Noel Kegg Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: SC318609

Noel Kegg Limited

Financial Statements

For the year ended

31 December 2024

Noel Kegg Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Strategic report	2

Director's report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	9

Consolidated statement of financial position	10

Company statement of financial position	11

Consolidated statement of changes in equity	12

Company statement of changes in equity	13

Consolidated statement of cash flows	14

Notes to the financial statements	15

Noel Kegg Limited

Officers and Professional Advisers

Director	C N Kegg

Company secretary	C N Kegg

Registered office	Unit 10/11
	Block 22
	22 Belgrave Street
	Bellshill
	Scotland
	ML4 3NP

Auditor	Nelson Gilmour Smith
	Chartered accountants & statutory auditor
	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Bankers	Bank of Scotland
	Park House Branch
	Park Circus Place
	Glasgow
	G3 6AN

Solicitors	Ness Gallagher
	95 Stewarton Street
	Wishaw
	Lanarkshire
	ML2 8AG

Noel Kegg Limited

Strategic Report

Year ended 31 December 2024

The Director in preparing this report, has complied with s414C of the Companies Act 2006. The group's principal activity during the year was the distribution of tools and other equipment to the trades and direct to consumers through internet sales, mail order and the trade counter . During the year the group focused towards higher margin sales. However, turnover decreased from£22.0m to £11.7m amid challenging market conditions. The group's loss before taxation amounted to £1.6m (2023: loss of £0.3m). Both the level of business and year-end statement of financial position were disappointing and the Director has undertaken steps to remodel the business and to thereby return to profitability. This has included a reduction in the range of stock items offered, an increased focus on the sale of items bearing a higher margin, and restructuring of the business' workforce. The Director remains confident about the future prospects for the business but expect that turnover will remain depressed relative to prior years for the forseeable future. One of the key business risks and uncertainties affecting the group is the high volume of stock required to meet the level of product demand, which can be impacted through shifts in consumer demand and also through the wider economic situation through fluctuations in exchange rates. Other key business risks and uncertainties are presented by the ongoing inflationary pressures within the local and wider economy. The group's operations expose it to a variety of financial risks which include credit risk and foreign currency risk. Credit risk is the risk that a counterparty will be unable to pay amounts when they fall due. The group has implemented policies that ensure appropriate credit checks for all third party debts, including credit insurance for all account customers. The exposure of any individual account is low and the Director is satisfied that the appropriate controls are in place to minimise credit risk. The group is exposed to foreign currency risk on its purchases of inventory, and sale of goods, denominated in foreign currencies, principally Euros. The risk is managed through the Director closely monitoring movements in the Euro on a daily basis. The Director is satisfied that the application of these policies has minimised such exposure for the company.

This report was approved by the board of directors on 5 September 2025 and signed on behalf of the board by:

C N Kegg

Company Secretary

Registered office:

Unit 10/11

Block 22

22 Belgrave Street

Bellshill

Scotland

ML4 3NP

Noel Kegg Limited

Director's Report

Year ended 31 December 2024

The director presents his report and the financial statements of the group for the year ended 31 December 2024 .

Director

The director who served the company during the year was as follows:

C N Kegg

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Financial instruments

The company did not hold any non-basic financial instruments in the year.

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 27 to the financial statements.

Disclosure of information in the strategic report

The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Director's responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 5 September 2025 and signed on behalf of the board by:

C N Kegg

Company Secretary

Registered office:

Unit 10/11

Block 22

22 Belgrave Street

Bellshill

Scotland

ML4 3NP

Noel Kegg Limited

Independent Auditor's Report to the Members of Noel Kegg Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Noel Kegg Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

Our responsibilities and the responsibilities of the director 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 director is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company, we identified the principal risks of non-compliance with laws and regulations and the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated managements incentives and opportunities for the fraudulent manipulation of the financial statements, including the risk of of of of override of controls. Based on our assessment we adopted a substantive approach to our audit testing. Audit procedures performed included: Testing a sample of transactions to source documentation. We select sample sizes having regard to the inherent risk (specific and general), the quality of the internal controls and the risk that our testing might not detect possible misstatements. Making enquiries of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Identifying legislation of particular relevance to the entity and obtaining audit evidence regarding compliance with that legislation. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business There are inherent limitations in the audit procedures described above. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or concealment. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Wilson BA CA

