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D & G NOBLE HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST OCTOBER 2024






D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


D & G NOBLE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2024







DIRECTORS: S Noble
D E Noble



REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road
Woburn Road Industrial Estate, Kempston
Bedford
Bedfordshire
MK42 7PN



REGISTERED NUMBER: 12098655 (England and Wales)



AUDITORS: HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN



BANKERS: Handelsbanken
2nd Floor Clifton House
4a Goldington Road
Bedford
Bedfordshire
MK40 3NF

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST OCTOBER 2024

The directors present their strategic report of the company and the group for the year ended 31st October 2024.

REVIEW OF BUSINESS
The Directors have continued to grow the business over the past 12 months. This is in part due to the purchase of a local competitor back in November 2022 to help enable diversification of operations and expansion of the business. This purchase has proven to be successful.

There has been challenges in keeping hold of good staff mainly in the transport planning administrative teams and the recruitment of leavers.

After the expansion of the business the Directors are still in the process of looking for larger premises, but this has its
own difficulties in so as much as that preferred locations, namely on farm land, are being sold to property developers.

In spite of the issues highlighted, management and staff have continued to respond well to these challenges and therefore it is particularly pleasing to report that the company generated sales and rent receivable of £9.74m, an increase of £0.472 m on the previous year, which is due to the aforementioned purchase of the competitor and organically generated income.

Gross margins for the 12 months to 31 October 2024 remained stable at 30%, with operating profit increasing by £0.26m. The Company's balance sheet has increased from £5.86m to £6.84m, with the majority of new commercial vehicles self-funded through the build up of cash reserves.

Based upon actions taken to date and further initiatives presently being undertaken, the Directors have full confidence in the Company's ability to sustain its profitability and continue the track record of balanced growth evident in prior years.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Group continue to be very competitive nature of the industry combined with continued increase in vehicles, parts and servicing costs. Vehicle lead times have stabilised but bodybuilders and ancillary equipment remain at approximately six months.

During the year fuel prices continued to fluctuate. The risk of the change in fuel prices is mitigated as the company is lucky to have understanding customers who accept there will be an ultimate knock on effect to their contract price.

After a period of historically low interest rates of 0.25% these have steadily been increasing since December 2021.

Fortunately, by October 2024 the rate stood at 4.61%, in comparison to 5.25% at the end of the last financial year. The director's did not opt to finance the new vehicles. The rates are expected to remain stable in the next financial year.

ON BEHALF OF THE BOARD:





S Noble - Director


18th June 2025

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st October 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of haulage and the provision of logistics facilities.

DIVIDENDS
An interim dividend of 244.33112 per share was paid on 30th April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st October 2024 will be £ 73,788 .

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

S Noble
D E Noble

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). 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.

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.

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST OCTOBER 2024


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

ON BEHALF OF THE BOARD:





S Noble - Director


18th June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & G NOBLE HOLDINGS LIMITED

Opinion
We have audited the financial statements of D & G Noble Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2024 which comprise the Consolidated Statement of 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 31st October 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & G NOBLE HOLDINGS LIMITED


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 three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & G NOBLE HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

* Identifying and assessing the controls management has in place to prevent and detect fraud;
* Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
* Challenging assumptions and judgments made by management in its significant accounting estimates and judgments.
* Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
* Assessing the extent of compliance with the relevant laws and regulations.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusions.

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 accounting policy disclosure pages.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D & G NOBLE HOLDINGS LIMITED


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.




Alberto Di Lorenzo FCA (Senior Statutory Auditor)
for and on behalf of HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

18th June 2025

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   

TURNOVER 3 9,828,146 9,366,853

Cost of sales 6,809,043 6,543,863
GROSS PROFIT 3,019,103 2,822,990

Administrative expenses 600,514 646,374
2,418,589 2,176,616

Other operating income 102,224 4,543
OPERATING PROFIT 5 2,520,813 2,181,159

Interest receivable and similar income 17,509 3,076
2,538,322 2,184,235

Interest payable and similar expenses 6 15,502 31,455
PROFIT BEFORE TAXATION 2,522,820 2,152,780

Tax on profit 7 625,110 478,512
PROFIT FOR THE FINANCIAL YEAR 1,897,710 1,674,268

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,897,710

1,674,268

Profit attributable to:
Owners of the parent 1,897,710 1,674,268

Total comprehensive income attributable to:
Owners of the parent 1,897,710 1,674,268

