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Registered number: 07388211 (England and Wales)
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic Report and financial statements for the year ended 31 December 2024.
The Company is part of the NORR Group of Companies and is an established UK practice that provides sustainable architectural and related services to clients across multiple private and public sectors.
NORR Consultants Limited ("the Company") is dedicated to making a positive sustainable impact within the built environment, for our clients, project stakeholders and communities that our projects serve.
We are pleased that the year resulted in continued strong financial results alongside industry recognised national awards for several of our projects spanning major refurbishment and low carbon designs through to innovative new build projects. 2024 saw the Company undergoing a complete change and improvement to our Enterprise Resource Planning ("ERP"), full implementation of our sectorisation plan and continued investment in staff training to embrace the changes that have come from the Building Safety Act (“The BSA”) legislation. The Company promoted Brian O’Donnell and Dahel Shields into Director of Operations roles as Andrew James retired from the Company. Between the two roles they have taken on operational responsibility and management together with our Studio Managers across the sectors and studios. Brian and Dahel have a joint remit which focuses nationally on our quality assurance ("QA") and quality control ("QC") processes and our Health and Safety responsibilities. This transition has strengthened our operational efficiencies and client centric service throughout 2024. We have continued our commitment to be a ‘real living wage employer’ and pay a minimum of 5% above the ‘actual living wage’, continued with pay rises in all our studios and supported our staff with training and continued professional development ("CPD") budget increases. Such initiatives, quality of work and flexible working commitments are matched with continued high staff retentions. With such significant operational changes in 2024, turnover remained relatively steady at £10,295,279 (from £10,970,422 in 2023). The slight reduction was in part due to fewer third parties and sub-consultants required for our project commitments, with internal revenue growing, and profit before tax increasing by 12.7% compared with 2023 (from £1,039,862 to £1,172,201). The Company’s net asset position continues to improve from £2,705,470 in 2023 to £3,604,400 by the end of 2024, an increase of 33.2%. Similarly, cash has increased by 10.1% year on year to £2,547,731 (from £2,314,846 in 2023). Corporate Social Responsibility We understand our wider duty to Society and conduct our business in line with our corporate social responsibility values and policies. We continue to support and promote our NORRForward program that aims to create more resilient communities for future generations and encourages equity, diversity and inclusion at every level of our business. We actively promote environmental responsibility and sustainability to our clients and seek to reduce our own direct impact on the environment. We are accredited to ISO 14001 for Environmental Management, and we employ an external, independent consultant to measure our annual carbon footprint and advise on practical carbon reduction measures.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is committed to recording and reviewing our emissions and aims to improve them wherever possible.
The Building Safety Act 2022 (BSA)
The Building Safety Act 2022 has been described as a major regulatory shake-up of the construction industry (in England), with secondary legislation having come into effect on October 1st, 2023. 2024 saw the full implementation of the legislation for our Engand based projects. In 2025 many of these projects will be moving to site phases. We will mitigate any risks associated with the changes through continued Principal Designer and BSA training via the Royal Institute of British Architects courses throughout 2025, an active working committee, and continuous improvement of our Quality Assurance policies. Cyber Security Risks This remains a risk for all organisations. We have a comprehensive cybersecurity program based on the NIST framework and continue to invest in this program. All staff are also required to complete cybersecurity training monthly. We maintain a Cyber Essentials certification and will continue to review and improve our systems and processes. Financial Risks The Company has exposure to a variety of financial risks, which are managed with the purpose of minimising any potential adverse effect. The Company has policies for managing these risks which are summarised below:
∙The Company adopts a prudent approach to liquidity management. Our cash balance continues to be strong, and with access to support from our related party and ultimate parent company, NORR International, Inc., should it be required, the Company is in a solid position to meet its obligations as they arise.
∙Appropriate credit management policies and procedures are in place to mitigate the risk deriving from business and private sector organisations.
Analysis using key performance indicators compared to the previous year (2023) include:
The directors consider there to be no other key performance indicators.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024. In accordance with s414c (11) of the Companies Act 2006, certain information that is required to be included in the Directors' Report has been otherwise included in the Strategic Report.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £898,930 (2023 - £3,083,015).
The directors do not recommend the payment of a dividend (2023: £Nil).
