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Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
COMPANY INFORMATION
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NRLB LIMITED
CONTENTS
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NRLB LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
Principal activity
The principal activity of the Group in the year under review continued to be that of demolition, dismantling, and asbestos removal.
The Group has continued to build on the success of 2024 into 2025 with improved turnover and consistent levels of operating profit. The financial accounts demonstrate the Group’s ability to focus on maintaining margins whilst delivering outstanding service levels to its customers. The results for the year are a testament to the decisive action taken the by the director and key management to adapt to challenges faced and control overheads whilst safeguarding staff members.
The financial key performance indicators below underline a successful trading period and demonstrate that the Group has risen to the task in hand by maintaining strong working relationships with its key customers and suppliers.
From a financial perspective, we have always maintained appropriate banking facilities to ensure that the Group can manage fluctuations in working capital requirements and continue to invest in plant and machinery to successfully tender, win, and complete large high-profile contracts.
The directors recognise that it is important for the Group’s customers to be confident of the financial strength and integrity of the Group. Risk from customer debt is low, in-line with the Group’s client base and quality standards. Forward contracts are used to de-risk from price fluctuations where appropriate. The Group also has no significant concentration of supply risk, with exposure adequately spread over several suppliers. As part of the Group’s Quality Management System, all subcontractors and suppliers are required to submit specific information to enable routine review of the Group’s approved subcontractors and suppliers list. Operating risks are managed via a combination of strong internal controls and external accreditations as detailed below. Financial assets and business risks are also suitably covered by relevant insurance policies. This provides assurance to both the Group and its customers. Risk management The Group adopts a measured approach in identifying and managing its financial and business risks. The directors recognise that the specialist sector and competitive environment in which the Group operates require that management maintains an active and direct involvement in the assessment and running of the key operational priorities:
∙health, safety & environment (via our “Integrated Management Systems”), the Group seeks to achieve its primary objectives of zero accidents, incidents, environmental or otherwise;
∙staff training (via continuous general and specific training programmes and efforts to obtain full CSCS certification), to work safely, employing and demonstrating a professional, efficient, competent and fully trained workforce;
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NRLB LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
∙compliance with industry standards and regulations (as demonstrated by various accreditations and maintained via internal quality control system and regular external audits);
to continue as one of the leading demolition/dismantling contractors and steadily increase upon market share;
∙to ensure that projects are completed within the stated contract duration and stated contract budget;
∙to maintain repeat business as 'preferred' contract to major client base.
The directors report a 4.4% decrease in gross profit margin in financial year 2025 together with an improved performance in operating profits during this challenging year which demonstrates the Group’s continuing ability to secure and fulfil large demolition contracts in the UK and abroad and underlining its position as a market leader. The Group continues to incur significant financing costs yet despite this has delivered a significant swing in underlying profits from a £471.3k profit in financial year 2024 to a profit of £1.454m in 2025. The Group expects to continue generating underlying profits moving forwards.
The Group continues to ensure adequate liquidity and cash flow facilities to continue investing in new plant allowing it to target further growth in revenues in financial year 2026. The directors will continue to manage costs and resources effectively and prudently on its multi-year contracts, the results of which are expected to be reflected in improved margins in future years.
The directors of the Group have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the Group’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the Group and its stakeholders and in doing so must have regard to the following:
∙the likely consequences of any decision in the long term;
∙the interests of the Group’s employees;
∙the need to foster the Group’s business relationships with suppliers, customers and others;
∙the impact of the Group’s operations on the community and the environment;
∙the desirability of the Group maintaining a reputation for high standards of business conduct; and
∙the need to act fairly between members of the Group.
Our key stakeholders, and the ways in which we engage with them, are as follows:
Employment policy The Group does not discriminate against anyone on any grounds. The sole criterion for selection or promotion is the suitability of the person for the job. It is the policy of the Group to provide employment to people irrespective of sex, age, religion or disability whenever the demands of the Group and the abilities of the individual will allow. Appropriate levels of training and development are available for all levels and categories of staff. Customers and suppliers The Group is aware that our customers and suppliers are an important part of our success. We strive to build long standing, sustainable relationships with both to ensure mutual benefit, and always aim to be honest and transparent in line with our Group culture. Our conduct guarantees that we treat all customers and suppliers fairly. All suppliers are paid to terms with any queries being dealt with as a matter of urgency to ensure the supply chain continues uninterrupted.
