Company registration number 10263467 (England and Wales)
NOTUL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NOTUL LIMITED
COMPANY INFORMATION
Directors
L J Day
S A Crawford
Secretary
L J Day
Company number
10263467
Registered office
Unit B Meadowbank Industrial Estate
Harrison Street
Rotherham
South Yorkshire
S61 1EE
Auditor
BHP LLP
Albert Works
Sidney Street
Sheffield
S1 4RG
NOTUL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
NOTUL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -
The directors present the strategic report for the year ended 31 March 2025.
Fair review of the business
Turnover has increased, year on year, to £14,000,876 (2024 £9,462,238). This increase was expected and reflects the group's involvement in delivery of the National Emergency Area Retrofit scheme.
The ongoing National Highways SDF Framework has a further two years to run. Tendering activity, outside of the framework has continued to be successful, and the business’ strong focus on pricing technology based projects has resulted in sustainable revenue.
The business continues to benefit from a well-structured and robust overhead cost base, capable of supporting increases in activity and revenue without the need to incur substantial additional fixed costs. The cohesion and integration established between the various support functions also continues to be a huge benefit to the business.
Assets continue to be well utilised. Two relatively large asset purchases were made during the year, which will help significantly in the delivery of various projects over the next few years. Mway Services continues to be the entity through which much of the asset investment is made to service the rest of the Group.
Principal risks and uncertainties
Although the construction sector has, and continues to face significant challenges, the Directors are very satisfied with the positioning of the business within the sector, focussing on core specialisms and strengths, and outside the framework agreements, undertaking projects expected to deliver strong margins.
Bad and uncertain debt continues to be a very low risk for the business. Current schemes are either being run under the National Highways frameworks or are smaller projects in respect of which our exposure to risk is limited.
Key performance indicators
Gross margin 22.0% (2024 17.9%)
EBITDA £1,471,892 (2024 £763,177)
Pre-tax profit £1,342,763 (2024 £70,155)
At the time of completing this report, the group surpassed 9 years without a RIDDOR, working in a high-risk environment.
Other information and explanations
The Directors anticipate that the forthcoming year will be similar in terms of revenue and activity levels. Profitability will hold up well, with strong gross margins on the ongoing schemes and relatively low interest costs compared with years gone by. At the time of signing these accounts, the company’s quarter one results are slightly ahead of expectations and the forecast for the year.to date.
S A Crawford
Director
7 August 2025
NOTUL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the group continued to be that of Highway Technology Works.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £66,850. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L J Day
S A Crawford
Auditor
The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
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.
NOTUL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
On behalf of the board
S A Crawford
Director
7 August 2025
NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOTUL LIMITED
- 4 -
Opinion
We have audited the financial statements of Notul Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
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.
NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOTUL LIMITED
- 5 -
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:
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 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the engineering sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
NOTUL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOTUL LIMITED
- 6 -
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; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining 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 included, but were not limited to:
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.
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.
Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
7 August 2025
NOTUL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
14,000,876
9,462,238
Cost of sales
(10,921,572)
(7,798,088)
Gross profit
3,079,304
1,664,150
Administrative expenses
(1,532,473)
(1,262,364)
Operating profit
4
1,546,831
401,786
Interest payable and similar expenses
7
(204,068)
(331,631)
Profit before taxation
1,342,763
70,155
Tax on profit
8
(253,928)
(42,000)
Profit for the financial year
1,088,835
28,155
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NOTUL LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
305,297
Tangible assets
11
840,750
574,705
840,750
880,002
Current assets
Stocks
14
29,905
194,829
Debtors
15
2,399,015
1,744,206
Cash at bank and in hand
117
300
2,429,037
1,939,335
Creditors: amounts falling due within one year
16
(3,169,427)
(3,206,825)
Net current liabilities
(740,390)
(1,267,490)
Total assets less current liabilities
100,360
(387,488)
Creditors: amounts falling due after more than one year
17
(444,725)
(1,144,987)
Provisions for liabilities
Deferred tax liability
20
181,125
15,000
(181,125)
(15,000)
Net liabilities
(525,490)
(1,547,475)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
(525,590)
(1,547,575)
Total equity
(525,490)
(1,547,475)
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 7 August 2025 and are signed on its behalf by:
07 August 2025
S A Crawford
Director
Company registration number 10263467 (England and Wales)
NOTUL LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
1,770,250
2,328,247
1,770,250
2,328,247
Current assets
Debtors
15
444,841
268,101
Creditors: amounts falling due within one year
16
(2,199,526)
(1,778,212)
Net current liabilities
(1,754,685)
(1,510,111)
Total assets less current liabilities
15,565
818,136
Creditors: amounts falling due after more than one year
17
-
(814,635)
Net assets
15,565
3,501
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
