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REGISTERED NUMBER: 00891753 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

NIGLON LIMITED

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other 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 18


NIGLON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: O M Hinley
J G Hinley
S Hinley





REGISTERED OFFICE: Unit 1, Highlands Park,
Stirling Road,
Shirley,
Solihull,
West Midlands
B90 4NE





REGISTERED NUMBER: 00891753 (England and Wales)





INDEPENDENT AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The results for the year and the financial position of the company and the group are shown in the annexed financial statements.

The group's results for the year were satisfactory. Turnover in the year was £14,765,822, an increase of £464,930 as compared to the previous year, representing a continuing improvement on turnover in prior years. The profit before taxation for the year was £1,041,112 as compared to £803,860 in 2023.

Revenues and profit have increased as the group has benefited from its stock holding policy, resulting in new customers using the group when their previous suppliers were unable to fulfill orders.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's results are sensitive to the general UK economic climate and are affected by factors including property market conditions, the availability of bank credit, consumer demand, interest rates, taxation rates and inflation.

Financial Reporting
Regular financial reports are produced including daily sales and margin reports and monthly accounts. These reports are monitored by the directors.

Liquidity Management
The group monitors its day to day cash requirements and has a policy of investing surplus cash balances..

Foreign Currency
The Directors purchase foreign currency in advance when it is considered beneficial to do so. This process can help to maintain and improve margins when the exchange rates for the USD and Euro have been favourable. Currencies have been allocated by Option Dated Forward Transaction for up to twelve months ahead.

Risks and uncertainties
The group sources a large part of its supplies from companies in the Far East and it is expected that the proportion will continue to increase. As a result the group is vulnerable to any disruption in its ability to obtain delivery as and when required although some security is obtained from its stockholding activities. With regard to the risk of supply the group countered this by investing in a new larger premises several years ago so that it can increase the breadth of stocks held and hence reduce the risk of running short of key stock items.

Although its product is destined mainly for the building trade via wholesalers, the group has not experienced significant fluctuations in business arising from economic cycles.

Development of the business
The group's market is relatively stable and mature. Increases in turnover can be obtained only through careful control of the purchasing function to keep competitive pricing and through the introduction of new products. Efficiencies in the manufacturing process are being obtained through investment in new machinery and in improved management.

Future Developments
The directors consider that the group can continue to meet competitive and market challenges. The group is strongly positioned both financially and in the market place. The group acquired new freehold premises in Ireland in January 2022 for a consideration of €1.2m - this new facility is intended to act as a distribution centre to supply the local market directly and increase the revenues gained from this market sector, although this facility is not yet in use.


NIGLON LIMITED (REGISTERED NUMBER: 00891753)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS
The Directors continuously review the strategic and financial progress of the group using, among others, the following KPIs.

Turnover
Turnover is considered in both value and by customer.

Operating Margins
Operating margins are monitored daily.

Cash Flow
The group has funds deposited with a bank. Cash flow is monitored on a daily basis.

Operating Budgets
The group prepares monthly management accounts which are reviewed against both current and previous year's figures so that adverse trends can be promptly addressed.

Personnel, Health and Safety
Health and safety matters are kept under regular review. Employee numbers and benefits are similarly reviewed regularly.

FUTURE DEVELOPMENTS
Turnover in the current financial year has seen a continuing improvement in sales. Much of the improvement has been achieved by the group's stock holding policy where significant investment has been made in improving the levels of stocks held and extending the product lines held. This has meant that the group has been able to continue supplying the market when competitors have been struggling to source products during any disruption of supplies, particularly from the Far East. The group expects sales growth and profitability to continue through 2024 and into 2025, although the group remains aware of the possibility of a downturn in sales due to uncertain economic conditions due to cost of living and high inflation, as well as any downturn in the construction industry overall which could reduce customer demand. However, the long term policy of holding robust levels of working capital means that the business is able to trade through any short term difficulties that may be beyond its control.

Following a rights issue in May 2018, the group has earmarked funds to enable it to continue to seek new trade investment opportunities to expand growth opportunities, whether by ongoing internal investment or by new acquisition opportunities.

CORPORATE SOCIAL RESPONSIBILITY
The group is committed to developing a safe and healthy working environment for all employees consistent with the requirements of the Health and Safety at Work Act.

Depending on their skills and abilities, disabled people enjoy the same career prospects as other employees, and if employees become disabled every effort would be made to ensure their continual employment, with appropriate training where necessary.

