Company registration number 08413780 (England and Wales)
NORDELL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
NORDELL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
C Mason
P Mason
Company number
08413780
Registered office
4-5 Teville Industrials
Dominion Way
Worthing
West Sussex
BN14 8NW
Auditor
PHH Accountancy Limited
Second Floor
3 Liverpool Gardens
Worthing
West Sussex
BN11 1TF
Business address
4-5 Teville Industrials
Dominion Way
Worthing
West Sussex
BN14 8NW
NORDELL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
NORDELL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

Nordell is an independent Plastics Manufacturing and Design refinement business offering a comprehensive range of services to complement a core plastic injection moulding capability.

The business has focused on strengthening operational effectiveness and continuously improving its service delivery and production capability. During the year, the group made significant strides in optimising production efficiency, enhancing its gross margin through targeted process improvements, better resource utilisation, and quality-focused operational controls.

This focus resulted in an increase in gross profit margin from 29.5% to 36.5% year-on-year, demonstrating tangible improvement in operational performance. The group saw an an improved profit after tax of £0.55 million in the year compared to £0.10 million in the year to 31 October 2023.

These improvements were underpinned by a commitment to lean principles and data-driven decision making, resulting in higher output consistency and improved manufacturing operations effectiveness. As a result, the group delivered stronger margins and higher levels of service responsiveness, even in a dynamic and cost-sensitive trading environment.

Nordell’s ability to remain agile and deliver high-quality manufacturing and assembly outcomes for customers has reinforced its reputation for reliability and innovation. The business remains committed to continually evolving its systems, investing in its people, and creating added value through precision, partnership, and progress.

Principal risks and uncertainties

Nordell is exposed to financial and operational risks across its business activities. The group’s approach is to identify, assess, and manage risks through structured oversight by the Board of Directors, supported by real-time operational controls and robust customer and supplier relationships. Credit risk remains low due to Nordell’s strong customer base of established businesses with high credit ratings. Receivables are managed closely and reviewed regularly, with proactive communication and structured payment practices to minimise exposure.

Liquidity risk is managed through careful cash flow planning and maintaining operational flexibility. The business ensures it can meet obligations as they fall due without relying on short-term financing, supported by strong cash generation from operations.

Exchange rate risk arises from international operations where a portion of revenue and costs are denominated in USD. The group does not have any USD exposure on employment costs. To manage its foreign exchange exposure and support commercial commitments, Nordell forward purchases USD at agreed rates to reduce volatility and protect margins.

Operationally, the group remains alert to potential disruptions — such as supply chain volatility, energy cost fluctuations, and labour availability — and maintains contingency capabilities to respond with agility.

Overall, Nordell takes a forward-looking, preventive approach to risk — embedding resilience within its operations while continuing to deliver quality and consistency to customers.

NORDELL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Development and performance

Over the reporting period, Nordell has continued to develop the capability, resilience, and efficiency of its operations. The business has focused on tightening its processes and enhancing the value delivered across customer engagements.

Improvements in gross margin reflect successful implementation of operational refinement, better planning execution, and continuous improvement. These enhancements were supported by ongoing lean manufacturing practices, increased workforce versatility, and smarter deployment of internal resources.

While no major energy investments were made in the current period, the business remained well insulated from energy market volatility thanks to prior decisions and a disciplined approach to cost control. This positioned Nordell favourably against sectoral pressures.

Further investment in team development, cross-skilling, and leadership capability ensured that Nordell maintained flexibility and quality in a competitive trading landscape. Use of integrated systems, including real-time ERP-driven planning and production visibility, allowed for improved agility and service delivery.

Overall, Nordell’s development has been measured, robust, and customer-focused — with a clear emphasis on operational maturity, responsiveness, and preparing the business for future growth opportunities.

The group has a very positive forward outlook, maintaining revenues, profitability, and cash generation.

On behalf of the board

P Mason
Director
16 July 2025
NORDELL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company and group continued to be that of component moulding specialists.

Results and dividends

The results for the year are set out on page 8.

Particular of dividends are detailed in note 9 to the financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

C Mason
P Mason
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
P Mason
Director
16 July 2025
NORDELL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORDELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORDELL HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Nordell Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 and parent 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 group's and 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NORDELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORDELL HOLDINGS LIMITED
- 6 -
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 their 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:

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 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 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.

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

 

 

NORDELL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORDELL HOLDINGS LIMITED
- 7 -

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

  • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

  • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulation.