15,465
3,401
Total equity
15,565
3,501
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 £78,914 (2024 - £71,940 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 7 August 2025 and are signed on its behalf by:
07 August 2025
S A Crawford
Director
Company registration number 10263467 (England and Wales)
NOTUL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
(1,506,813)
(1,506,713)
Year ended 31 March 2024:
Profit and total comprehensive income
-
28,155
28,155
Dividends
9
-
(68,917)
(68,917)
Balance at 31 March 2024
100
(1,547,575)
(1,547,475)
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,088,835
1,088,835
Issue of share capital
23
40
-
40
Dividends
9
-
(66,850)
(66,850)
Other movements
(40)
-
(40)
Balance at 31 March 2025
100
(525,590)
(525,490)
NOTUL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
378
478
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
71,940
71,940
Dividends
9
-
(68,917)
(68,917)
Balance at 31 March 2024
100
3,401
3,501
Year ended 31 March 2025:
Profit and total comprehensive income
-
78,914
78,914
Issue of share capital
23
40
-
40
Dividends
9
-
(66,850)
(66,850)
Other movements
(40)
-
(40)
Balance at 31 March 2025
100
15,465
15,565
NOTUL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
587,265
1,084,847
Interest paid
(204,068)
(331,631)
Net cash inflow from operating activities
383,197
753,216
Investing activities
Purchase of tangible fixed assets
(45,446)
(46,441)
Proceeds from disposal of tangible fixed assets
-
320,978
Decrease / (increase) in directors loan debtors
-
65,777
Net cash (used in)/generated from investing activities
(45,446)
340,314
Financing activities
Proceeds from borrowings
-
195,000
Repayment of borrowings
(275,474)
(173,402)
Repayment of deferred consideration
(250,000)
-
Payment of finance leases obligations
(183,491)
(273,877)
Dividends paid to equity shareholders
(66,850)
(68,917)
Net cash used in financing activities
(775,815)
(321,196)
Net (decrease)/increase in cash and cash equivalents
(438,064)
772,334
Cash and cash equivalents at beginning of year
(195,717)
(968,051)
Cash and cash equivalents at end of year
(633,781)
(195,717)
Relating to:
Cash at bank and in hand
117
300
Bank overdrafts included in creditors payable within one year
(633,898)
(196,017)
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
1
Accounting policies
Company information
Notul Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit B Meadowbank Industrial Estate, Harrison Street, Rotherham, South Yorkshire, S61 1EE.
The group consists of Notul 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 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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 are accounted for at cost less impairment.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Notul 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 March 2025. 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.
Mway Services Limited and Mway Communications Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Mway Services Limited and Mway Communications Limited for the 12 month period. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
1.4
Going concern
As of March 2025, the majority of the historic debt issues on the balance sheet have been addressed and are no longer a feature of the company’s financial position. Only a small amount remains on the CBILS loan taken out during Covid and this will be fully repaid by November 2025.
The group has enjoyed a good year in terms of both operational profitability and cash generation, which has been utilised to help take significant steps to improve the group’s financial health. Asset finance debt is under control, with a large proportion of the current balance relating to two large assets purchased in the year, which will be fully utilised over the next few years.
A forecast has been prepared for the 2025/26 financial period which shows revenue will remain strong and gross profit and EBITDA are expected to deliver similar percentages to the previous year.
Taking these factors into account, 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.
Revenue represents amounts receivable in relation to long term construction contracts and is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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
20% straight line
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 land and buildings
Over the term of the lease
Plant and equipment
20-50% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
25-33% straight line
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
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 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.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.10
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.
1.11
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.
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.
1.12
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
See note 2 for further information on the construction contract accounting policy.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.13
Cash and cash equivalents
Cash at bank and in hand 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.
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.
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.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Share capital issued by the group are recorded at the proceeds received, net of direct issue 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.
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.
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.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.20
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.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of those assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and accounting policy note for useful economic lives for each class of assets.
Turnover from long term construction contracts
Turnover is generated from long term contracts. The company recognises contract revenue and contract costs associated with each contract using the percentage of completion method. The recognition of revenue and profit therefore rely on estimates in relation to the stage of completion and the forecast total costs of each contract.
