Company Registration No. 08202073 (England and Wales)
Navigator Trading Limited
Annual report and financial statements
for the year ended 31 March 2023
Navigator Trading Limited
Company information
Directors
Michael Bayer
Toby Furnivall
Neil Richards
Christopher Fleming-Brown
Michael Francis
Company number
08202073
Registered office
1 King William Street
London
EC4N 7AF
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Navigator Trading Limited
Contents
Page
Directors' report
1 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 19
Navigator Trading Limited
Directors' report
For the year ended 31 March 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of providing finance to UK small and medium sized enterprises through Leasing, Secured Lending, Working Capital Loans, Property finance and Receivables Finance.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Michael Bayer
Toby Furnivall
Neil Richards
Christopher Fleming-Brown
Michael Francis
(Appointed 21 October 2022)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

 

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Navigator Trading Limited
Directors' report (continued)
For the year ended 31 March 2023
Page 2
Business Strategy

Navigator Trading Limited's (‘NTL’) mission is to provide funding to UK based Small and Medium-sized Enterprises ("SMEs"), delivered using responsive and thorough processes in a responsible way which are carefully structured to meet the specific needs of each business.

 

The Company continued to deploy funds into trading partnerships focussed on the provision of SME finance. These provide access to mature and diverse portfolios of lease and loan agreements, generating income immediately from established and profitable partnerships.

 

Funding is delivered by an experienced team, recruited from the UK financial services sector, and supported by high quality credit, legal and operational teams. The business has strengthened by adding further resources to all of these teams during the period to support the growth ambitions of the Company. It has developed a deep and broad introducer network, accessing good levels of leasing and lending opportunities.

 

During the coming year the Company expects to continue its offering of funding for borrowers that are often small, owner-managed businesses, and where NTL is typically the only or main provider of finance. This offering encompasses a range of funding types including: small scale funding of up to £5,000; leasing; secured lending via both our established SME debt finance and property development finance teams. Its SME debt finance proposition is an increasingly significant sector for the business, providing finance for both growth and acquisition to businesses where it has security over all the assets of business.

 

NTL works with business partners whom it considers to be the leaders in their field, benefitting from their knowledge, expertise, licences and technology. It also selectively funds other privately-owned lenders operating in the non-bank market, where they too require funding which is more flexible and pragmatic than conventional bank finance, which in turn can help to fuel their own growth.

 

NTL focusses on actively engaging with its borrower and origination partners. We have continued to grow our origination network, through additional resources, to access greater volumes of deal flow across all lending activities to continue increasing levels of deployment within the Company.

 

New transactions are assessed by a committee which considers the nature of the counterparty, asset type, sector risk and terms such as maturity, structure and return. In January 2023, Triple Point (the Operator) was accredited as a BCorp, a designation that the business meets high standards of verified social and environmental performance, accountability, and transparency. Core to Triple Point’s commitment to being a sustainable and responsible Operator is the integration of Environmental, Social and Governance “ESG” issues into all its analysis, acting as an additional risk assessment framework. We consider it important to act as a responsible lender and have worked pro-actively in helping borrowers through the challenging economic and trading environment of the last three years.

 

Sector Split
31 March 2023
31 March 2022
Secured lending
58%
45%
Property finance
25%
34%
Working capital loans
7%
11%
SME leasing
7%
9%
Receivables financing
3%
1%
Navigator Trading Limited
Directors' report (continued)
For the year ended 31 March 2023
Page 3
Business Environment

NTL’s business has remained robust over the year providing steady profits for its shareholders from its well diversified activities, despite the ongoing challenges experienced by our borrowers and throughout the UK economy itself.

 

Over the year the Company saw a significant level of new funds being added to the business and shareholder funds grew from £270m to £374m a rise of 39% and an increase in the number of shareholders from 2,992 shareholders to 3,838 shareholders at the period end.

 

Deployment levels have remained strong during the period mainly as a result of, improving confidence, favourable market conditions (particularly in the second half of the period), additional headcount in the origination team, and a growing awareness of NTL in the market following focussed brand development and wider marketing activities. The increased inflow of opportunities presented were used to deploy the funds raised from the Rights Issue in November.

 

Our secured lending sector as at 31 March 2023 represents 58% of the book, and this proportion has grown significantly over the 12 months, from 45% in March 2022. This was mainly due to a busy period of new business helped by increased resources and increased market sector awareness of NTL mentioned above. Secured property finance notably reduced in proportion, though NTL remains active in this sector as there continues to be strong demand for funding.

 

As always, we continue to maintain a very active dialogue with our portfolio of borrowers and look to provide support to those that are finding conditions to be hardest. In some instances we have been told of staff shortages, increased costs of labour and raw materials, and weaker demand in certain sectors all persisting through from the previous twelve months. Our support for borrowers has been on a case-by-case basis in the form of capital repayment holidays, loan term extensions or reprofiling of the loan facilities to allow the borrowers to navigate the prevailing head winds. NTL continues to place an increased focus on due diligence and continual loan monitoring – something which our teams have been well placed to execute.

 

As expected, when engaging with SME businesses, the portfolio experienced some bad debts during the year, all within our own provisions which were accounted for ahead of time. Additionally, the impact of these have been materially reduced by security over assets owned by the borrowers and the CBILS government loan scheme. The Company continues to monitor the levels of bad debt provision on a monthly basis and increases provisions where specific concerns arise in relation to a borrower, sector or further economic deterioration.

