REGISTERED NUMBER: |
D. Noble Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 29 April 2024 |
REGISTERED NUMBER: |
D. Noble Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 29 April 2024 |
D. Noble Limited (Registered number: 00874002) |
Contents of the Financial Statements |
for the year ended 29 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
D. Noble Limited |
Company Information |
for the year ended 29 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
D. Noble Limited (Registered number: 00874002) |
Strategic Report |
for the year ended 29 April 2024 |
The directors present their strategic report for the year ended 29 April 2024. |
PRINCIPAL ACTIVITIES |
The principal activities of the company are the construction and sale of private dwellings, commercial development of strategic land and rental of commercial and residential properties. |
REVIEW OF BUSINESS AND RESULTS |
During the year the company completed the build of the industrial units at Grimethorpe, 50% of which have completed during the year in question and 50% await sale. |
The principal sites under construction during the period to April 2024 were as follows: |
Name | Development type | Overview |
Manchester Road, Stocksbridge | A development of assisted living units consisting of 58 apartments with ancillary uses |
The development is now fully complete. With 40% of the units being sold. The Company are hoping the remaining will be sold in the next financial year. |
Moorends, Doncaster | 23 dwellings | The Company can report the dwellings have been fully completed and sold |
Ferrybridge Road, Knottingley | 2 further dwellings | The development is fully complete with 1 remaining property to sell. |
Common Road, South Kirkby | 40 dwellings | The development is now fully complete with only 1 remaining property to sell. |
Womersley Road, Knottingley | 175 dwellings | The development has sold 30 dwellings to April 2024, and it is on target to complete. |
Lady Anne Road, Batley | Residential housing | We have now acquired full detailed planning permission on site for 65 Plots. |
Bickerton | Residential housing | Detailed planning permission has been approved on a site. |
Planning | Residential housing | Planning on Phase 2 Common Road is expected in mid-2025 and Phase 2 Osgodby in late 2025. |
Grimethorpe | 5 commercial units | We have completed the industrial units at Grimethorpe having already sold 4 of the 5 units. We have an offer on the 5th unit and hope to complete soon. |
During the year to April 2024, the Company continues to progress design and planning of its various development sites across its regions. |
The construction sector continues to experience significant operating headwinds due to amongst other factors, a significant rise in utilities costs, increase in interest rates, and other general inflationary factors including construction cost inflation as well as supply chain issues. The short-to-medium-term economic outlook for the sector remains uncertain and challenging. Despite this challenging economic backdrop, the company continues to hold a number of well-located sites across its region and the Directors believe the current environment may present opportunities to expand the companies land bank at favourable prices. |
The Companies overall financial position is robust with low level leverage and the company has available to it a range of flexible levers, if required, to meet its contracted obligations. |
The Companies accounts to YE April 2024 noted an increase in turnover with sales showing significant signs of growing as we move towards 2024/2025 with a positive and progressive outlook. |
D. Noble Limited (Registered number: 00874002) |
Strategic Report |
for the year ended 29 April 2024 |
KEY PERFORMANCE INDICATORS |
The Company's key performance indicators during the year were as follows: |
2024(£m |
) |
2023(£m |
) |
Change (£m |
) |
Turnover | 8.2 | 7.2 | (1.0 | ) |
Gross profit | 1.4 | 0.7 | 0.7 |
Gross profit margin | 17.0% | 9.1% |
Operating profit/(loss) | 0.25 | (0.4 | ) | 0.77 |
Operating profit margin | 3.04% | (5.5% | ) |
Profit/(loss) before tax | 0.11 | (0.5 | ) | 0.72 |
Retained Profit/(loss) for the financial year | 0.06 | (0.4 | ) | 0.18 |
Net assets | 16.7 | 16.7 | 0.1 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk and uncertainties affecting the company are as follows: |
1. Government Policies and Regulations and Planning |
Significant political events and changing policy landscapes in the UK impact the Company's business through, for example supply chain disruption, or the reluctance of customers to commit to purchase due to political uncertainty, or the introduction of policies and regulation that may directly impact the Company's business model. |
Changes in the regulatory environment may affect the conditions and time taken to obtain the planning approval and technical requirements for example, changes to building regulation and environmental regulations may impact the Company's ability to meet its margin targets. |
2. Health and Safety |
The Directors consider this to be an area of critical importance. Health and Safety or environmental breaches can impact employees, sub-contractors and site visitors, and undermine the creation of great place to work. They can also affect the wellbeing of our employees and result in reputational damage, criminal prosecution and civil litigation, and delays in construction or increased costs. |
Directors have dedicated Health and Safety teams in place and procedures, training and reporting are all regularly reviewed to ensure that high standards are maintained. |
3. Availability and Cost of Materials |
Property development is sensitive to the macroeconomic environment internally and nationally. Some customers and suppliers are sensitive to changes to the interest rate in terms of their buying decision and their ability to meet these obligations under contract. |