Policies for recruiting employees are designed to ensure equal opportunities irrespective of colour, ethnic or national origin, nationality, sex or marital status.

ON BEHALF OF THE BOARD:





O M Hinley - Director


5 March 2025

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
An interim dividend of 50p per share on the Ordinary £1 shares was paid on 21 November 2023. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 April 2024 will be £ 50,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

O M Hinley
J G Hinley
S Hinley

Other changes in directors holding office are as follows:

A B Hinley , J E Hinley and S B Hinley ceased to be directors after 30 April 2024 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
No donations made during the year were political donations or expenditure. All donations have been made for charitable causes to non-political organisations.

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.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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.

AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





O M Hinley - Director


5 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NIGLON LIMITED


Opinion
We have audited the financial statements of Niglon Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 30 April 2024 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
NIGLON 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.

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 misstatement 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 directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NIGLON LIMITED


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.

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 accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

5 March 2025

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 14,765,822 14,300,892

Cost of sales 10,023,038 9,808,585
GROSS PROFIT 4,742,784 4,492,307

Administrative expenses 4,044,849 3,733,859
697,935 758,448

Other operating income 170,302 130,000
OPERATING PROFIT 4 868,237 888,448

Interest receivable and similar income 183,716 27,347
1,051,953 915,795
Gain/loss on revaluation of assets 131,786 -
1,183,739 915,795

Interest payable and similar expenses 5 142,627 111,935
PROFIT BEFORE TAXATION 1,041,112 803,860

Tax on profit 6 277,328 191,755
PROFIT FOR THE FINANCIAL YEAR 763,784 612,105
Profit attributable to:
Owners of the parent 763,784 612,105

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 763,784 612,105


OTHER COMPREHENSIVE INCOME
Revaluation of freehold property 73,214 -
Deferred tax on revaluation (22,182 ) -
Income tax relating to components of
other comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

51,032

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

814,816

612,105

Total comprehensive income attributable to:
Owners of the parent 814,816 612,105

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 5,000 5,000
Tangible assets 11 5,751,317 5,725,525
Investments 12 - -
Investment property 13 1,211,786 1,080,000
6,968,103 6,810,525

CURRENT ASSETS
Stocks 14 5,323,341 5,083,241
Debtors 15 5,820,422 6,371,620
Cash at bank and in hand 4,280,647 4,318,848
15,424,410 15,773,709
CREDITORS
Amounts falling due within one year 16 2,456,520 3,204,553
NET CURRENT ASSETS 12,967,890 12,569,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,935,993

19,379,681

CREDITORS
Amounts falling due after more than one
year

17

(2,208,297

)

(2,468,152

)

PROVISIONS FOR LIABILITIES 22 (51,351 ) -
NET ASSETS 17,676,345 16,911,529

CAPITAL AND RESERVES
Called up share capital 23 108,675 108,675
Share premium 24 1,448,241 1,448,241
Revaluation reserve 24 1,413,654 1,109,359
Capital redemption reserve 24 1,125 1,125
Retained earnings 24 14,704,650 14,244,129
SHAREHOLDERS' FUNDS 17,676,345 16,911,529

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





O M Hinley - Director


NIGLON LIMITED (REGISTERED NUMBER: 00891753)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 5,000 5,000
Tangible assets 11 5,751,317 5,724,650
Investments 12 86 17,444
Investment property 13 1,211,786 1,080,000
6,968,189 6,827,094

CURRENT ASSETS
Stocks 14 5,323,341 5,083,241
Debtors 15 5,820,336 6,370,820
Cash at bank and in hand 4,275,725 4,269,190
15,419,402 15,723,251
CREDITORS
Amounts falling due within one year 16 2,455,070 3,150,957
NET CURRENT ASSETS 12,964,332 12,572,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,932,521

19,399,388

CREDITORS
Amounts falling due after more than one
year

17

(2,208,297

)

(2,468,152

)

PROVISIONS FOR LIABILITIES 22 (51,351 ) -
NET ASSETS 17,672,873 16,931,236

CAPITAL AND RESERVES
Called up share capital 23 108,675 108,675
Share premium 24 1,448,241 1,448,241
Revaluation reserve 24 1,413,654 1,109,359
Capital redemption reserve 24 1,125 1,125
Retained earnings 24 14,701,178 14,263,836
SHAREHOLDERS' FUNDS 17,672,873 16,931,236

Company's profit for the financial year 740,605 679,538

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:




O M Hinley - Director


NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 108,675 13,632,024 1,448,241

