Nationwide Assistance Group Limited 07658855 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is vehicle roadside recoveries, transportation, repair and storage. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true true true true false 07658855 2022-07-01 2023-06-30 07658855 2023-06-30 07658855 bus:CompanySecretaryDirector1 1 2023-06-30 07658855 bus:OrdinaryShareClass1 2023-06-30 07658855 bus:Consolidated 2023-06-30 07658855 bus:Original 2023-06-30 07658855 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07658855 core:RevaluationIntangibleAssetsDeferredTax 2023-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2023-06-30 07658855 core:ShareCapital 2023-06-30 07658855 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 07658855 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 07658855 core:CurrentFinancialInstruments 2023-06-30 07658855 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07658855 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-06-30 07658855 core:Non-currentFinancialInstruments 2023-06-30 07658855 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 07658855 core:AdditionsToInvestments 2023-06-30 07658855 core:CostValuation 2023-06-30 07658855 core:BetweenOneFiveYears 2023-06-30 07658855 core:BetweenTwoFiveYears 2023-06-30 07658855 core:MoreThanFiveYears 2023-06-30 07658855 core:WithinOneYear 2023-06-30 07658855 core:MotorVehicles 2023-06-30 07658855 core:PlantMachinery 2023-06-30 07658855 core:Vehicles 2023-06-30 07658855 core:DeferredTaxation 2023-06-30 07658855 core:OtherProvisionsContingentLiabilities 2023-06-30 07658855 core:OtherRelatedParties 2023-06-30 07658855 1 2023-06-30 07658855 bus:FRS102 2022-07-01 2023-06-30 07658855 bus:Audited 2022-07-01 2023-06-30 07658855 bus:FullAccounts 2022-07-01 2023-06-30 07658855 bus:RegisteredOffice 2022-07-01 2023-06-30 07658855 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 07658855 bus:CompanySecretaryDirector1 1 2022-07-01 2023-06-30 07658855 bus:Director2 2022-07-01 2023-06-30 07658855 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 07658855 bus:Consolidated 2022-07-01 2023-06-30 07658855 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07658855 core:ShareCapital 2022-07-01 2023-06-30 07658855 core:PlantEquipmentUnderOperatingLeases 2022-07-01 2023-06-30 07658855 core:MotorVehicles 2022-07-01 2023-06-30 07658855 core:PlantMachinery 2022-07-01 2023-06-30 07658855 core:Vehicles 2022-07-01 2023-06-30 07658855 core:DeferredTaxation 2022-07-01 2023-06-30 07658855 core:OtherProvisionsContingentLiabilities 2022-07-01 2023-06-30 07658855 core:OtherRelatedParties 2022-07-01 2023-06-30 07658855 core:Subsidiary1 2022-07-01 2023-06-30 07658855 core:Subsidiary1 1 2022-07-01 2023-06-30 07658855 core:Subsidiary2 2022-07-01 2023-06-30 07658855 core:Subsidiary2 1 2022-07-01 2023-06-30 07658855 core:Subsidiary3 2022-07-01 2023-06-30 07658855 core:Subsidiary3 1 2022-07-01 2023-06-30 07658855 core:Subsidiary4 2022-07-01 2023-06-30 07658855 core:Subsidiary4 1 2022-07-01 2023-06-30 07658855 core:UKTax 2022-07-01 2023-06-30 07658855 1 2022-07-01 2023-06-30 07658855 4 2022-07-01 2023-06-30 07658855 1 2022-07-01 2023-06-30 07658855 countries:EnglandWales 2022-07-01 2023-06-30 07658855 2022-06-30 07658855 bus:CompanySecretaryDirector1 1 2022-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2022-06-30 07658855 core:ShareCapital 2022-06-30 07658855 core:CostValuation 2022-06-30 07658855 core:MotorVehicles 2022-06-30 07658855 core:PlantMachinery 2022-06-30 07658855 core:DeferredTaxation 2022-06-30 07658855 core:OtherProvisionsContingentLiabilities 2022-06-30 07658855 2021-07-01 2022-06-30 07658855 2022-06-30 07658855 bus:CompanySecretaryDirector1 1 2022-06-30 07658855 bus:OrdinaryShareClass1 2022-06-30 07658855 core:AcceleratedTaxDepreciationDeferredTax 2022-06-30 07658855 core:RevaluationIntangibleAssetsDeferredTax 2022-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2022-06-30 07658855 core:ShareCapital 2022-06-30 07658855 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-06-30 07658855 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-06-30 07658855 core:CurrentFinancialInstruments 2022-06-30 07658855 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 07658855 core:CurrentFinancialInstruments core:WithinOneYear 2 2022-06-30 07658855 core:Non-currentFinancialInstruments 2022-06-30 07658855 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 07658855 core:BetweenOneFiveYears 2022-06-30 07658855 core:BetweenTwoFiveYears 2022-06-30 07658855 core:MoreThanFiveYears 2022-06-30 07658855 core:WithinOneYear 2022-06-30 07658855 core:MotorVehicles 2022-06-30 07658855 core:PlantMachinery 2022-06-30 07658855 core:Vehicles 2022-06-30 07658855 1 2022-06-30 07658855 bus:CompanySecretaryDirector1 1 2021-07-01 2022-06-30 07658855 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 07658855 core:ShareCapital 2021-07-01 2022-06-30 07658855 core:PlantEquipmentUnderOperatingLeases 2021-07-01 2022-06-30 07658855 core:Subsidiary1 1 2021-07-01 2022-06-30 07658855 core:Subsidiary2 1 2021-07-01 2022-06-30 07658855 core:Subsidiary3 1 2021-07-01 2022-06-30 07658855 core:Subsidiary4 1 2021-07-01 2022-06-30 07658855 core:UKTax 2021-07-01 2022-06-30 07658855 2021-06-30 07658855 bus:CompanySecretaryDirector1 1 2021-06-30 07658855 core:RetainedEarningsAccumulatedLosses 2021-06-30 07658855 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2021-06-30 07658855 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2021-06-30 07658855 core:ShareCapital 2021-06-30 07658855 core:ShareCapital core:PreviouslyStatedAmount 2021-06-30 07658855 core:ShareCapital core:PriorPeriodIncreaseDecrease 2021-06-30 07658855 core:PreviouslyStatedAmount 2021-06-30 07658855 core:PriorPeriodIncreaseDecrease 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07658855

