Company registration number 01485098 (England and Wales)
NATGRAPH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NATGRAPH LIMITED
COMPANY INFORMATION
Directors
W M Hatfield
D C Richardson
(Appointed 5 March 2024)
M K Johnson
(Appointed 5 March 2024)
P Bridgewater
(Appointed 5 March 2024)
R J Inglis
(Appointed 19 August 2024)
L Rizzoli
(Appointed 19 August 2024)
A L Whittle
(Appointed 17 April 2025)
Company number
01485098
Registered office
Dabell Avenue
Blenheim Industrial Estate
Nottingham
NG6 8WA
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
NATGRAPH LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 22
NATGRAPH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activities of the company continued to be that of a manufacturer of drying and curing systems.
Results and dividends
Ordinary dividends totalling £550,000 (2023: £600,000) were paid during the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P I Rowlands
(Resigned 5 March 2024)
R S Rhodes
(Resigned 5 March 2024)
A D Goodson
(Resigned 24 May 2024)
W M Hatfield
D C Richardson
(Appointed 5 March 2024)
M K Johnson
(Appointed 5 March 2024)
P Bridgewater
(Appointed 5 March 2024)
R J Inglis
(Appointed 19 August 2024)
L Rizzoli
(Appointed 19 August 2024)
A L Whittle
(Appointed 17 April 2025)
Auditor
The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NATGRAPH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
W M Hatfield
Director
20 May 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NATGRAPH LIMITED
- 3 -
Opinion
We have audited the financial statements of Natgraph Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NATGRAPH LIMITED (CONTINUED)
- 4 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NATGRAPH LIMITED (CONTINUED)
- 5 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
At planning, we evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks related to improper revenue recognition and undisclosed related parties.
Based on our understanding of the company and the industry in which it operates, we noted that the company was subject to laws and regulations including the Heath and Safety at Work Act, the General Data Protection Regulation and employment and copyright law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
Audit procedures performed included:
Enquiry of management regarding any instances of actual or potential fraud during the year;
Assessment of fraud prevention and detection procedures within the company;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
Enquiry of management regarding actual and potential litigation and claims, or any potential breaches of laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Substantive testing of revenue transactions and assessment of controls implemented by the company; and
Enquiry of management concerning any new or potentially undisclosed related parties based on reviews of accounting records.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NATGRAPH LIMITED (CONTINUED)
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
David Allum
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
20 May 2025
Chartered Accountants
Statutory Auditor
NATGRAPH LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
5,673,660
7,102,721
Cost of sales
(3,953,578)
(4,963,291)
Gross profit
1,720,082
2,139,430
Distribution costs
(58,187)
(53,786)
Administrative expenses
(2,165,592)
(1,837,295)
Other operating income
108,349
153,349
Operating (loss)/profit
4
(395,348)
401,698
Interest receivable and similar income
1,629
11,425
Interest payable and similar expenses
7
(32,609)
(3,986)
(Loss)/profit before taxation
(426,328)
409,137
Tax on (loss)/profit
8
80,137
(93,679)
(Loss)/profit for the financial year
(346,191)
315,458
Retained earnings brought forward
1,879,659
2,164,201
Dividends
(550,000)
(600,000)
Retained earnings carried forward
983,468
1,879,659
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NATGRAPH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
41,474
45,766
Tangible assets
10
496,451
546,500
537,925
592,266
Current assets
Stocks
11
462,951
470,030
Debtors
12
2,079,730
2,239,869
Cash at bank and in hand
3,413
4,762
2,546,094
2,714,661
Creditors: amounts falling due within one year
13
(2,025,050)
(1,311,527)
Net current assets
521,044
1,403,134
Total assets less current liabilities
1,058,969
1,995,400
Creditors: amounts falling due after more than one year
14
(3,605)
Provisions for liabilities
Deferred tax liability
17
74,095
110,730
(74,095)
(110,730)
Net assets
984,874
1,881,065
Capital and reserves
Called up share capital
19
1,406
1,406
Profit and loss reserves
983,468
1,879,659
Total equity
984,874
1,881,065
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
W M Hatfield
Director
Company registration number 01485098 (England and Wales)
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information
Natgraph Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dabell Avenue, Blenheim Industrial Estate, Nottingham, NG6 8WA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Indutrade AB. These consolidated financial statements are available from its registered office, as set out in note 22.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover from contracts represents the value of work done in the year including estimates of the amounts not invoiced at the year end which are included in accrued income. Turnover from projects is accounted for based on the completion of the physical proportion of the contract work performed as a percentage of the total value of the contract work. Amounts not invoiced at year end are included in accrued income. The following criteria must be met before turnover is recognised:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due;
the stage of completion at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete can be measured reliably.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Earlier of 10 years straight line or end of lease life
Plant and machinery
10 years straight line
Computer equipment
5 years straight line
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Repairs and maintenance are charged to the profit and loss accounted during the year in which they are incurred.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Work in progress represents the value of work performed in respect of contracts which have not met the turnover recognition conditions at the year end.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such arrangements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Carrying value of stock
The directors review the market value of and demand for the company's stocks on a periodic basis to ensure stock is recorded in the financial statements at the lower of cost and net realisable vale. Any provision for impairment is recorded against the carrying value of stocks. The directors use their knowledge of market conditions, historical experiences and estimates of future events to assess future demand for the company's products and achievable selling prices.