(Senior Statutory Auditor)

For and on behalf of

Nelson Gilmour Smith

Chartered accountants & statutory auditor

Mercantile Chambers

53 Bothwell Street

Glasgow

G2 6TB

5 September 2025

Noel Kegg Limited

Consolidated Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
Note		£	£
Turnover	4	11,666,414	22,004,508

Cost of sales	10,022,099	19,057,812
	-------------	-------------
Gross profit	1,644,315	2,946,696

Administrative expenses		3,351,013	3,273,608
		------------	------------
Operating loss	5	( 1,706,698)	( 326,912)

Other interest receivable and similar income	9	91,604	28,933
Interest payable and similar expenses	10	9,668	7,121
		------------	------------
Loss before taxation		( 1,624,762)	( 305,100)

Tax on loss	11	( 105,673)	( 5,794)
		------------	---------
Loss for the financial year and total comprehensive income		( 1,519,089)	( 299,306)
		------------	---------

Loss for the financial year attributable to:

The owners of the parent company	( 1,451,689)	( 266,662)
Non-controlling interests	( 67,400)	( 32,644)
	------------	---------
	( 1,519,089)	( 299,306)
	------------	---------

All the activities of the group are from continuing operations.

Noel Kegg Limited

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	14		1,948,873	2,445,461

Current assets

Stocks	16	2,834,295	4,847,921
Debtors	17	2,022,087	2,296,294
Investments	18	1,300,000	174,536
Cash at bank and in hand		1,238,072	2,353,452
		------------	------------
		7,394,454	9,672,203

Creditors: amounts falling due within one year	19	731,663		1,085,585
		------------		------------
Net current assets			6,662,791	8,586,618
			------------	-------------
Total assets less current liabilities			8,611,664	11,032,079

Provisions

Taxation including deferred tax	20	74,665	101,325
		------------	-------------
Net assets		8,536,999	10,930,754
		------------	-------------

Capital and reserves

Called up share capital	23	30,201	30,201
Profit and loss account	24	8,506,798	10,982,997
		------------	-------------
Equity attributable to the owners of the parent company		8,536,999	11,013,198

Non-controlling interests	–	( 82,444)
	------------	-------------
	8,536,999	10,930,754
	------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 5 September 2025 , and are signed on behalf of the board by:

C N Kegg
Director

Company registration number: SC318609

Noel Kegg Limited

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	14	1,706,553	2,052,073
Investments	15	429,501	27,501
		------------	------------
		2,136,054	2,079,574

Current assets

Debtors	17	1,385,826	1,945,088
Investments	18	1,300,000	174,536
Cash at bank and in hand		955,099	1,727,035
		------------	------------
		3,640,925	3,846,659

Creditors: amounts falling due within one year	19	22,452		6,485
		------------		------------
Net current assets			3,618,473	3,840,174
			------------	------------
Total assets less current liabilities			5,754,527	5,919,748

Provisions

Taxation including deferred tax	20	56,271	56,930
		------------	------------
Net assets		5,698,256	5,862,818
		------------	------------

Capital and reserves

Called up share capital	23	30,201	30,201
Profit and loss account	24	5,668,055	5,832,617
		------------	------------
Shareholders funds		5,698,256	5,862,818
		------------	------------

The profit for the financial year of the parent company was £ 243,438 (2023: £ 38,972 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 5 September 2025 , and are signed on behalf of the board by:

C N Kegg
Director

Company registration number: SC318609

Noel Kegg Limited

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Equity attributable to the owners of the parent company	Non-controlling interests	Total
		£	£	£	£	£
At 1 January 2023		30,201	11,465,659	11,495,860	138,200	11,634,060

Loss for the year			( 266,662)	( 266,662)	( 32,644)	( 299,306)
		--------	-------------	-------------	---------	-------------
Total comprehensive income for the year		–	( 266,662)	( 266,662)	( 32,644)	( 299,306)

Dividends paid and payable	12	–	( 216,000)	( 216,000)	( 188,000)	( 404,000)
		--------	-------------	-------------	---------	-------------
Total investments by and distributions to owners		–	( 216,000)	( 216,000)	( 188,000)	( 404,000)