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

CONSOLIDATED BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 7,230,570 6,657,735
Investments 11 - -
Investment property 12 750,000 750,000
7,980,570 7,407,735

CURRENT ASSETS
Stocks 13 44,654 61,409
Debtors 14 2,451,628 2,128,274
Investments 15 2,074,245 497,379
Cash at bank and in hand 1,882,015 2,607,727
6,452,542 5,294,789
CREDITORS
Amounts falling due within one year 16 1,891,482 1,818,529
NET CURRENT ASSETS 4,561,060 3,476,260
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,541,630

10,883,995

CREDITORS
Amounts falling due after more than one year 17 (173,217 ) (415,306 )

PROVISIONS FOR LIABILITIES 20 (1,354,618 ) (1,278,819 )
NET ASSETS 11,013,795 9,189,870

CAPITAL AND RESERVES
Called up share capital 21 302 302
Share premium 22 1,039,325 1,039,325
Fair value reserve 22 111,085 111,085
Retained earnings 22 9,863,083 8,039,158
SHAREHOLDERS' FUNDS 11,013,795 9,189,870

The financial statements were approved by the Board of Directors and authorised for issue on 18th June 2025 and were signed on its behalf by:





S Noble - Director


D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

COMPANY BALANCE SHEET
31ST OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 300 300
Investment property 12 - -
300 300

CURRENT ASSETS
Debtors 14 301,332 302,053
Investments 15 2,074,245 497,379
Cash at bank 178,511 1,005,163
2,554,088 1,804,595
CREDITORS
Amounts falling due within one year 16 5,618 5,555
NET CURRENT ASSETS 2,548,470 1,799,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,548,770

1,799,340

CAPITAL AND RESERVES
Called up share capital 21 302 302
Retained earnings 2,548,468 1,799,038
SHAREHOLDERS' FUNDS 2,548,770 1,799,340

Company's profit for the financial year 823,218 750,068

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

The financial statements were approved by the Board of Directors and authorised for issue on 18th June 2025 and were signed on its behalf by:





S Noble - Director


D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1st November 2022 302 6,438,678 1,039,325 111,085 7,589,390

Changes in equity
Dividends - (73,788 ) - - (73,788 )
Total comprehensive income - 1,674,268 - - 1,674,268
Balance at 31st October 2023 302 8,039,158 1,039,325 111,085 9,189,870

Changes in equity
Dividends - (73,788 ) - - (73,788 )
Total comprehensive income - 1,897,710 - - 1,897,710
Balance at 31st October 2024 302 9,863,080 1,039,325 111,085 11,013,792

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST OCTOBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st November 2022 302 1,122,758 1,123,060

Changes in equity
Dividends - (73,788 ) (73,788 )
Total comprehensive income - 750,068 750,068
Balance at 31st October 2023 302 1,799,038 1,799,340

Changes in equity
Dividends - (73,788 ) (73,788 )
Total comprehensive income - 823,218 823,218
Balance at 31st October 2024 302 2,548,468 2,548,770

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,195,703 2,636,206
Interest paid (1,034 ) (280 )
Interest element of hire purchase payments
paid

(14,468

)

(31,175

)
Tax paid (565,065 ) 200
Net cash from operating activities 2,615,136 2,604,951

Cash flows from investing activities
Purchase of intangible fixed assets - (497,379 )
Purchase of tangible fixed assets (1,467,347 ) (912,465 )
Purchase of fixed asset investments (2,823,916 ) -
Sale of tangible fixed assets 84,762 115,800
Sale of fixed asset investments 1,270,000 -
Interest received 17,509 3,076
Net cash from investing activities (2,918,992 ) (1,290,968 )

Cash flows from financing activities
Hire purchase capital repayments (348,068 ) (458,635 )
Amount withdrawn by directors - (30,568 )
Equity dividends paid (73,788 ) (73,788 )
Net cash from financing activities (421,856 ) (562,991 )

(Decrease)/increase in cash and cash equivalents (725,712 ) 750,992
Cash and cash equivalents at beginning of
year