Changes in equity
Total comprehensive income - 612,105 -
Balance at 30 April 2023 108,675 14,244,129 1,448,241

Changes in equity
Dividends - (50,000 ) -
Total comprehensive income - 510,521 -
Balance at 30 April 2024 108,675 14,704,650 1,448,241
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 1,109,359 1,125 16,299,424

Changes in equity
Total comprehensive income - - 612,105
Balance at 30 April 2023 1,109,359 1,125 16,911,529

Changes in equity
Dividends - - (50,000 )
Total comprehensive income 304,295 - 814,816
Balance at 30 April 2024 1,413,654 1,125 17,676,345

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 May 2022 108,675 13,584,298 1,448,241

Changes in equity
Total comprehensive income - 679,538 -
Balance at 30 April 2023 108,675 14,263,836 1,448,241

Changes in equity
Dividends - (50,000 ) -
Total comprehensive income - 487,342 -
Balance at 30 April 2024 108,675 14,701,178 1,448,241
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 May 2022 1,109,359 1,125 16,251,698

Changes in equity
Total comprehensive income - - 679,538
Balance at 30 April 2023 1,109,359 1,125 16,931,236

Changes in equity
Dividends - - (50,000 )
Total comprehensive income 304,295 - 791,637
Balance at 30 April 2024 1,413,654 1,125 17,672,873

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 924,504 2,140,939
Interest paid (142,627 ) (111,935 )
Tax (paid) / received (234,016 ) 8,656
Net cash from operating activities 547,861 2,037,660

Cash flows from investing activities
Purchase of tangible fixed assets (37,165 ) (32,447 )
Sale of tangible fixed assets - 6,667
Interest received 183,716 27,347
Net cash from investing activities 146,551 1,567

Cash flows from financing activities
Net loan repayments in year (256,458 ) (262,582 )
New hire purchase agreements in year - 9,703
HP capital repayments in year (9,703 ) -
Amount withdrawn by directors (416,452 ) (269,267 )
Equity dividends paid (50,000 ) -
Net cash from financing activities (732,613 ) (522,146 )

(Decrease)/increase in cash and cash equivalents (38,201 ) 1,517,081
Cash and cash equivalents at
beginning of year

2

4,318,848

2,801,767

Cash and cash equivalents at end of
year

2

4,280,647

4,318,848

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,041,112 803,860
Depreciation charges 84,588 94,989
Profit on disposal of fixed assets - (6,667 )
Gain on revaluation of fixed assets (131,786 ) -
Finance costs 142,627 111,935
Finance income (183,716 ) (27,347 )
952,825 976,770
(Increase)/decrease in stocks (240,100 ) 7,111
Decrease in trade and other debtors 761,170 563,326
(Decrease)/increase in trade and other creditors (549,391 ) 593,732
Cash generated from operations 924,504 2,140,939

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 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 4,280,647 4,318,848
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 4,318,848 2,811,185
Bank overdrafts - (9,418 )
4,318,848 2,801,767


NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

Non-cash
At 1.5.23 Cash flow changes At 30.4.24
£    £    £    £   
Net cash
Cash at bank
and in hand 4,318,848 (38,201 ) - 4,280,647
4,318,848 (38,201 ) - 4,280,647
Debt
Finance leases (9,703 ) 9,703 - -
Debts falling due
within 1 year (259,800 ) 256,458 (259,855 ) (263,197 )
Debts falling due
after 1 year (2,468,152 ) - 259,855 (2,208,297 )
(2,737,655 ) 266,161 - (2,471,494 )
Total 1,581,193 227,960 - 1,809,153

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Niglon 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 as modified by the revaluation of certain assets.

Going concern
The company continues to be profitable and well resourced. The directors have a reasonable expectation that the company will continue in operational existence for at least 12 months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reporting of assets, liabilities, income and expenses. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results may differ from estimates calculated using these judgements and assumptions.

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

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.

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 excluding land
Plant and machinery- 15% and 20% on cost
Motor vehicles- 25% on cost

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial derivatives
The group holds forward foreign exchange contracts. These derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value on a periodic basis. Changes in the fair value are recognised in the profit and loss as an income or expense as appropriate.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,875,318 1,568,604
Social security costs 189,925 165,620
Other pension costs 287,818 291,015
2,353,061 2,025,239

The average number of employees during the year was as follows:
2024 2023

Management 8 9
Office 18 14
Warehouse and Production 19 21
45 44

2024 2023
£    £   
Directors' remuneration 482,900 308,440
Directors' pension contributions to money purchase schemes 240,000 240,044

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:
2024 2023
£    £   
Emoluments etc 121,228 154,975
Pension contributions to money purchase schemes 48,000 48,000

4. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 58,961 12,602
Depreciation - owned assets 79,197 87,800
Depreciation - assets on hire purchase contracts 5,390 7,188
Profit on disposal of fixed assets - (6,667 )
Auditors' remuneration 30,000 22,500
Foreign exchange differences (140,059 ) 310,767
Product research & development cost 193,943 239,427

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 153 109
Hire purchase interest 691 1,151
Other interest - 3,758
Loan interest 141,783 106,917
142,627 111,935

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 248,193 183,612
Prior year adjustments (34 ) 8,143
Total current tax 248,159 191,755

Deferred tax 29,169 -
Tax on profit 277,328 191,755

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:

2024 2023
£    £   
Profit before tax 1,041,112 803,860
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19.500 %)

260,278

156,753

Effects of:
Expenses not deductible for tax purposes 11,862 12,307
Income not taxable for tax purposes (32,947 ) -
Depreciation in excess of capital allowances 9,490 14,552
Adjustments to tax charge in respect of previous periods (34 ) 8,143
Marginal rate of tax adjustment (490 ) -
Deferred tax 29,169 -
Total tax charge 277,328 191,755

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of freehold property 73,214 - 73,214
Deferred tax on revaluation (22,182 ) - (22,182 )
51,032 - 51,032

The main rate of corporation tax increased from 19% to 25% from 1 April 2023.

7. INDIVIDUAL INCOME STATEMENT

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


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 50,000 -

9. PRIOR YEAR ADJUSTMENT

A change to the way in which turnover is determined has been made in the year to 30 April 2024. As a result, within the comparative, to 30 April 2023, turnover has decreased by £1,836,927, cost of sales has decreased by £1,437,749, administrative expenses has decreased by £405,693 and other operating income has decreased by £6,515. The net effect on the profit before tax is £Nil.

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 May 2023
and 30 April 2024 5,000
NET BOOK VALUE
At 30 April 2024 5,000
At 30 April 2023 5,000

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. INTANGIBLE FIXED ASSETS - continued

Company
Patents
and
licences
£   
COST
At 1 May 2023
and 30 April 2024 5,000
NET BOOK VALUE
At 30 April 2024 5,000
At 30 April 2023 5,000

11. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 5,727,510 516,767 79,676 6,323,953
Additions - 6,565 30,600 37,165
Disposals - - (26,300 ) (26,300 )
Revaluations 73,214 - - 73,214
At 30 April 2024 5,800,724 523,332 83,976 6,408,032
DEPRECIATION
At 1 May 2023 97,600 455,902 44,926 598,428
Charge for year 48,799 17,744 18,044 84,587
Eliminated on disposal - - (26,300 ) (26,300 )
At 30 April 2024 146,399 473,646 36,670 656,715
NET BOOK VALUE
At 30 April 2024 5,654,325 49,686 47,306 5,751,317
At 30 April 2023 5,629,910 60,865 34,750 5,725,525

Included in cost or valuation of land and buildings is freehold land of £751,808 (2023 - £751,808) which is not depreciated.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30 April 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2013 600,000 - - 600,000
Valuation in 2024 73,214 - - 73,214
Cost 5,127,510 523,332 83,976 5,734,818
5,800,724 523,332 83,976 6,408,032

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,450,080 5,450,080
Aggregate depreciation 526,388 425,278

Value of land in freehold land and buildings 100,000 100,000

Freehold land and buildings were valued on an open market basis on 30 April 2024 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 May 2023 28,750
Transfer to ownership (28,750 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 7,188
Charge for year 5,390
Transfer to ownership (12,578 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 21,562

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 5,727,510 516,767 53,376 6,297,653
Additions - 6,565 30,600 37,165
Revaluations 73,214 - - 73,214
At 30 April 2024 5,800,724 523,332 83,976 6,408,032
DEPRECIATION
At 1 May 2023 97,600 455,902 19,501 573,003
Charge for year 48,799 17,744 17,169 83,712
At 30 April 2024 146,399 473,646 36,670 656,715
NET BOOK VALUE
At 30 April 2024 5,654,325 49,686 47,306 5,751,317
At 30 April 2023 5,629,910 60,865 33,875 5,724,650

Included in cost or valuation of land and buildings is freehold land of £ 751,808 (2023 - £ 751,808 ) which is not depreciated.