At 31 December 2023		30,201	10,982,997	11,013,198	( 82,444)	10,930,754

Loss for the year			( 1,451,689)	( 1,451,689)	( 67,400)	( 1,519,089)
		--------	-------------	-------------	---------	-------------
Total comprehensive income for the year		–	( 1,451,689)	( 1,451,689)	( 67,400)	( 1,519,089)

Dividends paid and payable	12	–	( 408,000)	( 408,000)	( 64,666)	( 472,666)
Acquisition of non-controlling interest		–	( 616,510)	( 616,510)	214,510	( 402,000)
		----	------------	------------	---------	---------
Total investments by and distributions to owners		–	( 1,024,510)	( 1,024,510)	149,844	( 874,666)

		--------	------------	------------	---------	------------
At 31 December 2024		30,201	8,506,798	8,536,999	–	8,536,999
		--------	------------	------------	---------	------------

Noel Kegg Limited

Company Statement of Changes in Equity

Year ended 31 December 2024

		Called up share capital	Profit and loss account	Total
		£	£	£
At 1 January 2023		30,201	6,087,589	6,117,790

Loss for the year			( 38,972)	( 38,972)
		--------	------------	------------
Total comprehensive income for the year		–	( 38,972)	( 38,972)

Dividends paid and payable	12	–	( 216,000)	( 216,000)
		--------	------------	------------
Total investments by and distributions to owners		–	( 216,000)	( 216,000)

At 31 December 2023		30,201	5,832,617	5,862,818

Profit for the year			243,438	243,438
		--------	------------	------------
Total comprehensive income for the year		–	243,438	243,438

Dividends paid and payable	12	–	( 408,000)	( 408,000)
		----	---------	---------
Total investments by and distributions to owners		–	( 408,000)	( 408,000)

		--------	------------	------------
At 31 December 2024		30,201	5,668,055	5,698,256
		--------	------------	------------

Noel Kegg Limited

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
	£	£

Cash flows from operating activities

Loss for the financial year	( 1,519,089)	( 299,306)

Adjustments for:
Depreciation of tangible assets	119,455	145,865
Impairment of tangible assets	210,351	–
Amortisation of intangible assets	–	12,696
Fair value adjustment of investment property	( 86,146)	2,719
Other interest receivable and similar income	( 91,604)	( 28,933)
Interest payable and similar expenses	9,668	7,121
Loss/(gains) on disposal of tangible assets	47,369	( 80,141)
Tax on profit/(loss)	( 105,673)	( 5,794)
Accrued (income)/expenses	( 20,727)	27,272

Changes in:
Stocks	2,013,626	530,385
Trade and other debtors	363,343	150,172
Trade and other creditors	( 330,224)	( 1,317,227)
	------------	------------
Cash generated from operations	610,349	( 855,171)

Interest paid	( 9,668)	( 7,121)
Interest received	61,162	28,933
Tax paid	( 2,971)	( 57,030)
	---------	---------
Net cash from/(used in) operating activities	658,872	( 890,389)
	---------	---------

Cash flows from investing activities

Purchase of tangible assets	( 206,852)	( 31,185)
Proceeds from sale of tangible assets	412,410	181,749
Cash advances and loans granted	–	( 3,468)
Cash receipts from the repayment of advances and loans	174,536	–
Acquisition of subsidiaries	( 402,000)	–
Purchases of other investments	( 1,300,000)	–
Interest received	20,320	–
	------------	---------
Net cash (used in)/from investing activities	( 1,301,586)	147,096
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	–	( 2,390)
Dividends paid to owners of parent	( 408,000)	( 216,000)
Dividends paid to minority interests	(64,666)	(188,000)
	------------	---------
Net cash used in financing activities	( 472,666)	( 406,390)
	------------	---------

Net decrease in cash and cash equivalents	( 1,115,380)	( 1,149,683)
Cash and cash equivalents at beginning of year	2,353,452	3,503,135
	------------	------------
Cash and cash equivalents at end of year	1,238,072	2,353,452
	------------	------------

Noel Kegg Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, ML4 3NP, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of freehold properties and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Noel Kegg Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Non-controlling interests

Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.