Leasing
The company determines whether leases entered into are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.
Stage of completion of projects
The company determines whether income is to be accrued or deferred based on the stage of completion of projects.. These decisions depend on an assessment of whether the risks and rewards have been transferred from the customer to the company based on an evaluation of the terms and conditions of the arrangements and the percentage completion of works provided.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
3
Turnover and other revenue
The whole of the turnover is attributable to the principal activity of the company.
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
1,139,177
2,708,144
Rest of Europe
1,542,766
2,292,644
Rest of World
2,991,717
2,101,933
5,673,660
7,102,721
2024
2023
£
£
Other revenue
Interest income
1,629
11,425
Grants received
3,349
3,349
Research and development tax credit
105,000
150,000
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
2,479
(1,944)
Government grants
(3,349)
(3,349)
Fees payable to the company's auditor for the audit of the company's financial statements
18,192
20,213
Depreciation of owned tangible fixed assets
156,699
150,700
Profit on disposal of tangible fixed assets
-
(3,999)
Amortisation of intangible assets
4,292
4,281
Operating lease charges
206,800
206,800
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
9
9
Manufacturing
41
46
Total
50
55
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,064,009
2,078,551
Social security costs
209,783
208,378
Pension costs
53,138
48,886
2,326,930
2,335,815
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
285,313
194,422
Company pension contributions to defined contribution schemes
8,580
2,642
293,893
197,064
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
32,609
3,986
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
122,786
Adjustments in respect of prior periods
(43,502)
Total current tax
(43,502)
122,786
Deferred tax
Origination and reversal of timing differences
(36,635)
(29,107)
Total tax (credit)/charge
(80,137)
93,679
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(426,328)
409,137
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(106,582)
96,229
Tax effect of expenses that are not deductible in determining taxable profit
1,023
2,175
Adjustments in respect of prior years
(43,502)
43
Research and development tax credit
8,750
(3,156)
Fixed asset timing differences
90
113
Remeasurement of deferred tax for changes in tax rates
327
(1,725)
Losses carried back
59,757
Taxation (credit)/charge for the year
(80,137)
93,679
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Intangible fixed assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
51,830
Amortisation and impairment
At 1 January 2024
6,064
Amortisation charged for the year
4,292
At 31 December 2024
10,356
Carrying amount
At 31 December 2024
41,474
At 31 December 2023
45,766
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
409,467
1,223,064
322,606
44,209
1,999,346
Additions
56,460
14,080
36,110
106,650
At 31 December 2024
465,927
1,237,144
358,716
44,209
2,105,996
Depreciation and impairment
At 1 January 2024
321,126
809,845
285,399
36,476
1,452,846
Depreciation charged in the year
62,078
74,396
15,413
4,812
156,699
At 31 December 2024
383,204
884,241
300,812
41,288
1,609,545
Carrying amount
At 31 December 2024
82,723
352,903
57,904
2,921
496,451
At 31 December 2023
88,341
413,219
37,207
7,733
546,500
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Tangible fixed assets
(Continued)
- 19 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
2,919
7,731
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
462,951
470,030
An impairment of £16,401 (2023: impairment of £10,247) was recognised in cost of sales during the year due to slow-moving and obsolete stock.
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
799,840
1,067,097
Corporation tax recoverable
176,248
27,746
Other debtors
132,038
76,802
Prepayments and accrued income
971,604
1,068,224
2,079,730
2,239,869
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
474,000
208,629
Obligations under finance leases
16
4,719
4,762
Trade creditors
1,256,770
959,783
Taxation and social security
48,737
50,956
Other creditors
20,138
7,919
Accruals and deferred income
220,686
79,478
2,025,050
1,311,527
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
3,605
15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
474,000
208,629
Payable within one year
474,000
208,629
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
4,719
4,762
In two to five years
3,605
4,719
8,367
Finance lease payments represent rentals payable by the company for certain fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
90,392
111,626
Tax losses
(7,745)
-
Short term timing differences
(8,552)
(896)
74,095
110,730
2024
Movements in the year:
£
Liability at 1 January 2024
110,730
Credit to profit or loss
(36,635)
Liability at 31 December 2024
74,095
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
53,138
48,886
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, there were defined contribution pension scheme amounts due of £11,202 (2023: £10,078).
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,406
1,406
1,406
1,406
NATGRAPH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
206,800
206,800
Between two and five years
821,200
827,200
In over five years
56,933
257,733
1,084,933
1,291,733
21
Related party transactions
During the year the company made purchases of £121,318 (2023: £40,074) from a partnership in which certain directors during the year are partners.
During the year the company made sales of £26,766 (2023: £54,579) to a partnership in which certain directors during the year are partners.
22
Ultimate controlling party
The immediate parent undertaking is Indutrade UK Limited.
Indutrade UK Limited is a company incorporated in England and Wales. The registered office of Indutrade UK Limited is Ellard House Floats Road, Roundthorn Industrial Estate, Wythenshawe, Manchester, England, M23 9WB.
The ultimate parent company and controlling party is Indutrade AB, a company registered on the Stockholm Stock Exchange in Sweden. Indutrade AB heads the largest and smallest group of companies to consolidate these financial statements. Group consolidated financial statements for Indutrade AB are available to the public from Raseborgsgatan 9, Box 6044, SE-164 06, KISTA, Sweden.
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