At each month end, all contracts are valued by the internal quantity surveyor allocated to the project. The valuation is compared to the expected total turnover on the contract and this forms the basis for the stage of completion.
This method ensures that profit is recognised equally across the life of the project. The calculation of expected outturn is based on the following factors:
- Variations to overall contract value (expected turnover) which have been agreed with the client
- Costs incurred to date allocated to the project
The degree of estimation uncertainty centres around the expected costs to complete the contract which, combined with the contract turnover, are used to calculate the expected margin outturn on each project.
When contract losses are anticipated these are recognised in full at the time of identification in so far as they can be measured reliably.
3
Turnover
All of the company's turnover relates to UK sales from its principal activity.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,672
4,450
Depreciation of owned tangible fixed assets
29,379
65,363
Depreciation of tangible fixed assets held under finance leases
148,382
199,665
Profit on disposal of tangible fixed assets
-
(168,615)
Amortisation of intangible assets
(252,700)
96,363
Operating lease charges
355,581
106,376
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Admin
15
14
-
-
Trading
52
51
-
-
Total
67
65
0
0
Their aggregate remuneration comprised:
Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,038,446
2,736,937
Social security costs
311,076
292,823
-
-
Pension costs
96,583
83,059
3,446,105
3,112,819
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
79,482
97,856
Company pension contributions to defined contribution schemes
34,104
26,167
113,586
124,023
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
104,697
210,432
Other interest on financial liabilities
54,760
15,148
Interest on finance leases and hire purchase contracts
33,503
26,888
Other interest
11,108
79,163
Total finance costs
204,068
331,631
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
87,803
Adjustments in respect of prior periods
4,020
Total current tax
87,803
4,020
Deferred tax
Origination and reversal of timing differences
166,125
37,980
Total tax charge
253,928
42,000
The actual charge 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:
2025
2024
£
£
Profit before taxation
1,342,763
70,155
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
335,691
17,539
Tax effect of expenses that are not deductible in determining taxable profit
(59,603)
39,651
Change in unrecognised deferred tax assets
(1,260)
(23,793)
Adjustments in respect of prior years
4,020
Permanent capital allowances in excess of depreciation
282
4,401
Other permanent differences
182
Adjustments in brought forward values
(21,182)
Taxation charge
253,928
42,000
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
66,850
68,917
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2024
996,877
53,531
1,050,408
Other movements
(557,997)
(557,997)
At 31 March 2025
438,880
53,531
492,411
Amortisation and impairment
At 1 April 2024
691,580
53,531
745,111
Amortisation charged for the year
(252,700)
(252,700)
At 31 March 2025
438,880
53,531
492,411
Carrying amount
At 31 March 2025
At 31 March 2024
305,297
305,297
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
During the year, the remaining deferred consideration creditor was re-negotiated, this has resulted in an excess amortisation charge which has been written back within the statement of profit or loss to leave the remaining goodwill book value as £nil.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
202,875
263,563
41,339
105,237
765,911
1,378,925
Additions
4,176
34,727
6,543
398,360
443,806
At 31 March 2025
202,875
267,739
76,066
111,780
1,164,271
1,822,731
Depreciation and impairment
At 1 April 2024
197,439
132,175
33,413
98,040
343,153
804,220
Depreciation charged in the year
4,096
41,105
4,799
2,764
124,997
177,761
At 31 March 2025
201,535
173,280
38,212
100,804
468,150
981,981
Carrying amount
At 31 March 2025
1,340
94,459
37,854
10,976
696,121
840,750
At 31 March 2024
5,436
131,388
7,926
7,197
422,758
574,705
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
40,638
67,464
Motor vehicles
697,665
427,895
738,303
495,359
-
-
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
1,770,250
2,328,247
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
2,328,247
Impairment
At 1 April 2024
-
Impairment losses
557,997
At 31 March 2025
557,997
Carrying amount
At 31 March 2025
1,770,250
At 31 March 2024
2,328,247
13
Subsidiaries
Details of the company's subsidiaries at 31 March 2025 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Mway Communications Limited
England & Wales
Ordinary
0
100.00
Mway Services Limited
England & Wales
Ordinary
100.00
-
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
29,905
194,829
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,076,771
969,896
Gross amounts owed by contract customers
1,071,637
676,085
Corporation tax recoverable
11,742
11,742
Amounts owed by group undertakings
-
-
433,000
268,000
Other debtors
72,575
101
99
101
Prepayments and accrued income
166,290
98,124
2,399,015
1,744,206
444,841
268,101
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
633,898
196,017
Obligations under finance leases
19
181,238
188,440
Other borrowings
18
90,414
258,190
Trade creditors
1,392,664
1,294,228
Amounts owed to group undertakings
1,985,527
1,567,925
Corporation tax payable
87,803
Other taxation and social security
54,605
626,603
-
-
Other creditors
261,673
254,488
213,999
210,287
Accruals and deferred income
467,132
388,859
3,169,427
3,206,825
2,199,526
1,778,212
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
19
444,725
222,654
Other borrowings
18
107,698
Other creditors
814,635
814,635
444,725
1,144,987
-
814,635
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
633,898
196,017
Other loans
90,414
365,888
724,312
561,905
-
-
Payable within one year
724,312
454,207
Payable after one year
107,698
The bank overdraft is secured by a fixed and floating charge over the companies assets. Other borrowings of £90,414 (2024: £365,888) are secured by a guarantee from the Directors.
