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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
CONTENTS
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NORMAN ROURKE PRYME LIMITED
COMPANY INFORMATION
Page 1
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NORMAN ROURKE PRYME LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report for the year ended 31 March 2025.
The principal activities of the company during the year continued to be that of a construction, infrastructure, and transportation consultancy.
During the year, the company proactively identified and resolved a finance system configuration issue affecting revenue recognition on certain live projects. Immediate corrective action was taken, and revenue for the year ended 31 March 2024 has been restated (see Note 21). Robust controls are now in place to ensure accurate calculation of accrued and deferred income for the year ended 31 March 2025. The financial results for the year ended 31 March 2025 demonstrate a significant improvement, with operating profit before exceptional items and taxation rising to £125,278, following the restatement of the prior year. In response to market conditions, NRP made the strategic decision to close its private sector construction department and focus on transport and public infrastructure. Exceptional items totalling £358,163 are included in the accounts, reflecting the costs associated with this restructuring. Both before and after exceptional items, the company has achieved a marked enhancement in financial performance, confirming the positive impact of its strategic restructuring. Turnover increased from £12.6 million in FY2024 to £13.5 million in FY2025, driven by expansion of the client base and the introduction of new services. Despite ongoing uncertainty in UK markets, NRP has benefited from forward-thinking strategic planning and the implementation of improved internal systems and processes. The addition of new sales and marketing personnel, alongside the engagement of outsourced expertise, has further optimised business operations and financial management.
Critical to the company’s achievement of its objectives is effective risk management. The company faces risk in many areas but principally the uncertainty within the construction sector and the policies of the new UK government which must be actively monitored and reacted to.
Internal IT infrastructure has been upgraded to ensure security compliance. Further work will be undertaken to strengthen our position. A more robust credit control process is now in place to ensure liquidity, as well as good relationships with finance and banking partners.
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NORMAN ROURKE PRYME LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
Page 3
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NORMAN ROURKE PRYME LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
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.
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 loss for the year, after taxation, amounted to £229,003 (2024: loss £300,922).
The directors recommend that no final dividends be paid.
The total distribution of dividends for the year ended 31 March 2025 will be £Nil (2024: £250,000).
The directors who served during the year were:
The company 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 the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 Schedule 7 to be contained in the directors' report.
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NORMAN ROURKE PRYME LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
There have been no significant events affecting the company since the year end.
The auditors, Cooper Parry Group Limited, 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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NORMAN ROURKE PRYME LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORMAN ROURKE PRYME LIMITED
We have audited the financial statements of Norman Rourke Pryme Limited (the 'company') for the year ended 31 March 2025, which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows, the analysis of net debt 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 auditor's 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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NORMAN ROURKE PRYME LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORMAN ROURKE PRYME LIMITED (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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NORMAN ROURKE PRYME LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORMAN ROURKE PRYME 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests include agreeing the financial statement disclosures to underlying supporting documentation. Because of 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. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.
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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NORMAN ROURKE PRYME LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORMAN ROURKE PRYME LIMITED (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
Statutory Auditor
Broadwalk House
5th floor
5 Appold St
London
EC2A 2AG
Date:
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NORMAN ROURKE PRYME LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
REGISTERED NUMBER: 07966438
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 27 form part of these financial statements.
Page 11
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NORMAN ROURKE PRYME LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Norman Rourke Pryme Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered offie address can be found on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£). Amounts in these financial statements are rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, such as cashflow and budget forecasts, which are at least, but not limited to, twelve months from the date when the financial statements are authorised for issue. The basis is considered appropriate by the directors. The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Revenue is recognised in accordance with Section 23 of FRS 102, Revenue from Contracts with Customers. Revenue is measured at the fair value of the consideration received or receivable, excluding VAT and other sales-related taxes.
Construction Contracts Revenue from construction contracts is recognised using the stage of completion method, which reflects the transfer of control of goods or services to the customer over time. The stage of completion is determined by comparing the costs incurred to date with the estimated total costs of the contract. : When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion at the reporting date and profit is recognised proportionally as work progresses. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred that are expected to be recoverable. Contract costs are recognised as an expense in the period in which they are incurred. Contract Assets and Liabilities Amounts recoverable on contracts are presented as accrued income. Where progress billings exceed revenue recognised, the excess is recorded as contract liabilities within deferred income. Expected Losses Any expected losses on contracts are recognised immediately as an expense in the profit and loss account.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 the profit and loss account.
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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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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 assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy iis as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. There is estimation uncertainty in calculating deferred and accrued income. A review of projects which are not completed by the year end is peformed and any unbilled work is recognised as accrued income. Advance payments by the customer is recognised as deferred income. These manual adjustments posted by management are subject to uncertainty.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10.Taxation (continued)
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company has entered into an invoice discounting agreement. This is a recourse arrangement whereby the company remains exposed to the risk of non-payment of the trade debtors balances.
In other creditors as at 31 March 2025 is an amount of £458,160 (2024: £342,875) which is secured over the approved debt.
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Capital redemption reserve
Profit and loss account
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NORMAN ROURKE PRYME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
During the current financial year, the company identified a material error in the financial statements for
the year ended 31 March 2024. The impact on revenue relates to accrued income and deferred income being materially misstated in the prior year as the costs relating to projects was incurred after the year end. As a result, the company has made a prior year adjustment in accordance with accounting standards to correct the material misstatement. The opening retained earnings at 1 April 2024 have been restated from their previously reported amounts to reflect this adjustment, and the comparative income statement for the year ended 31 March 2024 has also been adjusted accordingly. Below is a summary of the impact on the comparative figures:
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