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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
COMPANY INFORMATION
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NTG EBREX UK LTD
CONTENTS
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NTG EBREX UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The directors and senior staff are pleased and satisfied with the performance of the business and the staff throughout 2024. Although we fell slightly short on our budget, achieving a revenue of £31.7m vs a budget of £33m and an EBIT of £2.24m vs a budget of £2.6m, the directors feel the business still outperformed the market conditions of 2024 and achieved many other business objectives.
2024 saw a promising start to year - no new customs regulations came into force and we started with a large storage contract and new lane of JLR project business which helped us to achieve a strong start. Q1 and Q2 of the year saw the business develop along slightly below forecasted trajectory both in terms of shipment volume, revenue and EBIT. The business continued to on-board new contracts with a focus on warehousing. One of the chief aims of the year was to fill the available storage capacity within the warehouse. This was achieved in 2024 and gives us a strong foundation for achieving our further aims in 2025 and beyond. The business continued to operate in difficult market headwinds, seeing us operate in a highly competitive market place, with industry pricing dropping to new lows while costs from suppliers continued to rise. We saw many local and national competitors go out of business due to these conditions, so it is a credit to the team that we managed to not only endure but continue to develop in these conditions. 2024 saw us sadly lose a significant account – Ferdinand Bilstein packaging. This was due to the customer changing the way they handle re-usable packaging, in effect they were re-using the packing sent from Germany so had no longer a use for our packaging (packaging sent from Germany is produced by NTG packaging). While the loss was out of our hands, we managed to mitigate this to some degree by securing new storage business from Ferdinand Bilstein. Packaging has never been a “core” market for NTG Ebrex and so while frustrating to lose a profitable revenue stream, it has enabled us to keep focus on and grow our core market competencies. Throughout the second half of the year, we managed to secure a significant storage contract from Accell group. This involves the storage and distribution of bikes across the UK. This has enabled us to now store circa 10,000 bikes in the warehouse and gives NTG group access to a billion Euro company in Accell. Further it helps us expand into the bike market, and has already yielded a huge win for NTG Denmark, winning a €5m+ account with Trek bikes; an opportunity that would not have come along, had we not won the Raleigh business. This is a growing market for NTG Ebrex and we hope to take advantage of similar opportunities within the bike industry in the future. The results for 2024 saw an increase in turnover from 2023 of 5% to £31.7m. This increase was driven by onboarding new business and developing existing business. The directors feel NTG Ebrex is well placed to take advance of the opportunities the new facility and teams will bring as well as being conscious of the potential risks. Finally, the directors are very proud of our dedicated, professional, and talented employees, and would like to thank them for all their continued hard work and commitment.
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NTG EBREX UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
NTG Ebrex continues to operate in a highly competitive market, we are seeing prices drop to all-time lows. Further we are seeing other 3PL’s and logistic providers going bankrupt due to a “race to the bottom” for pricing. We must be careful not to get sucked into this mentality.
Although we are mitigating our cost increases where we can, we must be careful and clever in how we pass these increases onto the customer. Maintaining customer relationships to help facilitate these increases where necessary will be vital. While onboarding new warehouse contracts has been a key focus for us in 2024 it is vitally important to manage our increased overheads. The cost is at an all time high and we have taken on additional staff to help drive the business forward within the warehouse. We need to manage our operational costs to ensure we service these new accounts while managing our expected GP and running costs. The aim of the directors is to minimise exposure to risk wherever possible but common risks to businesses within our industry include credit, liquidity, cash flow and foreign exchange rates. Credit Risk The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the Statement of Financial Position are net of funds received from the debt factoring facility and provision for doubtful debts. The company manages its concentration of credit risk through use of a debt factoring facility and creditsafe software with exposure spread over a number of customers. Liquidity Risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses its reserves but also has access to a debt factoring facility alongside the group overdraft and loan facilities. The company's activities do expose it to the financial risks of changes in foreign currency exchange which is monitored closely. Foreign Exchange Risk The company operates worldwide and is exposed to foreign exchange risk arising from currency exposure to the Euro. The company manages this risk by holding reserves in Sterling and Euros. Cash Flow Risk The directors consider the major cash flow risks are non payment by customers and availability of group finance. These risks are mitigated by the methods noted above within credit risk and liquidity risk respectively. Other Key Risks The Company continues to monitor the geo-political situation. This is nothing that we can affect but it is important to be cognisant of any potential changes. For example American tariffs on British steel affecting our customers and the war in Ukraine affecting the availability and cost of European drivers. All significant changes to costings over the past 5 years have been driven by political decisions. E.g. Brexit, war in Ukraine, Cabotage rules. Again, while we cannot change these we will react as quickly as possible to minimise the effects to our business. The Company's management are heavily involved in the day to day running of the business and aims to mitigate these other risks by working closely with its customers and providers.
