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COMPANY REGISTRATION NUMBER: 14162346
Nicklin Capital Ltd
Financial Statements
31 December 2024
Nicklin Capital Ltd
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Nicklin Capital Ltd
Officers and Professional Advisers
The board of directors
Mrs H J Grainger
Mr J D Nicklin
Mr J P Nicklin
Mrs P F Nicklin
Mr P J Nicklin
Mr J D Nicklin
Company secretary
Mrs H J Grainger
Registered office
Jason House
91-91 King William Street
Amblecote
Stourbridge
West Midlands
DY8 4EY
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Nicklin Capital Ltd
Strategic Report
Year ended 31 December 2024
Business review
Nicklin Capital Ltd was formed in June 2022 and acquired 100% of the share capital in HVC Supplies (Stourbridge) Limited in September 2022. The directors are happy to announce that 2024 represented another year of continued success for HVC, with both turnover and profit finishing above our previous record year of 2023. Turnover saw a modest increase from £16.7m in 2023 to £17.4m, whilst profit before tax increased slightly to just under £3.5m. The directors view this slight fall in percentage terms profitability benignly as it largely represents investments in skilled personnel and systems, both of which contribute to advances in capacity, capability and resilience; ongoing processes which we deem absolutely necessary. As normal a keen eye on staffing and process efficiency has maintained our long term trend of increasing productivity, resulting in a 12% gain in turnover per employee in 2024 versus 2022. Largely attributable to recent significant investments in facilities and equipment, this is all the more impressive given many factory staff now take advantage of a recently introduced initiative permitting early finishes on Fridays. In line with HVC's longstanding conservative values, much of 2024's profit has remained within the business. Total reserves are now £12.5m (up from £11.3m last year) with cash now sitting at over £4m. The directors have every intention of using these resources to continue to make significant investments into operations, ensuring HVC is kept at the forefront of the UK ventilation industry. Research and development continues apace with both new products and evolutions of existing products being worked on constantly. Our links with clients, suppliers, regulatory bodies and third party testing organisations all being invaluable in guiding this process to bring the best possible products to market. As always, improvement, innovation and growth remain our firm focuses.
Principal risks and uncertainties
Any of the following could materially and adversely impact the results of operations of our business. Loss of or changes in, building automation or facility management supply contracts with our major customers; delays or difficulties in new product development; the introduction of similar or superior technologies; financial instability or market decline of our major or component suppliers; a significant decline in the construction of new commercial buildings requiring interior control systems; changes in energy costs or governmental regulations that would decrease the incentive for customers to update or improve their interior control systems; increased energy efficiency legislation requirements and a decline in the outsourcing of facility management services. Domestically the Labour government is continuing the policy of previous governments of increasing the costs of employment, notably through increases to national insurance contributions and minimum wage levels. As all UK firms are affected by this it is not a risk solely to HVC however does warrant careful monitoring to ensure continued profitability. Internationally we are largely insulated from the negative effects of disruption to trade caused by the new US administration's rapidly changing policies by virtue of having very few US clients; indeed the uncertainty surrounding global trade may actually work in our favour as foreign firms seek to replace business, thus introducing more competition among suppliers. The company continues with risk management and operational policies with procedures implemented in all areas of the business. Furthermore, there is a robust supervision structure which allows management to account for the delivery of the company's contracts and to oversee relationships with its key stakeholders. Future Developments There are no significant future developments that the directors believe will impact the group.
This report was approved by the board of directors on 4 July 2025 and signed on behalf of the board by:
Mrs H J Grainger
Director
Registered office:
Jason House
91-91 King William Street
Amblecote
Stourbridge
West Midlands
DY8 4EY
Nicklin Capital Ltd
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mrs H J Grainger
Mr J D Nicklin
Mr J P Nicklin
Mrs P F Nicklin
Mr P J Nicklin
Mr J D Nicklin
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The group has chosen to disclose some of the information required by company law in the Strategic Report. This information is the review of the business including an indication of likely future developments and research and development activities.
Financial instruments
The group is exposed to some financial currency risk. The group hedges foreign currency risk by holding amounts paid by US customers in dollars to pay for purchases in US dollars. As amounts build up in the US dollar account and the exchange rate is favourable, the group will convert these balances back into GBP Sterling. Given the cash reserves of the group, a long term view of exchange rate risk can be taken by the Directors.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 group and the company and 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 judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 4 July 2025 and signed on behalf of the board by:
Mrs H J Grainger
Director
Registered office:
Jason House
91-91 King William Street
Amblecote
Stourbridge
West Midlands
DY8 4EY
Nicklin Capital Ltd
Independent Auditor's Report to the Members of Nicklin Capital Ltd
Year ended 31 December 2024
Opinion
We have audited the financial statements of Nicklin Capital Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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's affairs as at 31 December 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; - 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 auditor's 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 or 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: - enquiry of management as to any knowledge of actual suspected or alleged fraud; - enquiry of management as to any actual or potential litigation; - enquiry of management of any instances of non-compliance with laws and regulations; - performing audit work over the risk of management overide of controls, and; - evaluating significant transactions outside the normal course of trade. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philippa Miller-Hawkes BA CA
(Senior Statutory Auditor)
For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
4 July 2025
Nicklin Capital Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
17,450,295
16,709,884
Cost of sales
10,228,383
10,098,943
-------------
-------------
Gross profit
7,221,912
6,610,941
Administrative expenses
3,926,266
3,258,082
------------
------------
Operating profit
5
3,295,646
3,352,859
Income from other fixed asset investments
9
168,690
104,955
Other interest receivable and similar income
10
193,734
96,369
------------
------------
Profit before taxation
3,658,070
3,554,183
Tax on profit
11
931,414
872,674
------------
------------
Profit for the financial year
2,726,656
2,681,509
------------
------------
Tax relating to components of other comprehensive income
18,717
Tax relating to components of other comprehensive income
( 18,717)
( 31,054)
--------
--------
Other comprehensive income for the year
( 31,054)
------------
------------
Total comprehensive income for the year
2,726,656
2,650,455
------------
------------
All the activities of the group are from continuing operations.
Nicklin Capital Ltd
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
13
2,642,034
1,937,818
Investments
14
2,519,114
2,473,579
------------
------------
5,161,148
4,411,397
Current assets
Stocks
15
3,389,848
3,288,805
Debtors
16
3,942,921
4,094,459
Cash at bank and in hand
6,581,630
6,275,100
-------------
-------------
13,914,399
13,658,364
Creditors: amounts falling due within one year
17
2,081,700
2,942,087
-------------
-------------
Net current assets
11,832,699
10,716,277
-------------
-------------
Total assets less current liabilities
16,993,847
15,127,674
Creditors: amounts falling due after more than one year
18
20,000
Provisions
19
522,029
312,512
-------------
-------------
Net assets
16,451,818
14,815,162
-------------
-------------
Capital and reserves
Called up share capital
24
2,000
2,000
Merger reserve
25
13,630,106
13,648,823
Profit and loss account
25
2,819,712
1,164,339
-------------
-------------
Shareholders funds
16,451,818
14,815,162
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 4 July 2025 , and are signed on behalf of the board by:
Mrs H J Grainger
Director
Company registration number: 14162346
Nicklin Capital Ltd
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
2,521,114
2,475,579
Current assets
Cash at bank and in hand
2,395,444
2,304,690
Creditors: amounts falling due within one year
17
817,423
1,255,489
------------
------------
Net current assets
1,578,021
1,049,201
------------
------------
Total assets less current liabilities
4,099,135
3,524,780
Provisions
19
128,212
109,495
------------
------------
Net assets
3,970,923
3,415,285
------------
------------
Capital and reserves
Called up share capital
24
2,000
2,000
Revaluation reserve
25
477,746
496,463
Profit and loss account
25
3,491,177
2,916,822
------------
------------
Shareholders funds
3,970,923
3,415,285
------------
------------
The profit for the financial year of the parent company was £ 1,616,252 (2023: £ 4,522,780 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 4 July 2025 , and are signed on behalf of the board by:
Mrs H J Grainger
Director
Company registration number: 14162346
Nicklin Capital Ltd
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Merger reserve
Profit and loss account
Total
£
£
£
£
At 1 January 2023
2,000
13,679,877
( 517,170)
13,164,707
Profit for the year
2,681,509
2,681,509
Other comprehensive income for the year:
Tax relating to components of other comprehensive income
11
( 31,054)
( 31,054)
-------
-------------
------------
-------------
Total comprehensive income for the year
( 31,054)
2,681,509
2,650,455
Dividends paid and payable
12
( 1,000,000)
( 1,000,000)
-------
-------------
------------
-------------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
At 31 December 2023
2,000
13,648,823
1,164,339
14,815,162
Profit for the year
2,726,656
2,726,656
Other comprehensive income for the year:
Tax relating to components of other comprehensive income
18,717
18,717
Tax relating to components of other comprehensive income
11
( 18,717)
( 18,717)
-------
-------------
------------
-------------
Total comprehensive income for the year
( 18,717)
2,745,373
2,726,656
Dividends paid and payable
12
( 1,090,000)
( 1,090,000)
----
----
------------
------------
Total investments by and distributions to owners
( 1,090,000)
( 1,090,000)
-------
-------------
------------
-------------
At 31 December 2024
2,000
13,630,106
2,819,712
16,451,818
-------
-------------
------------
-------------
Nicklin Capital Ltd
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Revaluation reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 January 2023
2,000
2,000
Profit for the year
4,522,780
4,522,780
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
605,958
( 605,958)
Tax relating to components of other comprehensive income
11
( 109,495)
( 109,495)
-------
---------
------------
------------
Total comprehensive income for the year
496,463
3,916,822
4,413,285
Dividends paid and payable
12
( 1,000,000)
( 1,000,000)
-------
---------
------------
------------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
At 31 December 2023
2,000
496,463
2,946,208
3,444,671
Profit for the year
1,616,252
1,616,252
Other comprehensive income for the year:
Tax relating to components of other comprehensive income
(18,717)
18,717
-------
---------
------------
------------
Total comprehensive income for the year
( 18,717)
1,634,969
1,616,252
Dividends paid and payable
12
( 1,090,000)
( 1,090,000)
----
----
------------
------------
Total investments by and distributions to owners
( 1,090,000)
( 1,090,000)
-------
---------
------------
------------
At 31 December 2024
2,000
477,746
3,491,177
3,970,923
-------
---------
------------
------------
Nicklin Capital Ltd
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
2,726,656
2,681,509
Adjustments for:
Depreciation of tangible assets
470,038
337,777
Fair value adjustment of investment property
( 45,535)
Other interest receivable and similar income
( 193,734)
( 96,369)
Gains on disposal of tangible assets
( 220)
( 2,311)
Tax on profit
931,414
872,674
Changes in:
Stocks
( 101,043)
215,110
Trade and other debtors
81,538
( 883,266)
Trade and other creditors
( 460,642)
159,463
------------
------------
Cash generated from operations
3,408,472
3,284,587
Interest received
193,734
96,369
Tax paid
( 519,597)
( 896,159)
------------
------------
Net cash from operating activities
3,082,609
2,484,797
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 1,092,299)
( 437,464)
Proceeds from sale of tangible assets
8,265
12,992
Purchases of other investments
(647,294)
------------
------------
Net cash used in investing activities
( 1,084,034)
( 1,071,766)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 192,045)
Dividends paid
( 1,500,000)
( 1,000,000)
------------
------------
Net cash used in financing activities
( 1,692,045)
( 1,000,000)
------------
------------
Net increase in cash and cash equivalents
306,530
413,031
Cash and cash equivalents at beginning of year
6,275,100
5,862,069
------------
------------
Cash and cash equivalents at end of year
6,581,630
6,275,100
------------
------------
Nicklin Capital Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jason House, 91-91 King William Street, Amblecote, Stourbridge, West Midlands, DY8 4EY.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The accounts have been rounded to the nearest pound.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements: Valuation of stock Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. Valuation of investment property Investment property is valued by the directors at fair value by reference to property values and rental returns in the local area. Useful life and residual values of tangible fixed assets The useful life and residual value of tangible assets are estimated based on the class of asset.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Laboratory on site
-
20 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment Property
Investment property is initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
17,450,295
16,709,884
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
15,129,858
13,840,327
Overseas
2,320,437
2,869,557
-------------
-------------
17,450,295
16,709,884
-------------
-------------
All turnover is attributable to the principal activity of the company.
5. Operating (loss)/profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
470,038
337,777
Gains on disposal of tangible assets
( 220)
( 2,311)
Fair value adjustments to investment property
( 45,535)
Impairment of trade debtors
31,318
5,059
Exchange differences
(19,916)
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
13,000
9,100
--------
-------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
100
100
Administrative staff
26
24
Management staff
7
7
----
----
133
131
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
5,177,464
4,512,867
Social security costs
502,802
420,141
Other pension costs
178,297
167,022
------------
------------
5,858,563
5,100,030
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
683,789
805,416
Company contributions to defined contribution pension plans
93,542
95,269
---------
---------
777,331
900,685
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
4
4
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
130,247
125,105
Company contributions to defined contribution pension plans
32,000
32,000
---------
---------
162,247
157,105
---------
---------
9. Income from other fixed asset investments
2024
2023
£
£
Rents received
168,690
104,955
---------
---------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
81,037
61,970
Interest on bank deposits
70,500
38,999
Interest on corporation tax
42,197
(4,600)
---------
--------
193,734
96,369
---------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
721,897
823,106
Deferred tax:
Origination and reversal of timing differences
209,517
49,568
---------
---------
Tax on profit
931,414
872,674
---------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £ 18,717
(2023: £ 31,054 ).
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.51 %).
2024
2023
£
£
Profit on ordinary activities before taxation
3,658,070
3,554,183
------------
------------
Profit on ordinary activities by rate of tax
914,517
835,633
Adjustment to tax charge in respect of prior periods
( 19,000)
Effect of expenses not deductible for tax purposes
18,069
20,066
Enhanced research & development expenditure
5,307
Patent box deduction
(6,479)
(6,718)
Effect of superdeduction
(1,309)
Change in rate of deferred tax
44,002
------------
------------
Tax on profit
931,414
872,674
------------
------------
12. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
500,000
Dividends proposed before the year end and recognised as a liability
590,000
1,000,000
---------
------------
13. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Laboratory
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
1,760,078
1,382,760
333,870
635,779
37,439
4,149,926
Additions
1,036,198
13,389
132,712
1,182,299
Disposals
( 49,822)
( 49,822)
------------
------------
---------
---------
--------
------------
At 31 Dec 2024
1,760,078
2,418,958
347,259
718,669
37,439
5,282,403
------------
------------
---------
---------
--------
------------
Depreciation
At 1 Jan 2024
715,718
1,009,657
230,561
248,760
7,412
2,212,108
Charge for the year
70,410
233,015
34,456
124,669
7,488
470,038
Disposals
( 41,777)
( 41,777)
------------
------------
---------
---------
--------
------------
At 31 Dec 2024
786,128
1,242,672
265,017
331,652
14,900
2,640,369
------------
------------
---------
---------
--------
------------
Carrying amount
At 31 Dec 2024
973,950
1,176,286
82,242
387,017
22,539
2,642,034
------------
------------
---------
---------
--------
------------
At 31 Dec 2023
1,044,360
373,103
103,309
387,019
30,027
1,937,818
------------
------------
---------
---------
--------
------------
The company has no tangible assets.
14. Investments
Group
Investment property
£
Cost
At 1 January 2024
2,473,579
Revaluations
45,535
------------
At 31 December 2024
2,519,114
------------
Impairment
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 31 December 2024
2,519,114
------------
At 31 December 2023
2,473,579
------------
Company
Shares in group undertakings
Investment property
Total
£
£
£
Cost
At 1 January 2024
2,000
2,473,579
2,475,579
Revaluations
45,535
45,535
-------
------------
------------
At 31 December 2024
2,000
2,519,114
2,521,114
-------
------------
------------
Impairment
At 1 January 2024 and 31 December 2024
-------
------------
------------
Carrying amount
At 31 December 2024
2,000
2,519,114
2,521,114
-------
------------
------------
At 31 December 2023
2,000
2,473,579
2,475,579
-------
------------
------------
Investment property was valued on an open market basis on 31 December 2024 by the Directors of the Group. If investment property had not been revalued it would have been included at the historical cost of £1,913,156 (2023 - £1,913,156), which are the costs incurred prior to the group reconstruction.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
H.V.C. Supplies (Stourbridge) Limited
Ordinary
100
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
3,181,013
3,138,195
Work in progress
61,066
114,578
Finished goods and goods for resale
147,769
36,032
------------
------------
----
----
3,389,848
3,288,805
------------
------------
----
----
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,783,623
3,880,996
Prepayments and accrued income
131,580
118,545
Other debtors
27,718
94,918
------------
------------
----
----
3,942,921
4,094,459
------------
------------
----
----
17. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
417,429
1,088,220
456
684
Accruals and deferred income
174,303
154,433
Corporation tax
380,791
178,491
32,434
18,227
Social security and other taxes
256,336
228,124
Director loan accounts
684,533
1,236,578
684,533
1,236,578
Other creditors
68,308
56,241
Other creditors
100,000
100,000
------------
------------
---------
------------
2,081,700
2,942,087
817,423
1,255,489
------------
------------
---------
------------
18. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
20,000
--------
----
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 January 2024
312,512
Additions
209,517
---------
At 31 December 2024
522,029
---------
Company
Deferred tax (note 20)
£
At 1 January 2024
109,495
Additions
18,717
---------
At 31 December 2024
128,212
---------
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
522,029
312,512
128,212
109,495
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
396,201
205,256
Fair value adjustment of investment property
128,212
109,495
128,212
109,495
Pension plan obligations
( 2,384)
( 2,239)
---------
---------
---------
---------
522,029
312,512
128,212
109,495
---------
---------
---------
---------
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 178,297 (2023: £ 167,022 ).
At the year end, contributions of £20,825 (2023 - £19,523) were due to the fund.
22. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in creditors:
Deferred government grants due after more than one year
20,000
--------
----
----
----
23. Financial instruments
Financial assets measured at historic cost compromise cash at bank, trade and other debtors and amounted to £10,392,971 (2023 - £10,251,014). Financial liabilities measured at amortised cost compromise trade creditors, accruals and deferred income, directors loan accounts and other creditors amounted to £1,444,573 (2023 - £2,535,472).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2,000
2,000
2,000
2,000
-------
-------
-------
-------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments. Merger reserve - This reserve represents the net assets of the subsidiary at the point of acquisition.
26. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
6,275,100
306,530
6,581,630
Debt due within one year
(1,236,578)
552,045
(684,533)
------------
---------
------------
5,038,522
858,575
5,897,097
------------
---------
------------
Nicklin Capital Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2024
27. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Tangible assets
1,027,286
----
------------
----
----
28. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
158,970
158,970
Later than 1 year and not later than 5 years
635,880
635,880
Later than 5 years
580,894
739,864
------------
------------
----
----
1,375,744
1,534,714
------------
------------
----
----
Operating leases relate to the rental of a warehouse in Pensnett entered into during the current financial year.
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
89,146
89,146
Later than 1 year and not later than 5 years
42,360
42,360
---------
----
---------
----
131,506
131,506
---------
----
---------
----
29. Related party transactions
Group
The key management of the Group are considered to be the directors, and this figure can be found within the Directors' remuneration note.
30. Controlling party
There is no one ultimate controlling party.