The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management made in the process of applying the entity's accounting policies that are of material effect. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and estimates affecting the company's financial statements are limited to the consideration of rates of depreciation. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are limited to the determination of depreciation and amortisation methodologies and the fair value of investment and freehold properties. At the balance sheet date the carrying value of intangible assets subject to amortisation policies was £nil (2023: £nil), while the amortisation charged in the year amounted to £nil (2023: £12,696). The carrying value of fixed assets subject to depreciation policies was £255,575 (2023: £448,308), while the depreciation charged in the year amounted to £119,455 (2023: £145,865). The value of investment properties subject to estimation uncertainties over their fair value was £1,479,211 (2023: £1,404,802). The value of freehold properties subject to estimation uncertainties over their fair value was £214,087 (2023: £592,351).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	Straight line over the remaining life of the lease
Plant and machinery	-	10% straight line
Equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Rental equipment	-	25% reducing balance

Leasehold improvements includes expenditure on integral features and other enhancements to the leasehold property. Notwithstanding the fact that the lease expires in less than 10 years, the Directors consider that depreciating leasehold improvements over 10 years is the most appropriate basis. Investment properties are held at fair value through profit or loss. Freehold properties are held at fair value through profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial instruments include Cash and cash equivalents, trade debtors, and trade creditors. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or loss and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured subsequently at amortised cost using the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

The company operates a defined contribution pension scheme for Directors and key employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	11,611,522	21,938,718
Furnished holiday letting	9,618	21,780
Rental Income - Residential	45,274	44,010
	-------------	-------------
	11,666,414	22,004,508
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	10,504,985	17,673,923
Overseas	1,161,429	4,330,585
	-------------	-------------
	11,666,414	22,004,508
	-------------	-------------

5. Operating loss

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	–	12,696
Depreciation of tangible assets	119,456	145,865

Impairment of tangible assets recognised in:

	Administrative expenses	210,350	–
Loss/(gains) on disposal of tangible assets		47,369	( 80,141)
Fair value adjustments to investment property		( 86,146)	2,719
Impairment of stocks		500,992	–
Impairment of trade debtors		2,853	17,420
Foreign exchange differences		20,532	( 28,259)
		---------	---------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	14,100	13,800
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	11,385	11,390
	--------	--------

7. Staff costs

The average number of persons employed by the group during the year, including the director, amounted to:

	2024	2023
	No.	No.
Administrative staff	35	50
Management staff	4	6
	----	----
	39	56
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	1,399,391	1,935,062
Social security costs	117,857	179,013
Other pension costs	46,837	66,881
	------------	------------
	1,564,085	2,180,956
	------------	------------

8. Director's remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	19,687	18,200
Company contributions to defined contribution pension plans	399	198
Compensation for loss of office	30,000	–
	--------	--------
	50,086	18,398
	--------	--------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	1	3
	----	----

The above figures represent the directors' remuneration for the group, who also constitute the key management personnel of the group. For the company the lone director (2023 number of directors: 1) received remuneration of £10,200 (2023: £10,200) and company contributions to defined contribution pension plans of £119 (2023: £119). Further transactions with the group's Directors and their associates are reported in note 28 (Director's advances, credits and guarantees) and note 29 (Related party transactions) to the group accounts.

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on loans and receivables	4,763	7,825
Interest on cash and cash equivalents	86,831	21,108
Other interest	10	–
	--------	--------
	91,604	28,933
	--------	--------

10. Interest payable and similar expenses

	2024	2023
	£	£
Other interest payable and similar charges	9,668	7,121
	-------	-------

11. Tax on profit/(loss)

Major components of tax (income)/expense

	2024	2023
	£	£

Current tax:

UK current tax income	( 29,697)	–

Deferred tax:

Origination and reversal of timing differences	( 75,976)	( 5,794)
	---------	-------
Tax on profit/(loss)	( 105,673)	( 5,794)
	---------	-------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 0.25 % (2023: 25 %).