19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
181,238
188,440
In two to five years
444,725
222,654
625,963
411,094
-
-
Finance lease payments represent rentals payable by the company or group for certain motor vehicles and plant & 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 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
192,000
128,000
Tax losses
-
(107,000)
Short term timing differences
(10,875)
(6,000)
181,125
15,000
The company has no deferred tax assets or liabilities.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 28 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
15,000
-
Charge to profit or loss
166,125
-
Liability at 31 March 2025
181,125
-
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,583
83,059
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.
22
Share-based payment transactions
On 30 May 2024, the group granted 1,116 options under a. Enterprise Management Incentive Option Scheme, a HMRC approved share option scheme. As at the year end 1,116 remained in issue and none had been exercised. No adjustments have been made in the financial statements for share based payment on the basis they would be immaterial.
23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
6,000
100
60
100
Ordinary B shares of 1p each
4,000
-
40
-
10,000
100
100
100
On 22 April 2024 the 100 £1 shares were subdivided into 6,000 A shares and 4,000 B shares worth 1p. All shares hold rights to attend and participate in meetings, vote on resolutions and rights to participate in dividend distributions. Only A shares carry the right to participate in a distribution on a winding up.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
24
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
2025
2024
2025
2024
£
£
£
£
Within one year
95,902
67,383
-
-
Between two and five years
259,867
268,667
-
-
In over five years
264,583
328,083
-
-
620,352
664,133
-
-
25
Related party transactions
In the year, sales of £59,406 (2024: £12,355) were made to Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. A debtor balance remained outstanding at the year end of £482 (2024: £10,857) which is included in trade debtors.
In the year, there was £805,303 (2024: £335,458) of purchases from Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. A creditor balance remained outstanding at the year end of £247,984 (2024: £147,847) which is included in trade creditors.
In the year, tangible fixed assets with a net book value of £nil (2024: £5,137) were disposed of to Black Plant & Vehicle Hire Limited, a company which is 90% owned by S Crawford and L Day. Proceeds on disposal were received of £nil (2024: £30,000).
In the year, the group received consultancy services of £104,103 (2024: £nil) from Nero Traffic Solutions Limited, a company under common control. A creditor balance remained outstanding at the year end of £122,503 (2024: £nil) which is included in trade creditors.
NOTUL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
26
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,088,835
28,155
Adjustments for:
Taxation charged
253,928
42,000
Finance costs
204,068
331,631
Gain on disposal of tangible fixed assets
-
(168,615)
Amortisation and impairment of intangible assets
(252,700)
96,363
Depreciation and impairment of tangible fixed assets
177,761
265,028
Movements in working capital:
Decrease/(increase) in stocks
164,924
(60,102)
(Increase)/decrease in debtors
(643,067)
487,747
(Decrease)/increase in creditors
(406,484)
62,640
Cash generated from operations
587,265
1,084,847
27
Analysis of changes in net debt - group
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
300
(183)
-
117
Bank overdrafts
(196,017)
(437,881)
-
(633,898)
(195,717)
(438,064)
-
(633,781)
Borrowings excluding overdrafts
(365,888)
275,474
-
(90,414)
Obligations under finance leases
(411,094)
183,491
(398,360)
(625,963)
(972,699)
20,901
(398,360)
(1,350,158)
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