 

To address the risk of fraud through management bias and override of controls, we;

 

  • performed analytical procedures to identify any unusual or expected relationships;

  • tested journal entries to identify unusual transactions;

  • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

  • investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which indicated, but were not limited to:

 

  • agreeing financial statement disclosures to underlying supporting documentation;

  • enquiring of management as to actual and potential litigation and claims; and

  • reviewing correspondence with HMRC.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Matthew Pedder BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of PHH Accountancy Limited, Statutory Auditor
Chartered Accountants
Second Floor
3 Liverpool Gardens
Worthing
West Sussex
BN11 1TF
16 July 2025
NORDELL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,210,717
9,106,117
Cost of sales
(5,204,993)
(6,415,864)
Gross profit
3,005,724
2,690,253
Administrative expenses
(2,513,049)
(2,558,183)
Other operating income
24,482
16,961
Operating profit
4
517,157
149,031
Interest receivable and similar income
7
374
417
Interest payable and similar expenses
8
(29,949)
(67,131)
Fair value gains and losses on investment properties
13
401,857
-
0
Profit before taxation
889,439
82,317
Tax on profit
9
(339,295)
20,307
Profit for the financial year
550,144
102,624
Profit for the financial year is all attributable to the owners of the parent company.
NORDELL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
£
£
Profit for the year
550,144
102,624
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
550,144
102,624
Total comprehensive income for the year is all attributable to the owners of the parent company.
NORDELL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
24,251
52,593
Tangible assets
12
1,231,261
1,418,405
Investment property
13
2,200,000
-
0
3,455,512
1,470,998
Current assets
Stocks
16
1,173,917
994,361
Debtors
17
1,549,405
1,680,113
Cash at bank and in hand
60,135
2,176
2,783,457
2,676,650
Creditors: amounts falling due within one year
18
(1,281,706)
(1,575,040)
Net current assets
1,501,751
1,101,610
Total assets less current liabilities
4,957,263
2,572,608
Creditors: amounts falling due after more than one year
19
(1,824,612)
(104,416)
Provisions for liabilities
Deferred tax liability
22
664,971
348,056
(664,971)
(348,056)
Net assets
2,467,680
2,120,136
Capital and reserves
Called up share capital
24
150
150
Capital redemption reserve
450,050
450,050
Profit and loss reserves
2,017,480
1,669,936
Total equity
2,467,680
2,120,136

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
P Mason
Director
Company registration number 08413780 (England and Wales)
NORDELL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
3,798,144
2,000,001
3,798,144
2,000,001
Current assets
Debtors
17
17,845
200
Cash at bank and in hand
480
90
18,325
290
Creditors: amounts falling due within one year
18
(1,658,296)
(1,550,091)
Net current liabilities
(1,639,971)
(1,549,801)
Total assets less current liabilities
2,158,173
450,200
Creditors: amounts falling due after more than one year
19
(1,707,973)
-
Net assets
450,200
450,200
Capital and reserves
Called up share capital
24
150
150
Capital redemption reserve
450,050
450,050
Total equity
450,200
450,200

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £202,600 (2023 - £188,400 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
16 July 2025
P Mason
Director
Company registration number 08413780 (England and Wales)
NORDELL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
150
450,050
1,755,712
2,205,912
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
102,624
102,624
Dividends
10
-
-
(188,400)
(188,400)
Balance at 31 October 2023
150
450,050
1,669,936
2,120,136
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
550,144
550,144
Dividends
10
-
-
(202,600)
(202,600)
Balance at 31 October 2024
150
450,050
2,017,480
2,467,680
NORDELL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
150
450,050
-
0
450,200
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
188,400
188,400
Dividends
10
-
-
(188,400)
(188,400)
Balance at 31 October 2023
150
450,050
-
450,200
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
202,600
202,600
Dividends
10
-
-
(202,600)
(202,600)
Balance at 31 October 2024
150
450,050
-
0
450,200
NORDELL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
486,893
655,732
Interest paid
(29,949)
(67,131)
Income taxes refunded
140,872
153,590
Net cash inflow from operating activities
597,816
742,191
Investing activities
Purchase of intangible assets
(6,150)
(20,280)
Purchase of tangible fixed assets
(184,451)
(265,166)
Proceeds from disposal of tangible fixed assets
12,600
53,832
Purchase of investment property
(1,798,143)
-
Interest received
374
417
Net cash used in investing activities
(1,975,770)
(231,197)
Financing activities
Proceeds from new bank loans
1,750,000
-
Repayment of bank loans
(76,389)
(83,333)
Payment of finance leases obligations
(35,098)
(243,556)
Dividends paid to equity shareholders
(202,600)
(188,400)
Net cash generated from/(used in) financing activities
1,435,913
(515,289)
Net increase/(decrease) in cash and cash equivalents
57,959
(4,295)
Cash and cash equivalents at beginning of year
2,176
6,471
Cash and cash equivalents at end of year
60,135
2,176
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information

Nordell Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4-5 Teville Industrials, Dominion Way, Worthing, West Sussex, BN14 8NW.