The Company's risks are managed by business planning, strict cost control and management of planning applications. Each project in the Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators including turnover and profitability per unit. |
We are now starting to see the cost of materials falling and a larger pool of employees from which we can employ. This will no doubt drive down prices of both materials and the cost of labour. |
4. Utilities |
The Company continues to face challenging times with utility providers increasing their prices as we aim to get best value for money. With significant inflation pressures and increased prices having an impact on the construction sector, the Company has taken all necessary steps to mitigate the impact of these issues, nevertheless the war in Ukraine has increased the global geopolitical and economic risks and uncertainties. |
D. Noble Limited (Registered number: 00874002) |
Strategic Report |
for the year ended 29 April 2024 |
5. Long Term Land Supply |
The Company's group sustainability efforts run across all aspects of the strategy with a particular focus on people, communities and resources. These three pillars are underpinned by strong partnerships and communication, innovation, responsible construction practices and robust leadership and governance. |
The Company continues to engage with customers, clients, partners, investors and employees to further improve its understanding of the drivers of sustainability in the business. |
Consideration includes focusing in individual customers, creating high-quality, enduring and inclusive places that support peoples desired way of life, working closely with communities to help shape the communities where people feel they belong and using science to understand the impact on the environment. |
ON BEHALF OF THE BOARD: |
D. Noble Limited (Registered number: 00874002) |
Report of the Directors |
for the year ended 29 April 2024 |
The directors present their report with the financial statements of the company for the year ended 29 April 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 29 April 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 30 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
D. Noble Limited |
Opinion |
We have audited the financial statements of D. Noble Limited (the 'company') for the year ended 29 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 April 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
D. Noble Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
D. Noble 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: |
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit. |
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 they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
- | in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- |
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
D. Noble Limited (Registered number: 00874002) |
Income Statement |
for the year ended 29 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(222,755 | ) | (833,651 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income | 6 |
301,277 | (381,250 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
D. Noble Limited (Registered number: 00874002) |
Other Comprehensive Income |
for the year ended 29 April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
D. Noble Limited (Registered number: 00874002) |
Balance Sheet |
29 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
D. Noble Limited (Registered number: 00874002) |
Statement of Changes in Equity |
for the year ended 29 April 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 30 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 29 April 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 29 April 2024 |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements |
for the year ended 29 April 2024 |
1. | STATUTORY INFORMATION |
D. Noble Limited is a |
The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about D. Noble Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, D Noble Holding Castleford Limited, Noble House, Perseverance Street, Castleford, WF10 1LD. |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and Judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: |
(i) Useful economic lives of tangible assets |
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Valuation of investment property |
The directors of the company determine the fair value after having taken the appropriate professional advice and based on similar properties in the local area. |
(iii) Impairment of Stock |
When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. |
(iv) Valuation of Work In Progress |
Work in Progress in respect of ongoing developments is calculated by reference to the costs which have been incurred for that site. Once units have been completed, the valuation of work in progress is determined by reference to the stage of completeness of the build on a unit-by-unit basis. |
The directors determine the need for provisions against ongoing developments by reference to the stage of completeness of the development, expected future costs and anticipated sales price. This is assessed on a unit-by-unit basis. |
(v) Impairment of debtors |
The directors of the company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable from the development and sale of residential and commercial properties. |
Revenue from the sale of properties is recognised on legal completion. |
Other operating income |
Rents receivable are recognised on an accruals basis. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Tangible fixed assets are initially recorded at cost. |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in group undertakings are initially recorded at cost with consideration taken for any diminution in value which is expected to be permanent. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Fair value has been determined by the directors having taken the appropriate professional advice and based on the rent roll and similar properties in the local area. |