 

Overall the fixed rate borrowing provided by NTL has become increasingly sought after by SMEs and NTL's deployment levels have risen as a result. This has enabled NTL to win increasing levels of new business, combined with this new funding being provided at higher interest rates, which has led to an increased return for shareholders.
Business Performance
During the period profit before tax increased 28% to £14,388,766 (2022: £11,203,448) reflecting increased interest earnings on the larger Partnership interests and a reduction in bad debt provisions on the prior year.
Navigator Trading Limited
Directors' report (continued)
For the year ended 31 March 2023
Page 4
Future developments
Over the next twelve months, NTL expects to see a continuing, strong pipeline of new business given its broader network of introducers, greater awareness of the business in the marketplace and increasing direct origination.
On behalf of the board
Toby Furnivall
Director
21 September 2023
Navigator Trading Limited
Independent auditor's report
To the members of Navigator Trading Limited
Page 5
Opinion

We have audited the financial statements of Navigator Trading Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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.

Navigator Trading Limited
Independent auditor's report (continued)
To the members of Navigator Trading Limited
Page 6

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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.

Opinions on other matters prescribed by the Companies Act 2006

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

 

Matters on which we are required to report by exception

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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

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

Navigator Trading Limited
Independent auditor's report (continued)
To the members of Navigator Trading Limited
Page 7
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Navigator Trading Limited
Independent auditor's report (continued)
To the members of Navigator Trading Limited
Page 8

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Michael Di Leto
Senior Statutory Auditor
For and on behalf of Saffery LLP
21 September 2023
Chartered Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Navigator Trading Limited
Statement of comprehensive income
For the year ended 31 March 2023
Page 9
2023
2022
£
£
Turnover
16,416,606
12,393,740
Administrative expenses
(2,027,840)
(1,190,292)
Profit before taxation
14,388,766
11,203,448
Tax on profit
(3,078,279)
(2,251,131)
Profit for the financial year
11,310,487
8,952,317

The income statement has been prepared on the basis that all operations are continuing operations.

Navigator Trading Limited
Statement of financial position
As at 31 March 2023
Page 10
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
375,807,536
271,143,436
Current assets
Debtors
5
14,364
14,322
Cash at bank and in hand
490,935
14,558
505,299
28,880
Creditors: amounts falling due within one year
6
(1,862,513)
(1,100,771)
Net current liabilities
(1,357,214)
(1,071,891)
Net assets
374,450,322
270,071,545
Capital and reserves
Called up share capital
7
2,423,691
1,817,991
Share premium account
335,830,883
243,368,293
Profit and loss reserves
36,195,748
24,885,261
Total equity
374,450,322
270,071,545
The financial statements were approved by the board of directors and authorised for issue on 21 September 2023 and are signed on its behalf by:
Toby Furnivall
Director
Company Registration No. 08202073
Navigator Trading Limited
Statement of changes in equity
For the year ended 31 March 2023
Page 11
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
1,455,992
190,120,656
15,932,944
207,509,592
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
8,952,317
8,952,317
Issue of share capital
7
361,999
53,247,637
-
53,609,636
Balance at 31 March 2022
1,817,991
243,368,293
24,885,261
270,071,545
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
11,310,487
11,310,487
Issue of share capital
7
605,700
92,462,590
-
93,068,290
Balance at 31 March 2023
2,423,691
335,830,883
36,195,748
374,450,322
Navigator Trading Limited
Statement of cash flows
For the year ended 31 March 2023
Page 12
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
8
14,482,258
11,189,003
Income taxes paid
(2,410,071)
(2,041,091)
Net cash inflow from operating activities
12,072,187
9,147,912
Investing activities
Proceeds from disposal of associates
(104,664,100)
(62,769,625)
Net cash used in investing activities
(104,664,100)
(62,769,625)
Financing activities
Proceeds from issue of shares
93,068,290
53,609,636
Net cash generated from financing activities
93,068,290
53,609,636
Net increase/(decrease) in cash and cash equivalents
476,377
(12,077)
Cash and cash equivalents at beginning of year
14,558
26,635
Cash and cash equivalents at end of year
490,935
14,558
Navigator Trading Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 13
1
Accounting policies
Company information

Navigator Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 King William Street, London, EC4N 7AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents a share of profit received from Triple Point Navigator Partners LLP.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 14
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 15
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 16
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 17
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
32,000
23,953
4
Fixed asset investments
2023
2022
£
£
Partnership interest
375,807,536
271,143,436

The Partnership interest represent an interest in Triple Point Navigator Partner LLP, a limited liability partnership registered in England and Wales.

Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
4
Fixed asset investments (continued)
Page 18
Movements in fixed asset investments
Partnership interest
£
Cost or valuation
At 1 April 2022
271,143,436
Additions
90,807,493
Profit share
16,416,607
Disposals
(2,560,000)
At 31 March 2023
375,807,536
Carrying amount
At 31 March 2023
375,807,536
At 31 March 2022
271,143,436
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
14,364
14,322
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,746,722
1,078,514
Other creditors
115,791
22,257
1,862,513
1,100,771
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A'share of £1 each
1
1
1
1
Ordinary shares of 1p each
242,369,007
181,799,050
2,423,690
1,817,990
242,369,008
181,799,051
2,423,691
1,817,991
Navigator Trading Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
7
Called up share capital (continued)
Page 19

During the year 60,569,957 ordinary shares of £0.01 each were issued for a total consideration of £93,068,290.

8
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
11,310,487
8,952,317
Adjustments for:
Taxation charged
3,078,279
2,251,131
Movements in working capital:
Increase in debtors
(42)
(7,714)
Increase/(decrease) in creditors
93,534
(6,731)
Cash generated from operations
14,482,258
11,189,003
9
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
14,558
476,377
490,935
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