 100% of the issued ordinary share capital and control 100% of the votig rights of Rigby Group (RG) Plc, the ultimate parent company.
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Mr J P RigbyMr S P RigbyMr C M HuntMr I NessMr C J RobertsMs C OlmstedMr N M GarnerMr M A BatesMr N Dunlopfalsefalse105713632023-04-012024-03-3110571363bus:Director12023-04-012024-03-3110571363bus:Director22023-04-012024-03-3110571363bus:Director52023-04-012024-03-3110571363bus:Director72023-04-012024-03-3110571363bus:Director92023-04-012024-03-3110571363bus:Director32023-04-012024-03-3110571363bus:Director42023-04-012024-03-3110571363bus:Director62023-04-012024-03-3110571363bus:Director82023-04-012024-03-3110571363bus:RegisteredOffice2023-04-012024-03-31105713632024-03-31105713632022-04-012023-03-3110571363core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3110571363core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31105713632023-03-3110571363core:ComputerEquipment2024-03-3110571363core:ComputerEquipment2023-03-3110571363core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110571363core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110571363core:CurrentFinancialInstruments2024-03-3110571363core:CurrentFinancialInstruments2023-03-3110571363core:ShareCapital2024-03-3110571363core:ShareCapital2023-03-3110571363core:SharePremium2024-03-3110571363core:SharePremium2023-03-3110571363core:OtherMiscellaneousReserve2024-03-3110571363core:OtherMiscellaneousReserve2023-03-3110571363core:RetainedEarningsAccumulatedLosses2024-03-3110571363core:RetainedEarningsAccumulatedLosses2023-03-3110571363core:ShareCapital2022-03-3110571363core:SharePremium2022-03-3110571363core:RetainedEarningsAccumulatedLosses2022-03-3110571363core:ShareCapitalOrdinaryShares2024-03-3110571363core:ShareCapitalOrdinaryShares2023-03-3110571363core:ShareCapital2022-04-012023-03-3110571363core:SharePremium2022-04-012023-03-3110571363core:ShareCapital2023-04-012024-03-3110571363core:SharePremium2023-04-012024-03-3110571363core:ComputerEquipment2023-04-012024-03-3110571363core:UKTax2023-04-012024-03-3110571363core:UKTax2022-04-012023-03-311057136312023-04-012024-03-311057136312022-04-012023-03-311057136322023-04-012024-03-311057136322022-04-012023-03-3110571363core:ComputerEquipment2023-03-3110571363core:WithinOneYear2024-03-3110571363core:WithinOneYear2023-03-3110571363core:BetweenTwoFiveYears2024-03-3110571363core:BetweenTwoFiveYears2023-03-3110571363core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2023-04-012024-03-3110571363core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2022-04-012023-03-3110571363bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110571363bus:FRS1022023-04-012024-03-3110571363bus:Audited2023-04-012024-03-3110571363bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP