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REGISTERED NUMBER: 09617505 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

NOBLE ROT LTD

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


NOBLE ROT LTD

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: Mr M P Andrew
Mr D B Keeling
Mr O C A Mcswiney





REGISTERED OFFICE: 51 Lambs Conduit Street
London
WC1N 3NB





REGISTERED NUMBER: 09617505 (England and Wales)





AUDITORS: Xeinadin Audit Limited
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

ABRIDGED BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,858,324 1,684,468

CURRENT ASSETS
Stocks 792,887 710,679
Debtors 1,053,392 1,038,431
Cash at bank 324,868 382,853
2,171,147 2,131,963
CREDITORS
Amounts falling due within one year 1,930,622 2,135,606
NET CURRENT ASSETS/(LIABILITIES) 240,525 (3,643 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,098,849

1,680,825

CREDITORS
Amounts falling due after more than one
year

(100,000

)

(200,000

)

PROVISIONS FOR LIABILITIES (289,026 ) (219,446 )
NET ASSETS 1,709,823 1,261,379

CAPITAL AND RESERVES
Called up share capital 15,669 15,669
Share premium 616,334 616,334
Retained earnings 1,077,820 629,376
SHAREHOLDERS' FUNDS 1,709,823 1,261,379

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Mr M P Andrew - Director


NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Noble Rot Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Assessment of going concern
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgments 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:

-assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge, and

- the provision required for any bad or doubtful debts.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

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

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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
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 entity operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or
- the company and the party are subject to common control; or
- the party is an associate of the company or a joint venture in which the company is a venturer; or
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to above or is an entity under the control, joint control or significant influence of such individuals (close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity); or
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 119 (2023 - 88 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2023 2,571,697
Additions 500,790
At 30 June 2024 3,072,487
DEPRECIATION
At 1 July 2023 887,229
Charge for year 326,934
At 30 June 2024 1,214,163
NET BOOK VALUE
At 30 June 2024 1,858,324
At 30 June 2023 1,684,468

The company has opted for a policy of not revaluing its tangible fixed assets. Additions in subsequent years are stated at cost initially and subsequently measured at cost, net of depreciation and any impairment losses.

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 200,000 300,000

The loans were negotiated under Coronavirus Business Interruption Loan Scheme, guaranteed by the government, managed by the British Business Bank on behalf, and with the financial backing of, the Secretary of state for Business, Energy and Industry Strategy.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion
We were unable to perform stock cut-off testing at either the current or prior year end as the company does not maintain goods despatched notes, which would typically be used to verify the recording of stock movements. While we were provided with goods received notes, we were unable to perform alternative procedures to obtain assurance over the completeness and accuracy of stock cut-off.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our 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 qualified opinion.

Mr John Lee BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

7. PENSION COMMITMENTS

The company operates a defined contribution scheme. During the year the company contributed £62,494 (2023: £41,393). At the year end the company had a liability of £14,388 (2023: £13,911).

8. CONTINGENT LIABILITIES

There were no contingent liabilities at the current or previous balance sheet.

9. OTHER FINANCIAL COMMITMENTS

The company has total commitments under operating lease as detailed below:

20242023
£   £
Within one year548,342548,506

Between one and five years1,611,1211,975,926

Over five years2,367,6332,588,633
4,539,6035,113,066

NOBLE ROT LTD (REGISTERED NUMBER: 09617505)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £184,204 (2023: £198,422) by Keeling Andrew & Co Limited, a company in which the directors of this company are also directors. The total amount of wages recharged to Keeling Andrew & Co Limited during the year to 30 June 2024 was £228,231 (2023: £206,064). The total amount of purchases made from Keeling Andrew & Co Limited during the year to 30 June 2024 was £759,275 (2023: £606,139).

At the balance sheet date, the company owed £31,200 (2023: £20,800) to the directors.