	2024	2023
	£	£
Loss on ordinary activities before taxation	( 1,624,762)	( 305,100)
	------------	---------
Loss on ordinary activities by rate of tax	( 406,190)	( 76,275)
Effect of expenses not deductible for tax purposes	106	1,220
Effect of capital allowances and depreciation	19,258	19,130
Utilisation of tax losses	( 29,697)	–
Unused tax losses	332,387	50,811
Effect of revaluations exempt from tax	( 21,537)	( 680)
	------------	---------
Tax on profit/(loss)	( 105,673)	( 5,794)
	------------	---------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
	£	£
Dividends on equity shares - Ordinary	–	81,000
Dividends on equity shares - Noel Kegg Limited Ordinary B	48,000	48,000
Dividends on equity shares - Noel Kegg Limited Ordinary C	360,000	87,000
Dividends on equity shares - Toolstop Limited Ordinary C	64,666	188,000
	---------	---------
	472,666	404,000
	---------	---------

13. Intangible assets

Group and company	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	50,785
	--------
Amortisation
At 1 January 2024 and 31 December 2024	50,785
	--------
Carrying amount
At 1 January 2024 and 31 December 2024	–
	--------
At 31 December 2023	–
	--------

14. Tangible assets

Group	At 1 January 2024	Additions	Disposals	Revaluation	At 31 December 2024
	£	£	£	£	£
Cost or valuation
Freehold property	592,351	–	( 390,000)	11,736	214,087
Leasehold improvements	1,021,331	136,230	–	–	1,157,561
Plant and machinery	197,814	–	( 40,310)	–	157,504
Equipment	443,153	54,672	( 341,951)	–	155,874
Motor vehicles	69,295	15,950	( 42,995)	–	42,250
Rental equipment	114,351	–	(86,460)	–	27,891
Investment property	1,404,802	–	–	74,409	1,479,211
	------------	---------	---------	--------	------------
	3,843,097	206,852	( 901,716)	86,145	3,234,378
	------------	---------	---------	--------	------------

	At 1 January 2024	Charge for the year	Disposals	Impairment losses	At 31 December 2024
	£	£	£	£	£
Depreciation
Freehold property	–	–	–	–	–
Leasehold improvements	749,351	79,389	–	193,002	1,021,742
Plant and machinery	167,279	5,946	( 35,594)	17,349	154,980
Equipment	385,016	21,690	( 332,778)	–	73,928
Motor vehicles	36,559	8,012	( 24,352)	–	20,219
Rental equipment	59,431	4,418	(49,213)	–	14,636
	------------	---------	---------	---------	------------
	1,397,636	119,455	( 441,937)	210,351	1,285,505
	------------	---------	---------	---------	------------

	At 31 December 2024	At 31 December 2023
	£	£
Carrying amount
Freehold property	214,087	592,351
Leasehold improvements	135,819	271,980
Plant and machinery	2,524	30,535
Equipment	81,946	58,137
Motor vehicles	22,031	32,736
Rental equipment	13,255	54,920
Investment property	1,479,211	1,404,802
	------------	------------
	1,948,873	2,445,461
	------------	------------

Company	At 1 January 2024	Disposals	Revaluation	At 31 December 2024
	£	£	£	£
Cost or valuation
Freehold property	592,351	( 390,000)	11,736	214,087
Rental equipment	114,351	( 86,460)	–	27,891
Investment property	1,404,802	–	74,409	1,479,211
	------------	---------	--------	------------
	2,111,504	( 476,460)	86,145	1,721,189
	------------	---------	--------	------------

	At 1 January 2024	Charge for the year	Disposals	At 31 December 2024
	£	£	£	£
Depreciation
Freehold property	–	–	–	–
Rental equipment	59,431	4,418	( 49,213)	14,636
	------------	------------	---------	--------
	59,431	4,418	( 49,213)	14,636
	------------	------------	---------	--------

	At 31 December 2024	At 31 December 2023
	£	£
Carrying amount
Freehold property	214,087	592,351
Rental equipment	13,255	54,920
Investment property	1,479,211	1,404,802
	------------	------------
	1,706,553	2,052,073
	------------	------------

In line with FRS 102 Section 16 and Section 17, no depreciation is being provided for on Investment Properties or Freehold Property, respectively. Rather these properties are restated to Fair Value at each period end, with any movement being recognised in the Statement of Income and Retained Earnings. Fair value of investment properties and freehold properties was determined by the Directors having regard to local market trends and recent sales of comparable assets in the open market around the balance sheet date. The historical cost value of investment properties at the balance sheet date amounted to £1,208,145 (2023: £1,208,145), while the historical cost value of freehold property amounted to £217,252 (2023: £626,241).