 

The group consists of Nordell Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nordell Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years straight line basis
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 - 10 years straight line basis
Plant and equipment
3 - 10 years straight line basis
Fixtures and fittings
3 - 5 years straight line basis
Computers
3 - 5 years straight line basis
Motor vehicles
3 - 5 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction 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 and 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 what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
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 group 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.

 

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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

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 leased asset are consumed.

1.20
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Moulding
7,948,230
8,686,416
Tooling and others
262,487
419,701
8,210,717
9,106,117
2024
2023
£
£
Turnover analysed by geographical market
UK
5,307,536
5,980,508
Europe
1,976,162
2,353,156
Rest of the world
927,019
772,453
8,210,717
9,106,117
2024
2023
£
£
Other revenue
Interest income
374
417
Grants received
16,961
16,961
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(20,383)
(27,880)
Government grants
(16,961)
(16,961)
Depreciation of owned tangible fixed assets
207,140
162,767
Depreciation of tangible fixed assets held under finance leases
150,131
191,544
Loss/(profit) on disposal of tangible fixed assets
1,724
(14,333)
Amortisation of intangible assets
34,492
29,611
Operating lease charges
217,951
227,284
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,500
1,500
Audit of the financial statements of the company's subsidiaries
6,250
6,300
7,750
7,800
For other services
All other non-audit services
9,000
8,150
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Direct - production
47
53
-
-
Semi-direct
21
26
-
-
Indirect - administrative
20
24
-
-
Directors
3
3
-
-
Total
91
106
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,950,050
3,128,796
-
0
-
0
Social security costs
277,101
293,330
-
-
Pension costs
140,629
82,461
-
0
-
0
3,367,780
3,504,587
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
374
417
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Interest receivable and similar income
(Continued)
- 24 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
374
417
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
18,678
48,816
Other finance costs:
Interest on finance leases and hire purchase contracts
11,271
18,315
Total finance costs
29,949
67,131
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
32,626
(69,432)
Adjustments in respect of prior periods
(10,246)
(24,140)
Total current tax
22,380
(93,572)
Deferred tax
Origination and reversal of timing differences
316,915
73,265
Total tax charge/(credit)
339,295
(20,307)
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 25 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
889,439
82,317
Expected tax charge based on the standard rate of corporation tax in the UK of 23.77% (2023: 19.00%)
211,420
15,640
Tax effect of expenses that are not deductible in determining taxable profit
21,232
(11,083)
Unutilised tax losses carried forward
3,330
-
0
Permanent capital allowances in excess of depreciation
49,163
22,089
Research and development tax credit
(156,998)
(96,093)
Effect of revaluations of investments
(95,521)
-
0
Under/(over) provided in prior years
(10,246)
(24,140)
Deferred tax adjustment
316,915
73,265
Group income
-
0
15
Taxation charge/(credit)
339,295
(20,307)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
202,600
188,400
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 November 2023
1,141,921
185,767
1,327,688
Additions
-
0
6,150
6,150
At 31 October 2024
1,141,921
191,917
1,333,838
Amortisation and impairment
At 1 November 2023
1,141,921
133,174
1,275,095
Amortisation charged for the year
-
0
34,492
34,492
At 31 October 2024
1,141,921
167,666
1,309,587
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
11
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 October 2024
-
0
24,251
24,251
At 31 October 2023
-
0
52,593
52,593
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.

 

12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
407,778
2,582,146
278,760
39,535
25,998
3,334,217
Additions
11,880
170,247
912
1,412
-
0
184,451
Disposals
-
0
(92,670)
-
0
-
0
-
0
(92,670)
At 31 October 2024
419,658
2,659,723
279,672
40,947
25,998
3,425,998
Depreciation and impairment
At 1 November 2023
150,709
1,540,547
162,841
35,717
25,998
1,915,812
Depreciation charged in the year
37,246
257,897
58,905
3,223
-
0
357,271
Eliminated in respect of disposals
-
0
(78,346)
-
0
-
0
-
0
(78,346)
At 31 October 2024
187,955
1,720,098
221,746
38,940
25,998
2,194,737
Carrying amount
At 31 October 2024
231,703
939,625
57,926
2,007
-
0
1,231,261
At 31 October 2023
257,069
1,041,599
115,919
3,818
-
0
1,418,405
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
Additions through external acquisition
1,798,143
-
Net gains or losses through fair value adjustments
401,857
-
At 31 October 2024
2,200,000
-

 

 

 

 

 