Stocks |
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks and work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversal of impairment losses are also recognised in profit or loss. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
The company has no 'Other financial assets'. |
Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest. |
The company has no 'Other financial liabilities'. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Contributions in respect of directors are paid in to a separate scheme. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Site labour and sales | 33 | 42 |
Administrative and support | 16 | 16 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors remuneration |
6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Other interest receivable |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Other loan interest | ( |
) |
Interest on overdue taxation |
Bank loan interest |
Interest on loans from directors |
Hire purchase interest |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) 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: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Other timing differences - pension contributions | ( |
) |
Land remediation and Research & Development claims | ( |
) |
Loss carried forward |
Total tax charge/(credit) | 49,952 | (75,986 | ) |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
10. | TANGIBLE FIXED ASSETS |
Fixtures, |
Freehold | Plant and | fittings & | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 30 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 April 2024 |
DEPRECIATION |
At 30 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 30 April 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
Transfer to ownership | (80,757 | ) | (33,970 | ) | (114,727 | ) |
At 29 April 2024 |
DEPRECIATION |
At 30 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Transfer to ownership | (22,143 | ) | (19,696 | ) | (41,839 | ) |
At 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 30 April 2023 |
and 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Noble House, Perseverance Street, Castleford, WF10 1LD |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 April 2023 |
and 29 April 2024 |
NET BOOK VALUE |
At 29 April 2024 |
At 29 April 2023 |
The investment property has been stated at its fair value as determined by the directors. |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work in progress |
Stocks with a net realisable value of £1,010,783 (2023: £2,262,214) have been pledged as security for liabilities of the company. |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by related undertakings | 1,621,133 | 1,742,491 |
VAT |
Prepayments and accrued income |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Amounts owed to associated undertakings | 525,000 | 525,000 |
Tax |
Social security and other taxes |
Other creditors |
Payroll creditors | 20,177 | 21,823 |
CITB levy | 31,591 | 29,040 |
Amounts owed to related undertakings | 9,886 | 9,886 |
Directors' current accounts | 392,129 | 722,133 |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 18) |
17. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 119,469 | 281,271 |
Obligations under hire purchase contracts are secured against the asset to which they relate. |
Bank loans and overdrafts are secured by way of a first legal charge and a negative pledge over the following: |
- Two properties at Spring Park, Clayburn Road, Grimethorpe, Barnsley. |
- Twenty-nine apartments at Cresswell Road, Darnall, Sheffield. |
- Two properties at Windsor View, Rossington, Doncaster. |
- Five properties at Sandringham Court, Streethouse, Pontefract. |
In addition, there was also a multilateral agreement in place whereby Monarch City Living Limited, a related company, had agreed to secure the bank loan balance of D. Noble Limited. As part of the agreement Handelsbanken Plc. held a legal mortgage over the stock and a fixed charge over all the other assets. |
This agreement was to remain in place whilst any settlement was outstanding. |
At the year end date the bank loan liability of D. Noble Limited amounted to £nil (2023:£1,500,000). |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
20. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 218,390 | 238,333 |
Deferred tax |
£ |
Balance at 30 April 2023 |
Accelerated capital allowances | (19,943 | ) |
Balance at 29 April 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,360 | 20,360 |
22. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 30 April 2023 | 16,630,085 |
Profit for the year |
At 29 April 2024 | 16,686,897 |
Included within the retained earnings is an amount of £880,617 (2023: £880,617) resulting from the accumulated fair value gains, less the associated deferred tax, on the investment property and is non-distributable. |
23. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
2024 | 2023 |
£ | £ |
Sales |
Purchases |
Interest received | (52,980 | ) | (13,245 | ) |
Amount due from related undertakings |
Amount due to related undertakings | ( |
) | ( |
) |
Amount due to associated undertakings | ( |
) | ( |
) |
D. Noble Limited (Registered number: 00874002) |
Notes to the Financial Statements - continued |
for the year ended 29 April 2024 |
23. | RELATED PARTY DISCLOSURES - continued |
The directors consider the controlling party of the company to be D Noble Holding Castleford Limited, a company registered in England and Wales. The company's registered office is Noble House, Perseverance Street, Castleford, WF10 1LD. |
The directors consider the ultimate controlling party of the company to be D Noble. |