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NRLB LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Environment
The Group is registered with National Quality Assurance (NQA), a leading assessment, verification and certification body in quality, environment and health & safety management. The Group operates an integrated management system which complies with the three recognised standards of BS EN ISO9001, ISO14001 and ISO45001. Standards of Business Conduct The Group is committed to conducting its business with the highest integrity and compliance with the law and has standards in place which must be adhered to by everyone who represents the Group. These standards embody the fundamental principles that govern our ethical and legal obligations and not only comply with the Group's policies but also with applicable laws and regulations.
Over the last few financial years the Group has experienced a number of critical business factors whether they be the fragile state of the UK economy, the long-term effects of Brexit on trade within the EU and further afield, inflationary pressures on labour rates, energy costs and almost all other cost centres, together with fluctuating exchange rates. These factors have inevitably given rise to future economic uncertainty for the Group.
Management continues to take decisive action to manage and adapt to an ever-changing situation and, ultimately, have delivered operational efficiencies which place the business on strong footings that ensure it is well-positioned to capitalise on future opportunities. The Group has strong commercial and strategic relationships with its key trading partners in ferrous and nonferrous scrap and continues to target improving efficiencies across every area of operations and maximise economies of scale as it grows revenue streams. The Group’s pipeline of projects remains strong on the back of further contract wins during and after the year and the directors anticipate further contract wins over the next 12 months. This demonstrates the Group’s ability to meet its customers’ requirements, to complete projects to their agreed timetable and programme, safely, competently and efficiently. It is also an endorsement of the Group’s operational capabilities. The directors would like to take this opportunity to thank its staff, customers, and business partners for their continued support throughout the period.
This report was approved by the board on 6 January 2026 and signed on its behalf.
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NRLB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,453,526 (2024 - £471,286).
During the year, the directors declared dividends of £Nil (2024 - £Nil).
The directors who served during the year were:
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NRLB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
The emissions in Tonnes of Carbon Dioxide Equivalent (“tCO2e”) related to the Group’s energy demand for the period is 6,169 (2024 - 5,980).
The intensity ratio for the Group based on the total tCO2e emissions per million pounds of turnover is 132 (2024 - 134). The emissions and energy consumption information disclosed were calculated using SECR methodology, as specified in "Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting and greenhouse gas reporting" used in conjunction with Government GHG reporting conversion factors.
Measures taken to increase energy efficiency during the period:
We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions. Environmental management measures and projects have been completed or implemented since 2013 and the carbon emission reduction achieved by these schemes equate to circa 4000tCO2e. To affect such change we have:
∙Implemented environmental management measures including certification to ISO14001
∙Tracked carbon emissions to focus the business on reduction measures
∙Joined the Global Compact
∙Incorporated environmental issues, including carbon reduction, into board level meetings and reviews.
We are committed to the continual improvement of our environmental performance, not just limited to the prevention of pollution where ever practicable but also to minimising our ecological impact and the potential to affect biodiversity. In our decision making we will take due cognisance of the environmental impact of our activities.
We will:
∙Promote the safe implementation of demolition and asbestos removal techniques.
∙Control harmful emissions to the environment.
∙Utilise techniques to reduce the environmental impact of current and future intended activities.
∙We will change fuel source from Red Diesel to Green D+ HVO for all site plant and equipment.
∙Plan and implement our work with due cognisance of and respect for local biodiversity.
∙Determine our strategies for compliance to both local and national ecological constraints.
∙Show our commitment to the continual improvement of our environmental management system and procedures.
∙We will adopt the use of LED lights and PIR lighting controls across the business.
∙We will look to the electrification of the Group's fleet of cars and vans.
∙Reduce the amount and environmental impact of waste generated through waste minimisation with emphasis on re-use and recycling following the Waste Minimisation Hierarchy; reduce, reuse, recycle,
dispose.
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NRLB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
After the year end, Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors in accordance with section 485 of the Companies Act 2006.