The fair value of the investment property has been arrived at on the basis of a valuation carried out in October 2024 by a firm of Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

 

 

 

 

 

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,798,144
2,000,001
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
2,000,001
Additions
1,798,143
At 31 October 2024
3,798,144
Carrying amount
At 31 October 2024
3,798,144
At 31 October 2023
2,000,001
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Nordell Group Ltd
UK
Ordinary
100.00
-
Nordell Ltd
UK
Ordinary
0
100.00
Business Data Supplies Ltd
UK
Ordinary
0
100.00
Component Moulders Ltd
UK
Ordinary
0
100.00
P.B. Extrusions Ltd
UK
Ordinary
0
100.00
Nordell Properties Ltd
UK
Ordinary
100.00
-
Benchmast Ltd
UK
Ordinary
0
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,173,917
994,361
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,351,492
1,425,650
-
0
-
0
Corporation tax recoverable
79,678
180,095
-
0
-
0
Amounts owed by group undertakings
-
-
17,645
-
Other debtors
27,309
27,140
200
200
Prepayments and accrued income
90,926
47,228
-
0
-
0
1,549,405
1,680,113
17,845
200
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
42,027
76,389
42,027
-
0
Obligations under finance leases
21
112,597
159,918
-
0
-
0
Trade creditors
423,273
443,871
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,607,499
1,550,091
Corporation tax payable
62,835
-
0
-
0
-
0
Other taxation and social security
112,711
130,003
-
-
Other creditors
305,684
535,958
-
0
-
0
Accruals and deferred income
222,579
228,901
8,770
-
0
1,281,706
1,575,040
1,658,296
1,550,091

The group has an invoice discounting agreement with a carrying amount of £291,573 (2023 - £521,500) denominated in GBP with a nominal interest rate of 1.9% above base rate. The invoice discounting facility is available for the draw down on the group's trade debtors. The agreement is with recourse which ensures that the bad debt risk remains with the group. The liability is due within one year. Security has been given over this facility in the form of a fixed and floating charge over the undertaking and all property and assets present and future.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,707,973
-
0
1,707,973
-
0
Obligations under finance leases
21
116,639
104,416
-
0
-
0
1,824,612
104,416
1,707,973
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,750,000
76,389
1,750,000
-
0
Payable within one year
42,027
76,389
42,027
-
0
Payable after one year
1,707,973
-
0
1,707,973
-
0

The above loan relates to a mortgage which has limited security over the group's assets. Interest is charged on the loan at a rate of 1.94% per annum over the Bank of England Base rate.

 

 

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
121,768
170,875
-
0
-
0
In two to five years
121,949
110,223
-
0
-
0
243,717
281,098
-
-
Less: future finance charges
(14,481)
(16,764)
-
0
-
0
229,236
264,334
-
0
-
0

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
301,278
348,056
Revaluations - investment property
363,693
-
664,971
348,056
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
348,056
-
Credit to profit & loss account - accelerated capital allowances
(46,778)
-
Charge to profit & loss account - revaluations
363,693
-
Liability at 31 October 2024
664,971
-

Included in the deferred tax liability of £363,693 in respect of revaluations in investment property is an amount of £263, 228 which has been triggered by a transitional adjustment in respect of the investment property acquired during the year, with the balance of the charge of £100,465, relating to the year end revaluation to market value. The deferred tax liability in respect of the accelerated capital allowances is expected to reverse within 3 - 5 years.

NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
140,629
82,461

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares Class A of £1 each
120
120
120
120
Ordinary shares Class B of £1 each
30
30
30
30
150
150
150
150
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
302,518
323,459
-
-
Between two and five years
531,142
821,418
-
-
833,660
1,144,877
-
-
NORDELL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
26
Cash generated from group operations
2024
2023
£
£
Profit after taxation
550,144
102,624
Adjustments for:
Taxation charged/(credited)
339,295
(20,307)
Finance costs
29,949
67,131
Investment income
(374)
(417)
Loss/(gain) on disposal of tangible fixed assets
1,724
(14,333)
Fair value gain on investment properties
(401,857)
-
0
Amortisation and impairment of intangible assets
34,492
29,611
Depreciation and impairment of tangible fixed assets
357,271
354,311
Movements in working capital:
(Increase)/decrease in stocks
(179,556)
395,707
Decrease in debtors
30,291
788,781
Decrease in creditors
(274,486)
(1,047,376)
Cash generated from operations
486,893
655,732
27
Analysis of changes in net debt - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,176
57,959
60,135
Borrowings excluding overdrafts
(76,389)
(1,673,611)
(1,750,000)
Obligations under finance leases
(264,334)
35,098
(229,236)
(338,547)
(1,580,554)
(1,919,101)
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