Nationwide Assistance Group Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Nationwide Assistance Group Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 30

 

Nationwide Assistance Group Limited

Company Information

Directors

Mr M Jennings

Mrs L Jennings

Company secretary

Mr M Jennings

Registered office

C/O Milsted Langdon LLP
Savoy Hill House
5 Savoy Street
London
WC2R 0BU

Auditors

Milsted Langdon LLP
New Broad Street House
35 New Broad Street
London
EC2M 1NH

 

Nationwide Assistance Group Limited

Strategic Report for the Year Ended 30 June 2023

The directors present their strategic report for the year ended 30 June 2023.

Principal activity

The principal activity of the company is vehicle roadside recoveries, transportation, repair and storage.

Fair review of the business

The Directors are pleased with the company's performance during the year as turnover increased by 104% to £31.7m.

Revenue is recognised upon completion of the service using market rates.

The maintenance of existing contracts by providing a quality service has been further enhanced by the acquisition of new contracts and new customers.

The company continues to focus on the needs of the customers in the market and aims to deliver excellent tailor-made services. It works closely with customers to understand any leakage they may have on their vehicles and processes, allowing quick action, delivering an immediate solution.

Our partnership with Premier League Team, West Ham United both in Men’s and Women’s football, has given us the awareness we needed to compete with well-known brands.

Even though we offer a different model, this awareness has helped us secure new contracts.

The company has continued its policy of good cost management, especially considering such a large increase in volumes, fleet and operating sites.

Margins have been maintained leading to a substantial increase of profit before tax to £4.6m (2022: £0.9m)

 

Nationwide Assistance Group Limited

Strategic Report for the Year Ended 30 June 2023

Financial perfomance

The Company's financial performance is presented in the profit and loss account on page 10.

Revenue increased by £16.1m to £31.7m (2022: £15.6m) during the year ending 30 June 2023, with the year-on-year increase due to a combination of the introduction of new contracts and an increase in prices on existing contracts.

Cost of sales increased by £11.4m to £23.2m (2022: £11.8m), because of expense costs associated with the higher repair and recovery services volumes.

Gross profit margins were maintained at 26.8% compared with 24.3% in 2022.

Operating expenses increased by £1.4m to £4.5m (2022: £3.1m) as the business invested in the infrastructure to support greater activity.

This investment included an increase in establishment costs and new sites, an increase in staff costs and marketing expenditure.