The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
On 19 July 2024, Nicholas Brown resigned from the board of the Group and ceased all involvement in its management to comply with a competition disqualification undertaking (CDU) given by Mr Brown to the Competition and Markets Authority (CMA) following the settlement of a competition investigation into two historic infringements of competition law involving another company, Brown and Mason Limited, of which a subsidiary company in the Group is economic successor. Mr Brown is employed by the Group in an advisory and supporting role, subject to strict compliance with the terms of the CDU.
This report was approved by the board on
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NRLB LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED
We have audited the financial statements of NRLB Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.
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NRLB LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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NRLB LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB 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 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 Group 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 law and regulations, was as follows:
∙The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙We identified the laws and regulations applicable to the Group through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
∙The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows:
- Companies Act 2006 - FRS102 - ISO standards - Health and Safety legislation
∙We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
∙Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified.
We assessed the susceptibility of the Company’s financial statements to material misstatement, includingobtaining an understanding of how fraud might occur by:
∙Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
∙Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
∙Reviewing the financial statements and testing the disclosures against supporting documentation;
∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
∙Inspecting and testing journal entries to identify unusual or unexpected transactions;
∙Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
∙Management bias in the estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
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NRLB LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NRLB LIMITED (CONTINUED)
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.
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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA
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NRLB LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
REGISTERED NUMBER: 12348377
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 January 2026.
The notes on pages 19 to 39 form part of these financial statements.
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NRLB LIMITED
REGISTERED NUMBER: 12348377
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 39 form part of these financial statements.
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NRLB LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2025
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
NRLB Limited ("the Company") is a private Company, limited by shares and incorporated in England and Wales. The address of its registered office is Anson House Schooner Court, Crossways Business Park, Dartford, Kent, United Kingdom, DA2 6QQ.
The principal activity of the Group continued to be that of demolition of buildings and disposal of materials extracted therefrom.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
As part of the going concern review, the director has followed the guidelines published by the Financial Reporting Council entitled "Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks 2016". The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future as the Company expects to receive continuing financial support from the NRLB Limited Group, a Group of which the Company is a member. On this basis the director considers that the going concern basis of accounting remains appropriate.
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of income and retained earnings turnover and related costs as contract activity progresses. Revenue is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. Where contracts consist of demolition services and the extraction of scrap, they are treated as one for the purpose of accounting for long term contracts as they are, in effect, part of a single project with an overall profit margin. The scrap arising from the demolition work in reaching that stage of completion is taken to revenue on delivery. Any potential loss on a long-term demolition contract is provided in full as soon as it is foreseen. In order to apply the above policy, the contracts are reviewed at the end of the year to determine the estimated costs to completion, the future sales value of the contracts and the estimated revenues to be earned on the sale of scrap.
Page 21
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Page 22
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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 annual bases:
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.
Page 23
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.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.
Page 24
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Page 25
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
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.
Determining the stage of completion on contracts requires the assessment of future costs to complete and the probability that the economic benefits will flow to the entity so that revenue can be measured reliably with reasonable certainty. In order to apply the above assessment, the directors will review the contracts at the end of the year and make estimates and assumptions based on historic experience and expected outcomes. This consideration will impact upon revenue, profits and the valuation of stock of scrap. The annual depreciation charge for tangible fixed assets is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the property, plant and equipment, and note 2.14 for useful economic lives for each class of asset.
Page 26
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Analysis of turnover by country of destination:
Page 27
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 28
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 29
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 30
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
12.Taxation (continued)
The Group has taxable losses to carry forward and utilise against future taxable profts of £7,193,742 (2024 - £9,488,298).
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 32
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 33
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
14.Tangible fixed assets (continued)
Page 34
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 35
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 36
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The bank loan of £838,918 (2024 - £991,454) is secured by means of legal charge over three properties held by the Group and any assets located at these properties.
Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. Other creditors includes a loan with accumulated interest of £10,276,185 (2024 - £11,327,727) secured by means of a legal fixed charge over all land and intellectual property owned by the Group.
Page 37
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 38
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NRLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £205,441 (2024 - £231,275). Contributions totalling £21,905 (2024 - £26,178) were payable to the fund at the balance sheet date and are included in creditors.
The Group is controlled by N T Brown.
Page 39
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