The strong results of 2024 will see efforts directed to consolidating our involvement in key sectors whilst managing the risks prevalent in the industry.
We will remain focused on improving our service to clients and continue to increase our collaboration and involvement with the wider NORR Group of Companies throughout 2025. We will also be working with our Design Technology (DT) and Information Technology (IT) groups to integrate new technologies, innovations that will improve the delivery of our services.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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NORR CONSULTANTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 to 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.
On 06 January 2025, the Company received a formal demand letter in relation to a construction dispute. At the date these financial statements were approved, the matter remains ongoing. In the event any liability arises, its insurance arrangements are expected to cover amounts in excess of £100,000. As at 31 December 2024, a provision has been included in the financial statements for the £100,000. This is a non-adjusting event.
There have been no adjusting or other non-adjusting events occuring between the end of the reporting period and the date these financial statements were approved.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED
We have audited the financial statements of NORR Consultants Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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NORR CONSULTANTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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NORR CONSULTANTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
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 Auditors' 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.
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 responsible individual 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 directors and other management, and from our commercial knowledge and experience;
∙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 the Companies Act 2006 and taxation 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.
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.
We identified that fraud risk in relation to revenue is a significant risk in line with ISA 240 and designed and implemented appropriate audit procedures in this area. Audit procedures included but were not limited to substantive testing from customer contracts, labour reports and performing appropriate year end cut off testing.
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 the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
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NORR CONSULTANTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORR CONSULTANTS LIMITED (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and the Company’s legal advisors.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants and Statutory Auditors
Birchin Court
5th Floor
19-25 Birchin Lane
United Kingdom
EC3V 9DU
Date:
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2).
The following principal accounting policies have been applied:
The Company's directors expect the Company to continue to remain profitable for the foreseeable future and at least 12 months from approving these financial statements. This assessment is based on the Company's future secured projects and continued management of costs. In the year ended 31 December 2024, the Company has reported a profit before tax of £1,172,201. The directors are pleased with the underlying operational profitability of the Company, calculated as EBITDA (earnings before interest, tax, depreciation and amortisation), amounting to £1,378,687.
The Company is in a net asset position, and the NORR Group of Companies have indicated their continued financial support of the Company should it be required. Based on this and the above, the directors conclude that the Company will continue to operate for the foreseeable future and therefore continue to prepare the financial statements on the going concern basis.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The NORR Group of Companies as at 31 December 2024 and these financial statements may be obtained from https://find-and-update .company-information .service.gov.uk /company/07388247/filing -history.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
For change orders that have not been approved as to price, contract turnover is recognised to a maximum of costs incurred or, if lower, to the extent to which recovery is probable. Profit on change orders is not recognised until pricing has been agreed. A provision is made for estimated losses on individual contracts when they become apparent. Turnover recognised and not yet billed is classified as unbilled contract turnover and accrued income. Unbilled contract turnover is accrued on the basis of the percentage complete against the agreed fixed billing schedule as per the contract, and is not in excess of realisable value. Fees billed in advance of services being provided are classified as advanced billings and deferred income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Short-term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Turnover - Stage of Completion Turnover is recognised on a percentage completion basis which involves some estimation uncertainty. At the start of a project management and the directors will determine an expected cost for the project, which on a monthly basis they then use as a benchmark to calculate the turnover based on actual hours spent. This may result in fluctuations in the recognition of turnover through the life of a revenue contract which may have a material effect on these financial statements. Deferred Tax Management have determined that the Company’s expected future performance is sufficient enough to recognise a deferred tax asset for the Company’s carried forward, unrelieved tax losses. Management have considered the uncertainty in relation to the expected timing of the utilisation of losses but believes based on the Company’s current and forecast growth that the Company will obtain the benefit of tax relief available to them. This is a significant judgement. Insurance Claim Provision This provision is in respect to excess of several insurance claims raised by the Company for which settlement is yet to be reached, although the outflow of resources is deemed probable and its value can be estimated reliably. The directors have provided for this based on their expectation of the cash outflows, however, the timing of these is uncertain and may cause material changes to these financial statements.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The NORR Group of Companies is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 175 Bloor Street East, North Tower, 15th Floor, Toronto, Ontario, M4W 3R8, Canada.
There have been no adjusting or other non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.
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