Cost or valuation at 30 April 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2005 417,430 - - 417,430
Valuation in 2008 (50,000 ) - - (50,000 )
Valuation in 2010 (90,000 ) - - (90,000 )
Valuation in 2024 73,214 - - 73,214
Cost 5,450,080 523,332 83,976 6,057,388
5,800,724 523,332 83,976 6,408,032

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 5,450,080 5,450,080
Aggregate depreciation 526,388 425,278

Value of land in freehold land and buildings 100,000 100,000

Freehold land and buildings were valued on an open market basis on 30 April 2024 by the directors .

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 May 2023 28,750
Transfer to ownership (28,750 )
At 30 April 2024 -
DEPRECIATION
At 1 May 2023 7,188
Charge for year 5,390
Transfer to ownership (12,578 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 21,562

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 May 2023 17,444
Additions 86
Disposals (17,444 )
At 30 April 2024 86
NET BOOK VALUE
At 30 April 2024 86
At 30 April 2023 17,444

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

George Hughes (Cobo) Limited
Registered office: Highlands Road, Cranmore Ind Estate, Shirley, Solihull, B90 4NP
Nature of business: Light engineering (Ceased to trade 30 April 2024)
%
Class of shares: holding
Ordinary 100.00
Preference 100.00

Simplex Conduit Systems Limited
Registered office: Highlands Road, Shirley, Solihull, B90 4NP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Niglon Ireland Limited
Registered office: Unit 5, Naas Road Business Park, Muirfield Drive, Dublin 12, Ireland
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2023 1,080,000
Revaluations 131,786
At 30 April 2024 1,211,786
NET BOOK VALUE
At 30 April 2024 1,211,786
At 30 April 2023 1,080,000

Included in fair value of investment property is freehold land of £150,000 (2023 - £150,000) which is not depreciated.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. INVESTMENT PROPERTY - continued

Group

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2005 626,145
Valuation in 2008 (75,000 )
Valuation in 2010 (135,000 )
Valuation in 2021 180,000
Valuation in 2024 131,786
Cost 483,855
1,211,786

If the investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 483,855 483,855

Investment property was valued on an open market basis on 30 April 2024 by the directors .

The group's old premises at Highlands Road is now part leased to a third party tenant, so that the group only utilise 40% of the premises, and the third party tenant utilise 60% of the premises. As such 60% of the value of the premises is treated as investment property.

Company
Total
£   
FAIR VALUE
At 1 May 2023 1,080,000
Revaluations 131,786
At 30 April 2024 1,211,786
NET BOOK VALUE
At 30 April 2024 1,211,786
At 30 April 2023 1,080,000

Included in fair value of investment property is freehold land of £ 150,000 (2023 - £ 150,000 ) which is not depreciated.

The company's old premises at Highlands Road is now part leased to a third party tenant, so that Niglon Limited utilise 20% of the premises, subsidiary company George Hughes (Cobo) Limited utilise 20% of the premises, and the new third party tenant utilise 60% of the premises. As such 60% of the net book value of the premises is treated as investment property.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. INVESTMENT PROPERTY - continued

Company

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2005 626,145
Valuation in 2008 (75,000 )
Valuation in 2010 (135,000 )
Valuation in 2021 180,000
Valuation in 2024 131,786
Cost 483,855
1,211,786

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 483,855 483,855

Investment property was valued on an open market basis on 30 April 2024 by the Directors .

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 5,323,341 5,083,241 5,323,341 5,083,241

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,596,591 5,603,944 4,596,591 5,603,944
Other debtors 232,215 201,462 232,129 200,662
Directors' current accounts 566,835 197,517 566,835 197,517
Tax 66,662 226,007 66,662 226,007
VAT 309,559 - 309,559 -
Prepayments and accrued income 48,560 142,690 48,560 142,690
5,820,422 6,371,620 5,820,336 6,370,820

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 263,197 259,800 263,197 259,800
Hire purchase contracts (see note 19) - 9,703 - 9,703
Trade creditors 1,530,435 1,875,028 1,530,436 1,870,141
Amounts owed to group undertakings - - 100 43,980
Tax 248,266 393,468 246,715 393,468
Social security and other taxes 220,412 57,400 220,412 58,496
VAT - 202,001 - 202,430
Other creditors - 70,741 - 67,418
Pension control 1,401 4,925 1,401 3,304
Directors' current accounts 44,992 92,126 44,992 92,126
Accrued expenses 147,817 239,361 147,817 150,091
2,456,520 3,204,553 2,455,070 3,150,957