Despite the increase in the cost base the operating profit increased by £3.8m to £4.9m (2022: £1.1m) representing an operating net margin of 15.4% (2022: 6.9%).

Profit before tax also increased by £3.7m to £4.6m (2022: £0.9m) a net profit of 14.6% (2022: 5.9%).

At the end of the year, the balance sheet reflected net assets of £4.4m (2022: £1.9m).

The company has continued to expand and invest in infrastructure to support the needs of its customers.

This includes the expansion of the fleet of service vehicles which increased by 29% during the year. The net addition of £3.7m in motor vehicles in the year includes both new vehicles and the replacement of existing fleet.

For the next year the company will continue to invest and expand the service offering.

This will include:

• continuing to upgrade and expand the fleet of service vehicles
• investment in ERP systems to help manage growth and profitability
• investment in new sites to maximise operational efficiencies
• investment in staff

Principal risks and uncertainties

Details of risks arising from prices, credit, liquidity and cash flows are given in the directors report.

The company is also exposed to the following risks:

Regulations
The company needs to ensure it complies with current and future industry regulations. The directors and management seek to identify, monitor and comply with regulations to avoid fines and penalities, negative publicity or suspension of operations. Staff are given regular training and briefings to ensure they remain up to date with current rules and that a culture of compliance exists within the company.

 

Nationwide Assistance Group Limited

Strategic Report for the Year Ended 30 June 2023

Impact of Brexit related risks

The directors continue to monitor the impact of Brexit and will take appropriate steps to ensure the company remains competitive and access to key supplies are maintained. The company has minimal trade outside of the UK and, to date, there have been no material effects on its operations.

Presentation of financial statements

The primary financial statements are presented in accordance with Company law requirements, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Principles).

Outlook

Growth, both organically and by acquisition of other vehicle recovery companies has continued after the balance sheet date.

Acquisition strategies of the company are determined by the Board of Directors and the Directors consider that the company's principal activities will continue unchanged for the foreseeable future.

For this purpose, the foreseeable future is taken to mean a period of at least twelve months from the date of signing of these financial statements.
 

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 


Mr M Jennings
Company secretary and director

 

Nationwide Assistance Group Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr M Jennings - Company secretary and director

Mrs L Jennings

Financial instruments

Objectives and policies

The company’s operations present several financial risks which include price risk, credit risk, liquidity risk and cash flow risk. The directors seek to limit the company's exposure to these risks in order to mitigate their adverse effects on its financial performance. The management policy for each risk is detailed below.

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The company is exposed to normal industry pricing pressures of key supplies. Management continually monitor costs to ensure the company is receiving best value and seek to maintain the profitability of operations through the pricing of sales contracts.
The group has no exposure to equity securities price risks as it holds no listed or third party equity investments.

Credit risk
Management have implemented policies that require appropriate credit checks on potential customers. The credit given to customers is subject to limits which are determined and periodically reassessed to limit the company’s exposure to debts.

Liquidity and cash flow risk
Management seek to ensure adequate liquid resources are available to meet the company’s obligations as they fall due.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 22 February 2024 and signed on its behalf by:

Mr M Jennings
Company secretary and director

   
     
 

Nationwide Assistance Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Nationwide Assistance Group Limited

Independent Auditor's Report to the Members of Nationwide Assistance Group Limited

Opinion

We have audited the financial statements of Nationwide Assistance Group Limited (the 'company') for the year ended 30 June 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Nationwide Assistance Group Limited

Independent Auditor's Report to the Members of Nationwide Assistance Group Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.

Auditor 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

 

Nationwide Assistance Group Limited

Independent Auditor's Report to the Members of Nationwide Assistance Group Limited

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://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.

......................................
Mr Nigel Fry (Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP, Statutory Auditor
New Broad Street House
35 New Broad Street
London
EC2M 1NH

26 February 2024

 

Nationwide Assistance Group Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

3

31,691,366

15,558,289

Cost of sales

 

(23,195,661)

(11,769,854)

Gross profit

 

8,495,705

3,788,435

Administrative expenses

 

(4,491,812)

(3,144,471)

Other operating income

4

888,029

428,188

Operating profit

5

4,891,922

1,072,152

Other interest receivable and similar income

6

10,184

219

Interest payable and similar expenses

7

(284,416)

(157,631)

   

(274,232)

(157,412)

Profit before tax

 

4,617,690

914,740

Tax on profit

11

(1,035,383)

(140,452)

Profit for the financial year

 