2

2,607,727

1,856,735

Cash and cash equivalents at end of year 2 1,882,015 2,607,727

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

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

2024 2023
£    £   
Profit before taxation 2,522,820 2,152,780
Depreciation charges 812,840 803,058
(Profit)/loss on disposal of fixed assets (26,041 ) 58,266
Finance costs 15,502 31,455
Finance income (17,509 ) (3,076 )
3,307,612 3,042,483
Decrease in stocks 16,755 9,726
Increase in trade and other debtors (323,350 ) (226,622 )
Increase/(decrease) in trade and other creditors 194,686 (189,381 )
Cash generated from operations 3,195,703 2,636,206

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 31st October 2024
31/10/24 1/11/23
£    £   
Cash and cash equivalents 1,882,015 2,607,727
Year ended 31st October 2023
31/10/23 1/11/22
£    £   
Cash and cash equivalents 2,607,727 1,856,735


D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST OCTOBER 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/11/23 Cash flow At 31/10/24
£    £    £   
Net cash
Cash at bank and in hand 2,607,727 (725,712 ) 1,882,015
2,607,727 (725,712 ) 1,882,015

Liquid resources
Current asset investments 497,379 1,576,866 2,074,245
497,379 1,576,866 2,074,245
Debt
Finance leases (763,374 ) 348,068 (415,306 )
(763,374 ) 348,068 (415,306 )
Total 2,341,732 1,199,222 3,540,954

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2024

1. STATUTORY INFORMATION

D & G Noble Holdings 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation
The group accounts consolidate the accounts of D & G Noble Holdings Limited and its subsidiary undertakings drawn up to 30th October each year.

The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounting for under the acquisition method with goodwill, representing any excess of the fair value of the consolidation given over the fair value of the identifiable assets and liabilities acquired, being amortised over the expected useful life of five years.

Significant judgements and estimates
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 revision nd future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation
Depreciation is provided by reference to the age and condition of the assets concerned and estimated future use. The gain or loss arising on the disposals or retirement of an item of plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement,

Turnover
Turnover for the Group represents haulage sales and storage facilities supplied, Furthermore there are revenue streams for the letting of commercial and residential properties.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 10 years less residual balance
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to location and conditional necessary for it to be capable of operating the matter intended by management.

The freehold property (excluding land) is depreciated over 50 years after taking into account the residual value of the building.

Investment property
Investment properties for which fair value can be measured reliably at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of section 11 "Basic Financial Instruments" and section 12 " Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade debtors, are initially measured at transactions price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.Such assets are subsequently carried at fair value nd the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed when the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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


D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received or receivable, net of transaction costs. Dividends payable or equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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
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.

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.

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

2. ACCOUNTING POLICIES - continued

Going concern
At 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.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Haulage and logistics 9,646,715 9,180,797
Commercial rents received 147,517 154,269
Residential rents received 24,639 22,311
Utility recharges 9,275 9,476
9,828,146 9,366,853

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,370,473 3,145,427
Other pension costs 24,000 64,000
3,394,473 3,209,427

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

Directors 2 2
Direct and administrative employees 60 58
62 60

2024 2023
£    £   
Directors' remuneration 24,559 25,345
Directors' pension contributions to money purchase schemes 24,000 64,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 639,524 577,088
Depreciation - assets on hire purchase contracts 173,316 225,970
(Profit)/loss on disposal of fixed assets (26,041 ) 58,266
Auditors' remuneration 8,000 8,000
Auditors' remuneration for non audit work 3,500 2,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on late tax payment 1,034 280
Hire purchase interest 14,468 31,175
15,502 31,455

7. 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 549,311 444,071

Deferred tax 75,799 34,441
Tax on profit 625,110 478,512

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,522,820 2,152,780
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

630,705

538,195

Effects of:
Expenses not deductible for tax purposes 14,540 1,525
Capital allowances in excess of depreciation (95,934 ) (95,650 )
Deferred tax on accelerated capital allowances 75,799 34,442
Total tax charge 625,110 478,512

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 73,788 73,788

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st November 2023 1,264,634 163,956 187,222
Additions - 19,400 917
Disposals - - -
At 31st October 2024 1,264,634 183,356 188,139
DEPRECIATION
At 1st November 2023 12,849 149,102 150,158
Charge for year 3,293 3,374 7,519
Eliminated on disposal - - -
At 31st October 2024 16,142 152,476 157,677
NET BOOK VALUE
At 31st October 2024 1,248,492 30,880 30,462
At 31st October 2023 1,251,785 14,854 37,064