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 2,208,297 2,468,152 2,208,297 2,468,152

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 263,197 259,800 263,197 259,800
Amounts falling due between one and two years:
Bank loans - 1-2 years 263,197 259,800 263,197 259,800
Amounts falling due between two and five years:
Bank loans - 2-5 years 789,592 779,400 789,592 779,400
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,155,508 1,428,952 1,155,508 1,428,952

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 9,703

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 9,703

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 2,315

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 2,315

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 2,471,494 2,727,952 2,471,494 2,727,952

The bank loans with Lloyds Bank Plc are secured by way of a 1st Legal Charge over Commercial Freehold Property known as Unit 1, Highlands Park, Stirling Road, Shirley, Solihull, B90 4NE dated 31/01/2022 and an unlimited debenture dated 31/01/2022 incorporating a fixed and floating charge.

A guarantee has been given by Barclays Bank Plc on the Company's behalf in favour of H M Revenue & Customs for £40,000.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


21. FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2024 2023
£ £
Financial liabilities measured at fair value through the profit and loss:
Derivative Financial instruments 26,162 (7,723 )

Derivative financial instruments
The group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. The company is committed to buy US$2,900,000 in exchange for a fixed sterling amount (2023: US$1,000,000).

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumption used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR.

22. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 51,351 - 51,351 -

Group
Deferred
tax
£   
Accelerated capital allowances 6,441
Property revaluation 44,910
Balance at 30 April 2024 51,351

Company
Deferred
tax
£   
Accelerated capital allowances 6,441
Property revaluation 44,910
Balance at 30 April 2024 51,351

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
99,000 Ordinary £1 99,000 99,000
9,675 Ordinary A £1 9,675 9,675
108,675 108,675

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


23. CALLED UP SHARE CAPITAL - continued

Ordinary and Ordinary A shares have equal rights to receive notice of, attend and vote in a general meeting of the company, receive dividends and capital on wind up.

24. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 14,244,129 1,448,241 1,109,359 1,125 16,802,854
Profit for the year 763,784 763,784
Dividends (50,000 ) (50,000 )
Revaluation in year (253,263 ) - 304,295 - 51,032
At 30 April 2024 14,704,650 1,448,241 1,413,654 1,125 17,567,670

Company
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 May 2023 14,263,836 1,448,241 1,109,359 1,125 16,822,561
Profit for the year 740,605 740,605
Dividends (50,000 ) (50,000 )
Revaluation in year (253,263 ) - 304,295 - 51,032
At 30 April 2024 14,701,178 1,448,241 1,413,654 1,125 17,564,198


25. GUARANTEES

The group has provided a guarantee to its bankers in respect of the overdraft facility in the subsidiary, George Hughes (Cobo) Limited, although at both the current and prior year end there were no overdraft borrowings.

NIGLON LIMITED (REGISTERED NUMBER: 00891753)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
S B Hinley
Balance outstanding at start of year 197,517 -
Amounts advanced 231,452 226,517
Amounts repaid - (29,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 428,969 197,517

J G Hinley
Balance outstanding at start of year (47,134 ) (47,134 )
Amounts advanced 185,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 137,866 (47,134 )

The loan accounts are interest free, unsecured and repayable on demand.

The overdrawn loan account for Mr S B Hinley was repaid in July 2024. The overdrawn loan account for Mr J G Hinley is expected to be repaid within 9 months of the year end date.

27. RELATED PARTY TRANSACTIONS

At 30 April 2023 £44,992 was owed to the director Miss S Hinley. This loan was repaid in the year. The loan was interest free, unsecured and repayable on demand.

28. POST BALANCE SHEET EVENTS

On 21 September 2024 the company completed a share buy-back for cash in respect of 21,600 Ordinary shares in the sum of £3,000,000. The shares were subsequently cancelled.

On 28 October 2024 the company's old premises at Highlands Road was sold for £1,885,000 to the Hinley Family SSAS. The property has been revalued in the financial statements.

29. ULTIMATE CONTROLLING PARTY

Until 21 September 2024 the company and group was controlled by the director Mr S B Hinley.

Following the share buy-back and subsequent cancellation of Mr S B Hinley's shares on 21 September 2024 no one individual has ultimate control over the company by way of their shareholding, either directly or indirectly.