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024	27,501
Additions	402,000
	---------
At 31 December 2024	429,501
	---------
Impairment
At 1 January 2024 and 31 December 2024	–
	---------

Carrying amount
At 31 December 2024	429,501
	---------
At 31 December 2023	27,501
	---------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Toolstop Limited (SC058605)	Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, Scotland, ML4 3NP	Ordinary	100
Toolporters Limited (SC588916)	Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, Scotland, ML4 3NP	Ordinary	100
Toolsaver Limited (SC616523)	Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, Scotland, ML4 3NP	Ordinary	100
Spint65 Limtied (SC670260)	Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, Scotland, ML4 3NP	Ordinary	100
Tartan Escapes Limited (SC665402)	Unit 10/11, Block 22, 22 Belgrave Street, Bellshill, Scotland, ML4 3NP	Ordinary	100

All subsidiaries are companies registered in Scotland and the financial statements of each entity has been consolidated into the group statements of Noel Kegg Limited . Of the subsidiary companies, Toolstop Limited, Toolporters Limited, and Toolsaver Limited were trading in the year, with the remaining entities being dormant (2023: as for 2024). The accounts of Toolsaver Limited for the year to 31 December 2024 were not audited, the company being entitled to exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies.

16. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Finished goods and goods for resale	2,834,295	4,847,921	–	–
	------------	------------	----	----

17. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	1,688,337	1,723,758	–	349
Amounts owed by group undertakings	–	–	1,271,638	1,664,887
Deferred tax asset	49,315	–	34,826	–
Prepayments and accrued income	145,803	247,523	10,122	1,462
Corporation tax repayable	29,708	–	–	–
Director's loan account	68,037	276,853	68,037	277,184
Other debtors	40,887	48,160	1,203	1,206
	------------	------------	------------	------------
	2,022,087	2,296,294	1,385,826	1,945,088
	------------	------------	------------	------------

18. Investments

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Other investments	–	174,536	–	174,536
Other investments - short term deposits	1,300,000	–	1,300,000	–
	------------	---------	------------	---------
	1,300,000	174,536	1,300,000	174,536
	------------	---------	------------	---------

19. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Payments received on account	–	38,750	–	–
Trade creditors	518,321	635,211	–	–
Accruals and deferred income	56,199	76,926	8,600	4,940
Corporation tax	–	2,971	–	–
Social security and other taxes	143,291	331,727	–	1,545
Other creditors	13,852	–	13,852	–
	---------	------------	--------	-------
	731,663	1,085,585	22,452	6,485
	---------	------------	--------	-------

In respect of overdraft facilities, the Lloyds Banking Group and Bank of Scotland have been granted a bond and floating charge over the whole of the group member Toolstop Limited's assets. Bank of Scotland has also been granted a bond and floating charge over the whole of Noel Kegg Limited 's assets.

Amounts owed to trade creditors are payable in accordance with terms agreed with the supplier .

20. Provisions

Group	Deferred tax (note 21)
	£
At 1 January 2024	101,325
Additions	30,868
Unused amounts reversed	( 57,528)
	---------
At 31 December 2024	74,665
	---------

Company	Deferred tax (note 21)
	£
At 1 January 2024	56,930
Additions	12,265
Unused amounts reversed	( 12,924)
	--------
At 31 December 2024	56,271
	--------

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in debtors (note 17)	49,315	–	34,826	–
Included in provisions (note 20)	( 74,665)	( 101,325)	( 56,271)	( 56,930)
	--------	---------	--------	--------
	( 25,350)	( 101,325)	( 21,445)	( 56,930)
	--------	---------	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	21,709	60,633	3,314	16,238
Fair value adjustment of investment property	52,957	40,692	52,957	40,692
Unused tax losses	( 49,316)	–	( 34,826)	–
	--------	---------	--------	--------
	25,350	101,325	21,445	56,930
	--------	---------	--------	--------

For the group, in the absence of any additional assets sales or purchases, it is expected that deferred tax liabilities of £8,710 will be reversed in the year to 31 December 2025, while for the company it is expected that £ 828 of deferred tax liabilities will be reversed in the same period. These reversals are expected due to the anticipated rate of depreciation of the relevant assets being greater than the relevant Corporation Tax Writing Down Allowances on the same, and also due to the disposal of freehold properties held at revalued amounts.

22. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 46,837 (2023: £ 66,881 ).

23. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	30,001	30,001	30,001	30,001
Ordinary B shares of £ 1 each	100	100	100	100
Ordinary C shares of £ 1 each	100	100	100	100
	--------	--------	--------	--------
	30,201	30,201	30,201	30,201
	--------	--------	--------	--------

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	30,001	30,001	30,001	30,001
Ordinary B shares of £ 1 each	100	100	100	100
Ordinary C shares of £ 1 each	100	100	100	100
	--------	--------	--------	--------
	30,201	30,201	30,201	30,201
	--------	--------	--------	--------

Ordinary shares are entitled to one vote per share in any circumstances. Ordinary B shares and Ordinary C shares have no rights attached to them in terms of voting and no rights to participate in a capital distribution in the event of winding up. Shares have rights to dividend distributions as determined by the Director.

24. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

25. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	2,353,452	(1,115,380)	1,238,072
Current asset investments	174,536	1,125,464	1,300,000
	------------	------------	------------
	2,527,988	10,084	2,538,072
	------------	------------	------------

Noel Kegg Limited

Notes to the Financial Statements (continued)

Year ended 31 December 2024

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	123,500	97,586	–	–
Later than 1 year and not later than 5 years	343,516	5,082	–	–
	---------	---------	----	----
	467,016	102,668	–	–
	---------	---------	----	----

The group leased 2 Ashley Drive, Bothwell, the property from which it traded in the year, for £150,000 (2023: £150,000), this lease having come to an end in February 2025. The group also leased a secondary depot in Accrington for £9,567 (2023: £22,021), this lease having come to an end in June 2024. The group additionaly leased a unit at 22 Belgrave Street, Bellshill for £18,717 (2023: £nil), being the property that the group moved its operations to in February 2025 and which is the company's current registered office.

27. Events after the end of the reporting period

Following the end of the reporting period but before the balance sheet signing date the group undertook an employment restructuring process. All employees of the subsidiary Toolstop Limited were terminated, with some members re-employed by the subsidiary Toolsaver Limited. Payments in Lieu of Notice of £132,352 and Ex Gratia payments of £180,685 were made in connection with this process.

28. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
C N Kegg	277,184	150,853	( 360,000)	68,037
N Bruce	( 331)	76,515	( 76,184)	–
	---------	---------	---------	--------
	276,853	227,368	( 436,184)	68,037
	---------	---------	---------	--------

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
C N Kegg	( 1,059)	460,967	( 182,724)	277,184
N Bruce	( 1,331)	189,000	( 188,000)	( 331)
	-------	---------	---------	---------
	( 2,390)	649,967	( 370,724)	276,853
	-------	---------	---------	---------

During the year and proceeding year C N Kegg was Director of the company and of each subsidiary company. N Bruce was Director of the subsidiary Toolstop Limited until his retirement on 31 May 2024 and the loan disclosed in this note was issued to N Bruce by that subsidiary. Interest is charged on overdrawn loan accounts at a rate of 2.25%. The loans are unsecured and are repayable on demand.

29. Related party transactions

Group

During the year Ashley Ventures SSAS , a Post-Employment Benefit Plan operated for the benefit of group company Toolstop Limited's Directors, charged Toolstop Limited rent of £ 150,000 (2023: £ 150,000 ). The group company Toolstop Limited paid dividends of £32,333 (2023: £94,000) to its Directors and paid other related parties aggregate salaries of £ 43,027 (2023: £ 33,385 ), aggregate pension contributions of £ 1,591 (2023: £ 965 ), aggregate dividends of £ 32,333 (2023: £ 94,000 ), and redundancy payments of £ 46,140 (2023: £nil).

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the group was £Nil (2023: £ 82,164 ).

Company

During the year Noel Kegg Limited 's Director received aggregate dividends of £180,000 (2023: £81,000). The company additionally paid close family members of the Director aggregate salaries of £ 62,200 (2023: £ 62,200 ); aggregate pension contributions of £ 1,304 (2023: £ 1,304 ); and aggregate dividends of £ 228,000 (2023: £ 135,000 ). The company charged the director £ 21,000 in the year in connection with leasing agreements (2023: £ 21,000 ).

30. Controlling party

During the year, the group operated under the control of Director C. Kegg , by virtue of his shareholdings in Noel Kegg Limited.