| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |
| 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 |
| 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 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Investments | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 823,218 | 750,068 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st October 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| NET BOOK VALUE |
| At 31st October 2024 |
| At 31st October 2023 |
| 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 |
| Registered office: First Floor Woburn Court, 2 Railton Road, Kempston, Bedford MK42 7PN |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: First Floor Woburn Court, 2 Railton Road, Kempston, Bedford MK42 7PN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 | - | - |
| Other debtors | 15,503 | 33,454 |
| Tax | - | 59,064 |
| Accrued income | 3,193 | 8,946 |
| Prepayments | 664,454 | 344,452 |
| 2,451,628 | 2,098,274 |
| Amounts falling due after more than one year: |
| Prepayments and accrued income | - | 30,000 |
| Aggregate amounts | 2,451,628 | 2,128,274 |
| 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 |
| 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 |
| 1,891,482 | 1,818,529 |
| 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: | £ | £ |
| 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. |