3,582,307

774,288

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Nationwide Assistance Group Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

3,582,307

774,288

Total comprehensive income for the year

3,582,307

774,288

 

Nationwide Assistance Group Limited

(Registration number: 07658855)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

5,847,712

2,836,118

Investments

13

6

5

 

5,847,718

2,836,123

Current assets

 

Debtors

14

9,494,431

4,618,372

Cash at bank and in hand

15

1,454,429

784,818

 

10,948,860

5,403,190

Creditors: Amounts falling due within one year

16

(7,666,594)

(4,110,959)

Net current assets

 

3,282,266

1,292,231

Total assets less current liabilities

 

9,129,984

4,128,354

Creditors: Amounts falling due after more than one year

16

(3,439,836)

(1,730,709)

Provisions for liabilities

17

(1,249,033)

(508,837)

Net assets

 

4,441,115

1,888,808

Capital and reserves

 

Called up share capital

19

1

1

Profit and loss account

4,441,114

1,888,807

Total equity

 

4,441,115

1,888,808

Approved and authorised by the Board on 22 February 2024 and signed on its behalf by:
 

Mr M Jennings
Company secretary and director

   
     
 

Nationwide Assistance Group Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1

1,888,807

1,888,808

Profit for the year

-

3,582,307

3,582,307

Dividends

-

(1,030,000)

(1,030,000)

At 30 June 2023

1

4,441,114

4,441,115

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

1

1,514,998

1,514,999

Prior period adjustment

-

29,521

29,521

At 1 July 2021 (As restated)

1

1,544,519

1,544,520

Profit for the year

-

774,288

774,288

Dividends

-

(430,000)

(430,000)

At 30 June 2022

1

1,888,807

1,888,808

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Milsted Langdon LLP
Savoy Hill House
5 Savoy Street
London
WC2R 0BU

The principal place of business is:
Unit 14
Mapledean Works
Latchingdon
Essex
CM3 6LG

These financial statements were authorised for issue by the Board on 22 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Summary of disclosure exemptions

The company is a member of a group where the parent of that group prepares publicly available consolidated financial statements which are intended to give a true and fair view and that member is included in the consolidation. Therefore, the company has adopted the exemption from requirement to present a statement of cashflows and related notes. The company has also taken advantage of the exemption from disclosing transactions with other members of the group.

Name of parent of group

These financial statements are consolidated in the financial statements of Nationwide Holdings Limited.

The financial statements of Nationwide Holdings Limited may be obtained from Unit 14, Mapledean Works, Latchingdon, Essex, CM3 6LG.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Going concern

The directors have assessed the company’s ability to continue to trade for the foreseeable future and pay its debts as they fall due, and consider it to be a going concern. Accordingly, the financial statements are prepared on a going concern basis.

Exemption from preparing group accounts

The financial statements contain information about Nationwide Assistance Group Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Nationwide Holdings Limited.

Reclassification of comparative amounts

The reported comparative figures for the profit and loss account have been reclassified to match the classification of the same and similar costs in the current year. The reclassifications were made to better reflect the nature of the expenditure. The adjustments do not result in a change to the operating profit figure presented or any amounts below operating profit. The effect of the adjustments on the comparative figures is that Cost of sales have increased by £174,315, gross profit has reduced by £174,315 and Administrative expenses have reduced by £174,315.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors estimate the commissions due to be paid on completed jobs at the period end for which invoices have not been received. The estimates are based on agreed commission percentages. The carrying amount is £335,400 (2022 -£272,083).

The directors estimate agents' costs for jobs completed at the period end for which an invoice has not been received. The estimate is based on expected gross profit margins. The carrying amount is £216,939 (2022 -£396,795).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance, 15% reducing balance and 33% straight line

Motor vehicles

20% reducing balance, 30% reducing balance and 12.5% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Financial assets are derecognised when
a) the contractual rights to the cash flows from the asset expire or are settled, or
b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or
c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables and loans from related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of estimated cash flows discounted at the liability's original effective interest rate.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 Impairment
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.