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st November 2023 81,331 8,525,501 33,828 10,256,472
Additions 780 1,446,250 - 1,467,347
Disposals - (336,183 ) - (336,183 )
At 31st October 2024 82,111 9,635,568 33,828 11,387,636
DEPRECIATION
At 1st November 2023 41,206 3,222,177 23,246 3,598,738
Charge for year 6,018 787,158 5,478 812,840
Eliminated on disposal - (254,512 ) - (254,512 )
At 31st October 2024 47,224 3,754,823 28,724 4,157,066
NET BOOK VALUE
At 31st October 2024 34,887 5,880,745 5,104 7,230,570
At 31st October 2023 40,125 5,303,324 10,582 6,657,734

The net book value of tangible fixed assets includes £ 969,889 (2023 - £ 1,583,243 ) in respect of assets held under hire purchase contracts.

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st November 2023
and 31st October 2024 300
NET BOOK VALUE
At 31st October 2024 300
At 31st October 2023 300

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

11. 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

D & G Noble Limited
Registered office: First Floor Woburn Court, 2 Railton Road, Kempston, Bedford MK42 7PN
Nature of business: Haulage
%
Class of shares: holding
Ordinary 100.00

Cedarland Limited
Registered office: First Floor Woburn Court, 2 Railton Road, Kempston, Bedford MK42 7PN
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00


Particulars of subsidiary undertakings

Held directly by the parent company:
D & G Noble Limited 100% of the ordinary share capital
Cedarland Limited 100% of the ordinary share capital

In accordance with section 479A of the Companies Act 2006 Cedarland Limited, company number 09826784, has taken advantage of the audit exemption of its individual accounts for the period ended 31 October 2024, as D & G Noble Holdings Limited has guaranteed all of its liabilities.

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st November 2023
and 31st October 2024 750,000
NET BOOK VALUE
At 31st October 2024 750,000
At 31st October 2023 750,000

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

12. INVESTMENT PROPERTY - continued

Group

Fair value at 31st October 2024 is represented by:
£   
Valuation in 2020 70,298
Valuation in 2021 41,702
Cost 638,000
750,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 638,000 638,000

13. STOCKS

Group
2024 2023
£    £   
Stocks 44,654 61,409

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,781,718 1,664,083 - -
Doubtful debt provision (13,240 ) (11,725 ) - -
Amounts owed by group undertakings - - 300,000 301,925
Other debtors 15,503 33,454 2 2
Tax - 59,064 - -
Accrued income 3,193 8,946 1,330 126
Prepayments 664,454 344,452 - -
2,451,628 2,098,274 301,332 302,053

Amounts falling due after more than one year:
Prepayments and accrued income - 30,000 - -

Aggregate amounts 2,451,628 2,128,274 301,332 302,053

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

15. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Unlisted investments 2,074,245 497,379 2,074,245 497,379

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 18) 242,089 348,068 - -
Trade creditors 540,090 316,288 - -
Corporation tax 369,453 444,271 263 200
Social security and other taxes 55,108 70,488 - -
VAT 308,127 429,830 - -
Other creditors 18,900 6,605 - -
Directors' current accounts 3,194 3,194 2,855 2,855
Deferred income 11,807 8,477 - -
Accrued expenses 342,714 191,308 2,500 2,500
1,891,482 1,818,529 5,618 5,555

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

Group
2024 2023
£    £   
Hire purchase contracts (see note 18) 173,217 415,306

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 242,089 348,068
Between one and five years 173,217 415,306
415,306 763,374

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 415,306 763,374

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Fair value gains 176,325 176,325
Accelerated capital allowances 1,178,293 1,102,494
1,354,618 1,278,819

Group
Deferred
tax
£   
Balance at 1st November 2023 1,278,819
Accelerated capital allowances 75,799
Revaluation of invest property
Balance at 31st October 2024 1,354,618

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
302 Ordinary £1 302 302

D & G NOBLE HOLDINGS LIMITED (REGISTERED NUMBER: 12098655)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2024

22. RESERVES

Group
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1st November 2023 8,039,161 1,039,325 111,085 9,189,571
Profit for the year 1,897,710 1,897,710
Dividends (73,788 ) (73,788 )
At 31st October 2024 9,863,083 1,039,325 111,085 11,013,493


23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 620,413 961,533

24. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.