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REGISTERED NUMBER: SC235198 (Scotland)















Strategic Report, Directors' Report and

Financial Statements for the Year Ended 29 September 2024

for

NORCO GROUP LIMITED

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Contents of the Financial Statements
for the Year Ended 29 September 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


NORCO GROUP LIMITED

Company Information
for the Year Ended 29 September 2024







DIRECTORS: A M Mccarle
L G Robertson
J P Roy
R Sharp
L J Grove





REGISTERED OFFICE: Norco House
Units 3-6 Pitmedden Road
Dyce
Aberdeen
AB21 0DT





REGISTERED NUMBER: SC235198 (Scotland)





AUDITORS: Thomson Cooper Accountants
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Strategic Report
for the Year Ended 29 September 2024


The directors present their strategic report for the year ended 29 September 2024.

REVIEW OF BUSINESS
As shown in the Company profit and loss account, turnover for the year has increased by 10% to £14m and operating profits have decreased 8% to £485k. The director considers this to be another strong set of results reflecting the ongoing success, and investment in, the business.

The Company's strong financial position at the year-end has ensured that continued investment in people and facilities since September has led to future improvements in sales and more importantly margin.

PRINCIPAL RISKS AND UNCERTAINTIES
Market and economic risk
The majority of the Company's goods and services are to the UK markets and therefore the company is exposed to market and economic risks within the UK. Given the recent difficult trading conditions and the period of inflation, the business has performed exceptionally well due to our strategy and workforce.

The key business risks and uncertainties affecting the Company are related to competition, part seasonality and cyclicality. The availability of new contracts within the North Sea as well as some contraction in the equipment rental market remains a challenge. Nevertheless, our customer base is diverse enough that we remain confident that this threat is minimal particularly as our rates are lower than most.

Bank funding and liquidity risk
Through existing cash flows, loans from the director and where required, bank funding, the business is well placed to continue to grow over the next few years. Bank debts have reduced significantly in recent years. Future growth will be funded through the continuation of an Invoice Finance facility which provides the appropriate flexibility.

Credit risk
The Company has implicated policies that require appropriate credit checks on potential customers before sales are made. The director does not believe there is significant exposure or over-reliance to any individual party.

KEY PERFORMANCE INDICATORS (KPI)
The key performance indicators used to measure and monitor the performance of the business are gross margin and cash management. The gross margin has remained consistent year-on-year at 24%.

The Company are also in a steady cash position and have significantly reduced the bank borrowings and debtor days in the year.

FUTURE DEVELOPMENTS
The business will continue to focus on existing customer contracts as well as seeking new opportunities in the marketplace. The director does not envisage any significant changes in the company's operations over the next 12 months.

ON BEHALF OF THE BOARD:





R Sharp - Director


30 June 2025

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Directors' Report
for the Year Ended 29 September 2024


The directors present their report with the financial statements of the company for the year ended 29 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of independent service provider, supplier and manufacturer of critical power systems, industrial batteries and chargers.

DIVIDENDS
No dividends will be distributed for the year ended 29 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 30 September 2023 to the date of this report.

A M Mccarle
L G Robertson
J P Roy
R Sharp
L J Grove

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Directors' Report
for the Year Ended 29 September 2024


AUDITORS
Thomson Cooper were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be reappointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:





R Sharp - Director


30 June 2025

Report of the Independent Auditors to the Members of
Norco Group Limited


Opinion
We have audited the financial statements of Norco Group Limited (the 'company') for the year ended 29 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 29 September 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our audit's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Norco Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the director's responsibilities statement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for
assessing 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 director either intends to liquidate the
parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Norco Group 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud
We consider the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Company's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate, attended the year end stock count and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including financial and taxation legislation and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the company.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even through we have properly planned and preformed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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.

Other matters which we are required to address
Comparative information contained within these financial statements are unaudited. The first year the company was subjected to audit was for the year ended 29 September 2024.

Report of the Independent Auditors to the Members of
Norco Group 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.




Jacqueline Whyte (Senior Statutory Auditor)
for and on behalf of Thomson Cooper Accountants
3 Castle Court
Carnegie Campus
Dunfermline
KY11 8PB

30 June 2025

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Income Statement
for the Year Ended 29 September 2024

2024 2023
Notes £    £   

TURNOVER 4 14,044,481 12,727,636

Cost of sales 10,696,765 9,662,869
GROSS PROFIT 3,347,716 3,064,767

Administrative expenses 2,862,128 2,538,119
OPERATING PROFIT 6 485,588 526,648

Interest receivable and similar income 8,260 4,630
493,848 531,278

Interest payable and similar expenses 7 70,627 52,522
PROFIT BEFORE TAXATION 423,221 478,756

Tax on profit 8 (201,781 ) 112,126
PROFIT FOR THE FINANCIAL YEAR 625,002 366,630

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Other Comprehensive Income
for the Year Ended 29 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 625,002 366,630


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

625,002

366,630

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Balance Sheet
29 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 15,502 6,786
Tangible assets 10 1,621,804 1,468,718
1,637,306 1,475,504

CURRENT ASSETS
Stocks 11 649,914 827,527
Debtors 12 5,205,144 4,511,428
Cash at bank 127,148 137,288
5,982,206 5,476,243
CREDITORS
Amounts falling due within one year 13 2,969,288 3,379,204
NET CURRENT ASSETS 3,012,918 2,097,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,650,224

3,572,543

CREDITORS
Amounts falling due after more than one
year

14

(673,739

)

(224,085

)

PROVISIONS FOR LIABILITIES 17 (191,550 ) (188,525 )
NET ASSETS 3,784,935 3,159,933

CAPITAL AND RESERVES
Called up share capital 18 120,000 120,000
Share premium 19 150,000 150,000
Capital redemption reserve 19 30,000 30,000
Retained earnings 19 3,484,935 2,859,933
SHAREHOLDERS' FUNDS 3,784,935 3,159,933

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:





R Sharp - Director


NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Statement of Changes in Equity
for the Year Ended 29 September 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 30 September 2022 120,000 2,493,303 150,000 30,000 2,793,303

Changes in equity
Total comprehensive income - 366,630 - - 366,630
Balance at 29 September 2023 120,000 2,859,933 150,000 30,000 3,159,933

Changes in equity
Total comprehensive income - 625,002 - - 625,002
Balance at 29 September 2024 120,000 3,484,935 150,000 30,000 3,784,935

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements
for the Year Ended 29 September 2024


1. STATUTORY INFORMATION

Norco Group Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of services is recognised as services are provided. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Payments received and amounts invoiced to customers in advance of services being provided are included in creditors as deferred income, and revenue recognised in advance of invoicing is shown as accrued income, within debtors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

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.
Freehold property - 2% on cost
Improvements to property - 20% on cost
Plant and machinery - at varying rates on cost
Batteries - Straight line over 3 years
Motor vehicles - Straight line over 3 years

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost incurred in bringing each product to its present location and condition and net realisable value.

Work in progress and finished goods include the cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to
completion and disposal.

On a monthly basis, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of
inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant Actual results differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are not considered to be any critical accounting judgements or estimates.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

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

2024 2023
£    £   
Sales of products 5,361,734 4,982,520
Sales of Services 8,682,747 7,745,116
14,044,481 12,727,636

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,524,483 12,023,660
Rest of World 519,998 703,976
14,044,481 12,727,636

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,376,463 4,055,926
Social security costs 450,715 414,965
Other pension costs 118,901 108,188
4,946,079 4,579,079

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


5. EMPLOYEES AND DIRECTORS - continued

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

All employees 107 108

Total remuneration paid to directors during the year was £319,965 (2023 - £235,467).

6. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 14,100 1,445
Depreciation - owned assets 283,936 221,642
Depreciation - assets on hire purchase contracts 110,491 111,410
Profit on disposal of fixed assets (66,405 ) (72,896 )
Development costs amortisation 6,784 8,043
Foreign exchange differences 24,683 23,277
Audit fee 18,500 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable 26,599 -
Hire purchase 13,405 13,351
Bank interest 30,623 39,171
70,627 52,522

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 114,644 93,254
Prior year tax adjustment (319,450 ) -
Total current tax (204,806 ) 93,254

Deferred tax 3,025 18,872
Tax on profit (201,781 ) 112,126

UK corporation tax has been charged at 25% .

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


8. TAXATION - continued

Reconciliation of total tax (credit)/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 423,221 478,756
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.991%)

105,805

105,283

Effects of:
Expenses not deductible for tax purposes 964 2,676
Depreciation in excess of capital allowances 10,901 3,407
Adjustments to tax charge in respect of previous periods - 4,783
Prior year tax adjustments (319,450 ) (2,168 )
Group relief surrendered/claimed - (1,939 )
Unexplained difference (1 ) 84
Total tax (credit)/charge (201,781 ) 112,126

In 2023 there was a change in the rate in which Corporation Tax was charged from 19% to 25%.

The adjustment to tax charge in respect of previous periods of £319,450 relates to the filing of amended tax returns for Research and Development claims in prior years which have resulted in a repayment of Corporation Tax.

9. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 30 September 2023 163,779
Additions 15,500
At 29 September 2024 179,279
AMORTISATION
At 30 September 2023 156,993
Amortisation for year 6,784
At 29 September 2024 163,777
NET BOOK VALUE
At 29 September 2024 15,502
At 29 September 2023 6,786

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


10. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 30 September 2023 1,055,869 225,472 776,116
Additions - 3,832 72,024
Disposals - - (4,831 )
At 29 September 2024 1,055,869 229,304 843,309
DEPRECIATION
At 30 September 2023 339,172 212,636 681,488
Charge for year 15,838 4,101 44,097
Eliminated on disposal - - (4,187 )
At 29 September 2024 355,010 216,737 721,398
NET BOOK VALUE
At 29 September 2024 700,859 12,567 121,911
At 29 September 2023 716,697 12,836 94,628

Motor
Batteries vehicles Totals
£    £    £   
COST
At 30 September 2023 2,593,948 834,557 5,485,962
Additions 134,347 379,577 589,780
Disposals (81,164 ) (148,418 ) (234,413 )
At 29 September 2024 2,647,131 1,065,716 5,841,329
DEPRECIATION
At 30 September 2023 2,202,991 580,957 4,017,244
Charge for year 144,048 186,343 394,427
Eliminated on disposal (56,220 ) (131,739 ) (192,146 )
At 29 September 2024 2,290,819 635,561 4,219,525
NET BOOK VALUE
At 29 September 2024 356,312 430,155 1,621,804
At 29 September 2023 390,957 253,600 1,468,718

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 30 September 2023 479,112
Additions 249,777
Disposals (50,335 )
Transfer to ownership (138,095 )
At 29 September 2024 540,459
DEPRECIATION
At 30 September 2023 355,002
Charge for year 110,491
Eliminated on disposal (33,656 )
Transfer to ownership (138,095 )
At 29 September 2024 293,742
NET BOOK VALUE
At 29 September 2024 246,717
At 29 September 2023 124,110

11. STOCKS
2024 2023
£    £   
Stocks 275,865 827,527
Work-in-progress 374,049 -
649,914 827,527

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,535,561 2,060,671
Amounts owed by group undertakings 2,107,487 2,103,777
Other debtors 71,528 6,959
Retirement benefits scheme 26,873 24,727
Tax 325,304 183,005
Prepayments and accrued income 138,391 132,289
5,205,144 4,511,428

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 49,000 597,008
Hire purchase contracts (see note 16) 100,654 93,767
Trade creditors 965,468 1,143,268
Tax 114,644 93,254
Social security and other taxes 119,800 185,011
Pension Control Account 23,257 24,455
VAT 222,228 163,843
Other creditors 1,030,033 790,042
Directors' current accounts 155,581 -
Accrued expenses 188,623 288,556
2,969,288 3,379,204

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 77,583 126,583
Hire purchase contracts (see note 16) 175,139 97,502
Directors' loan accounts 421,017 -
673,739 224,085

15. LOANS

The company's bankers hold bonds and floating charges over the assets of the company in respect of bank borrowings and commercial finance facilities. Interest on the bank loans is charged at base rate plus 2.66% and the loans are repayable over a period of 6 years.

Hire purchase contracts are secured against the assets to which they relate.

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 100,654 93,767
Between one and five years 171,659 94,022
In more than five years 3,480 3,480
275,793 191,269

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 191,550 188,525

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 30 September 2023 188,525
Provided during year 3,025
Balance at 29 September 2024 191,550

Provisions are reviewed at the end of each reporting period to ensure they are still appropriate. If the circumstances supporting the initial recognition of a provision change, and it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision will be reversed. This reversal will be recognized in the statement of profit or loss in the period in which the change in circumstances is identified, as the appropriate expense was previously recognized.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300,000 Ordinary A 0.1 30,000 30,000
480,000 Ordinary B 0.1 48,000 48,000
420,000 Ordinary C 0.1 42,000 42,000
120,000 120,000

19. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 30 September 2023 2,859,933 150,000 30,000 3,039,933
Profit for the year 625,002 625,002
At 29 September 2024 3,484,935 150,000 30,000 3,664,935

NORCO GROUP LIMITED (REGISTERED NUMBER: SC235198)

Notes to the Financial Statements - continued
for the Year Ended 29 September 2024


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

R Sharp - DLA 2024 2023
£ £
Balance outstanding at start of year - -
Amounts advanced 59,425 -
Amounts repaid (117,008 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (57,583 ) -

R Sharp - Loan 2024 2023
£ £
Balance outstanding at start of year - -
Amounts advanced 826,599 -
Amounts repaid (250,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 576,599 -

The Director's current account of £57,583 is included within other debtors.

The loan facility is repayable over 5 years and interest is charged at 8.5%. The agreement includes an arrangement fee of £120,000 which is being amortised over the term of the loan. As at 29 September, £155,582 is included in other creditors (current) and £421,017 is included in other borrowings (non-current).

21. 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.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Sharp.

23. CONSOLIDATION

Norco Group Limited is a wholly owned subsidiary of Norco Engineering Limited and the results of Norco Group Limited are included in the consolidated financial statements of Norco Engineering Limited which are available from Norco House, Units 3-6 Pitmedden Road, Dyce, Aberdeen, AB21 0DT.