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.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Provision of services

31,691,366

15,558,289

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

604,029

318,188

Management charges receivable

284,000

110,000

888,029

428,188

5

Operating profit

Arrived at after charging/(crediting):

2023
£

2022
£

Depreciation expense

922,384

539,157

Operating lease expense - plant and machinery

19,158

678

6

Other interest receivable and similar income

2023
£

2022
£

Other finance income

10,184

219

7

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

980

1,049

Interest on obligations under finance leases and hire purchase contracts

281,649

156,211

Interest expense on other finance liabilities

-

122

Foreign exchange gains

1,787

249

284,416

157,631

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,740,078

1,531,810

Social security costs

1,109

1,156

Other short-term employee benefits

35,548

24,447

Pension costs, defined contribution scheme

89,337

84,599

Other employee expense

66,018

37,598

1,932,090

1,679,610

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:

2023
No.

2022
No.

Administration and support

48

44

Other departments

2

2

50

46

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

26,000

25,460

Contributions paid to money purchase schemes

48,780

48,780

74,780

74,240

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

10

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

21,500

13,000


 

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11

Taxation

Tax charged/(credited) in the income statement:

2023
£

2022
£

Current taxation

UK corporation tax

355,187

-

UK corporation tax adjustment to prior periods

-

21

355,187

21

Deferred taxation

Arising from origination and reversal of timing differences

680,196

207,723

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

(67,292)

Total deferred taxation

680,196

140,431

Tax expense in the income statement

1,035,383

140,452

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 20.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

4,617,690

914,740

Corporation tax at standard rate

946,437

173,801

Effect of expense not deductible in determining taxable profit (tax loss)

32,605

39,232

Deferred tax expense relating to changes in tax rates or laws

122,546

60,789

Deferred tax credit from unrecognised temporary difference from a prior period

-

(67,329)

Tax decrease from effect of capital allowances and depreciation

(66,205)

(66,099)

Tax increase from other short-term timing differences

-

58

Total tax charge

1,035,383

140,452

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and capital allowances

951,898

Short term timing differences

(936)

950,962

2022

Liability
£

Difference between accumulated depreciation and capital allowances

506,226

Short term timing differences

(27,389)

478,837


 

A change to the main UK corporation tax rate from 19% to 25% (effective from 1 April 2023) was substantively enacted on 24 May 2021. Accordingly, the deferred tax asset/(liability) as at 30 June 2023 has been calculated at the rate of 25% (2022: 25%).
 

12

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

213,498

3,885,627

4,099,125

Additions

134,420

4,072,302

4,206,722

Disposals

-

(415,864)

(415,864)

At 30 June 2023

347,918

7,542,065

7,889,983

Depreciation

At 1 July 2022

124,229

1,138,778

1,263,007

Charge for the year

45,549

876,835

922,384

Eliminated on disposal

-

(143,120)

(143,120)

At 30 June 2023

169,778

1,872,493

2,042,271

Carrying amount

At 30 June 2023

178,140

5,669,572

5,847,712

At 30 June 2022

89,269

2,746,849

2,836,118

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

 

2023
£

2022
£

Motor vehicles

5,366,036

2,709,259

Plant and machinery

74,231

22,985

 

5,440,267

2,732,244

Restriction on title and pledged as security

Motor vehicles with a carrying amount of £5,669,572 (2022 - £2,746,849) has been pledged as security for finance leases, hire purchase agreements and bank borrowings.

Plant and machinery with a carrying amount of £178,140 (2022 - £89,269) has been pledged as security for finance leases, hire purchase agreements and bank borrowings.

13

Investments

2023
£

2022
£

Investments in subsidiaries

6

5

Subsidiaries

£

Cost or valuation

At 1 July 2022

5

Additions

1

At 30 June 2023

6

Provision

Carrying amount

At 30 June 2023

6

At 30 June 2022

5

All investments in subsidiaries are included in the financial statements at cost.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Nationwide European Assistance Limited

C/O Milsted Langdon LLP
Savoy Hill House
5 Savoy Street
London
WC2R 0BU

Ordinary

100%

100%

Nationwide Car Assistance Limited

C/O Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL

Ordinary

100%

100%

Nationwide Vehicle Assistance Limited

C/O Milsted Langdon LLP
Freshford House
Redcliffe Way
Bristol
BS1 6NL

Ordinary

100%

100%

Nationwide European Assistance BV

Posthoornstraat 11
3011WD Rotterdam
Netherlands

Ordinary shares

100%

100%

Subsidiary undertakings

Nationwide European Assistance Limited

The principal activity of Nationwide European Assistance Limited is the operation of call centres.

Nationwide Car Assistance Limited

The principal activity of Nationwide Car Assistance Limited is that of a dormant company.

Nationwide Vehicle Assistance Limited

The principal activity of Nationwide Vehicle Assistance Limited is that of a dormant company.