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NTG EBREX UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors consider the key performance indicators to be those submitted for the annual budget with monthly results reflecting the financial strength and performance of the business as a whole.
These are discussed and agreed upon internally with monthly reviews to monitor performance. The directors are satisfied that performance is in line with these expectations and is continuing in a positive direction.
This report was approved by the board and signed on its behalf.
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NTG EBREX UK LTD
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.
The profit for the year, after taxation, amounted to £1,345,934 (2023 - £1,786,425).
Dividends of £2,936,275 (2023 - £3,500,000) were declared and paid during the year. The directors do not recommend the payment of a final dividend (2023 - £Nil).
The directors who served during the year were:
The company is well established and well respected and whilst the commercial environment is expected to remain challenging, the directors anticipate an improved performance in the year ahead.
On 31 March 2025 the company purchased the share capital of EDS Worldwide Limited and Rolls Freight Limited for £3.56m.
Information on exposure to risks is covered in the strategic report.
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NTG EBREX UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 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 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.
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NTG EBREX UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG EBREX UK LTD
We have audited the financial statements of NTG Ebrex UK Ltd (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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.
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.
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NTG EBREX UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG EBREX UK LTD (CONTINUED)
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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NTG EBREX UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG EBREX UK LTD (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.
Due to the field in which the company operates, we identified the areas most likely to have a direct material impact on the financial statements as compliance with UK tax legislation, UK accounting standards and the Companies Act 2006. In addition, we considered the provisions of other laws and regulations which whilst not having a direct impact on the financial statements, are fundamental to the company's ability to operate including health and safety, employment law and compliance with various other regulations relevant to the operation of the company. Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:
∙Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, potential litigation or claims and fraud;
∙Reviewing legal and professional fees to confirm matters where the company engaged lawyers during the year;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Reviewing board minutes and any relevant correspondence with external authorities;
∙Challenging assumptions and judgements made by management in their significant accounting estimates, specifically surrounding anticipated freight costs; and
∙Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of any significant transactions outside the normal course of business.
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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NTG EBREX UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NTG EBREX UK LTD (CONTINUED)
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
Statutory Auditors
1st Floor Prospect House
Rouen Road
Norfolk
NR1 1RE
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NTG EBREX UK LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
REGISTERED NUMBER: 05682479
STATEMENT OF FINANCIAL POSITION
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 12 to 27 form part of these financial statements.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NTG Ebrex UK Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company Information page.
2.Accounting policies
The following principal accounting policies have been applied:
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 NTG Nordic Transport Group A/S as at 31 December 2024 and these financial statements may be obtained from Danish Central Business Register.
The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided and the company has discharged its responsibilities, being the departure date for export services and arrival date for import services and when all of the following conditions are satisfied:
Other operating income includes revenue from all other operating activities which are not related to the principal activities of the company, which includes management fees and rental income received. It is recognised at the point that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Rental income is recognised over the period of the lease.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the group keeping the scheme open).
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.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.
Depreciation is provided on the following basis:
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 only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from and to related parties.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
During the previous year the company entered into a non-recourse factoring arrangement. The amounts owed by customers to the company are included within trade debtors net of the amounts received from the debt factoring company. The interest element of the factoring charges and other related costs are recognised as they accrue and are included in the statement of income and retained earnings with other interest charges.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of revision and future periods, if the revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are: Anticipated freight costs The directors make an estimate of the anticipated freight income and associated costs for all contracts. These are included within prepayments and accrued income and trade creditors respectively.
The whole of the turnover is attributable to the principal activity of the company of freight forwarding and storage, repacking and transport.
Analysis of turnover by country of destination:
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Taxation (continued)
There were no factors that may affect future tax charges.
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £
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NTG EBREX UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent company and ultimate controlling party is
The smallest and largest group to consolidate these financial statements is
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