Nationwide European Assistance BV

The principal activity of Nationwide European Assistance BV is vehicle recovery services.

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

14

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

5,691,874

2,791,016

Amounts owed by related parties

23

1,043,950

1,289,476

Other debtors

 

641,958

153,296

Prepayments

 

252,210

110,247

Accrued income

 

1,864,439

253,164

Income tax asset

11

-

21,173

   

9,494,431

4,618,372

The carrying amount of trade debtors pledged as security for liabilities amounted to £5,691,874 (2022 - £2,791,016).

The receivables are pledged as security under a floating charge against bank borrowings.

15

Cash and cash equivalents

2023
£

2022
£

Cash on hand

200

200

Cash at bank

1,454,229

784,618

1,454,429

784,818

Bank overdrafts

-

(18)

Cash and cash equivalents in statement of cash flows

1,454,429

784,800

16

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

20

1,545,770

822,500

Trade creditors

 

3,006,800

1,689,278

Amounts due to related parties

23

630,224

267,345

Social security and other taxes

 

207,115

215,893

Outstanding defined contribution pension costs

 

8,257

7,340

Other creditors

 

433,793

255,238

Accruals

 

1,339,189

853,365

Corporation tax liability

11

495,446

-

 

7,666,594

4,110,959

Due after one year

 

Loans and borrowings

20

3,439,836

1,730,709

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

17

Provisions for liabilities

Deferred tax
£

Other provisions
£

Total
£

At 1 July 2022

478,837

30,000

508,837

Additional provisions

680,196

60,000

740,196

At 30 June 2023

1,159,033

90,000

1,249,033

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £89,337 (2022 - £84,599).

Contributions totalling £8,257 (2022 - £7,340) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
- Each share is entitled to one vote at all general meetings of the company and on a written resolution.
- Each share is entitled to dividends, to be paid as the company may determine, and each share has equal rights to dividends.
- Each share is entitled to equal rights, a return of capital on liquidation or otherwise.
- The shares are non-redeemable.

20

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,833

30,833

HP and finance lease liability 1 (1-2 yrs)

3,419,003

1,699,876

3,439,836

1,730,709

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

18

HP and finance lease liability 1 (under 1 yr)

1,535,770

812,482

1,545,770

822,500

Bank borrowings

Coronavirus bounce back loan is denominated in pound sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 July 2026. The carrying amount at year end is £30,833 (2022 - £40,833).

21

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,535,770

812,482

Later than one year and not later than five years

3,419,003

1,699,876

4,954,773

2,512,358

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

449,982

344,178

Later than one year and not later than five years

823,113

808,851

Later than five years

98,942

137,242

1,372,037

1,290,271

The amount of non-cancellable operating lease payments recognised as an expense during the year was £347,431 (2022 - £137,819).

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

22

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £103.00 (2022 - £43.00) per each Ordinary shares

 

1,030,000

 

430,000

         

23

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr M Jennings

Mr & Mrs Jennings

152,596

1,357,065

(1,031,344)

478,317

         

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr M Jennings

Mr & Mrs Jennings

(943)

589,539

(436,000)

152,596

         
       

 

Other transactions with directors

The directors have provided limited guarantee totalling £25,000 in relation to unsecured creditors.

Summary of transactions with other related parties

Nationwide Assistance Group Limited is a 100% subsidiary of Nationwide Holdings Limited and as such the company has taken advantage of the exemption stated in FRS 102 whereby disclosure need not be given of transactions entered into between two members of the same group, provided that both parties are wholly owned members of the group.

A cross guarantee has been provided between Nationwide Assistance Group Limited and LJ Transportation Limited in relation to unsecured creditors dated 19 February 2019.

 

 

Nationwide Assistance Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Loans to related parties

2023

Other related parties
£

Total
£

Advanced

876

876

At end of period

876

876

Terms of loans to related parties

The company was provided a loan from a company under common control during the year. The loan is interest free and repayable on demand.

Loans from related parties

2023

Other related parties
£

Total
£

Advanced

152,891

152,891

At end of period

152,891

152,891

Terms of loans from related parties

The company was provided a loan from a company under common control during the year. The loan is interest free and repayable on demand.

24

Parent and ultimate parent undertaking

The company's immediate parent is Nationwide Holdings Limited, incorporated in England and Wales.

 The ultimate controlling party is Mr M Jennings and Mrs L Jennings.