Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-292023-05-312023-04-29falseNo description of principal activity2022-05-01false00false 04973391 2022-05-01 2023-04-29 04973391 2021-02-01 2022-04-30 04973391 2023-04-29 04973391 2022-04-30 04973391 2021-02-01 04973391 1 2022-05-01 2023-04-29 04973391 c:Exceptional 2022-05-01 2023-04-29 04973391 c:Exceptional 2021-02-01 2022-04-30 04973391 d:CompanySecretary1 2022-05-01 2023-04-29 04973391 d:Director1 2022-05-01 2023-04-29 04973391 d:Director1 2023-04-29 04973391 d:Director2 2022-05-01 2023-04-29 04973391 d:Director2 2023-04-29 04973391 d:Director3 2022-05-01 2023-04-29 04973391 d:Director3 2023-04-29 04973391 d:Director4 2022-05-01 2023-04-29 04973391 d:Director4 2023-04-29 04973391 d:Director5 2022-05-01 2023-04-29 04973391 d:Director5 2023-04-29 04973391 d:Director6 2022-05-01 2023-04-29 04973391 d:Director6 2023-04-29 04973391 d:Director7 2022-05-01 2023-04-29 04973391 d:Director7 2023-04-29 04973391 d:Director8 2022-05-01 2023-04-29 04973391 d:RegisteredOffice 2022-05-01 2023-04-29 04973391 c:CurrentFinancialInstruments 2023-04-29 04973391 c:CurrentFinancialInstruments 2022-04-30 04973391 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-29 04973391 c:CurrentFinancialInstruments c:WithinOneYear 2022-04-30 04973391 c:ShareCapital 2023-04-29 04973391 c:ShareCapital 2022-04-30 04973391 c:ShareCapital 2021-02-01 04973391 c:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-29 04973391 c:RetainedEarningsAccumulatedLosses 2023-04-29 04973391 c:RetainedEarningsAccumulatedLosses 2021-02-01 2022-04-30 04973391 c:RetainedEarningsAccumulatedLosses 2022-04-30 04973391 c:RetainedEarningsAccumulatedLosses 2021-02-01 04973391 d:OrdinaryShareClass1 2022-05-01 2023-04-29 04973391 d:OrdinaryShareClass1 2023-04-29 04973391 d:OrdinaryShareClass1 2022-04-30 04973391 d:FRS102 2022-05-01 2023-04-29 04973391 d:Audited 2022-05-01 2023-04-29 04973391 d:FullAccounts 2022-05-01 2023-04-29 04973391 d:PrivateLimitedCompanyLtd 2022-05-01 2023-04-29 04973391 4 2022-05-01 2023-04-29 04973391 6 2022-05-01 2023-04-29 04973391 e:PoundSterling 2022-05-01 2023-04-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04973391









NASMYTH INDUSTRIES LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 APRIL 2023

 
NASMYTH INDUSTRIES LIMITED
 
 
COMPANY INFORMATION


Directors
A J Upton 
W1S Directors Limited 
J D Larner 




Company secretary
Cossey Cosec Services Limited



Registered number
04973391



Registered office
Nasmyth House
Coventry Road

Exhall

Coventry

CV7 9FT




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

B3 2HB





 
NASMYTH INDUSTRIES LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 14


 
NASMYTH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 APRIL 2023

The directors present their report and the financial statements for the period ended 29 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the period were:

S W Beech (resigned 31 May 2023)
N C Robins (appointed 17 October 2022, resigned 30 June 2023)
A J Upton (appointed 17 October 2022)
W1S Directors Limited (appointed 17 October 2022)
S L Fyfe (resigned 13 October 2022)
P J Smith (resigned 17 October 2022)
Gold Round Limited (resigned 13 October 2022)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
NASMYTH INDUSTRIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 APRIL 2023

Going concern

As at 29 April 2023, the Company was a subsidiary of Nasmyth Group Limited. As a consequence of the impacts of COVID-19 on the aerospace market, Nasmyth Group Limited and its subsidiary companies experienced a significant reduction in sales, profits and cashflow from operating activities and its directors identified that this would create financial difficulties that would affect the ability of Nasmyth Group Limited to continue as a going concern, with knock on effects to its subsidiary companies.
As a consequence of the post year end restructuring disclosed in note 12 to these financial statements, the Company and other companies previously subsidiaries of Nasmyth Group Limited (together the “Group”) became subsidiaries of W5SD Limited (now renamed as Nasmyth Group Limited) and additional working capital facilities were provided to the Group to support its working capital requirements.
The Board of Directors of the Company and the Group have undertaken an assessment of the ability of the Company and the Group to continue in operation and to meet their liabilities as they fall due. In making this assessment, the Directors have considered trading and cashflow forecasts which reflect the latest market intelligence and customer long term supply agreements, supply schedules and order books.
The directors have concluded that the new working capital facilities, which include undrawn headroom, provided since the period end will provide the Company and the Group with sufficient funds to enable them to meet their obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements, and have accordingly concluded that it is appropriate to prepare these financial statements on a going concern basis.

Post balance sheet events

Details of post balance sheet events affecting the Company have been disclosed in note 12.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 August 2024 and signed on its behalf.
 





J D Larner
Director

Page 2

 
NASMYTH INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH INDUSTRIES LIMITED
 

Opinion


We have audited the financial statements of Nasmyth Industries Limited (the 'Company') for the period ended 29 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 29 April 2023 and of its loss for the period 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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.


Page 3

 
NASMYTH INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH INDUSTRIES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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:


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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.





Page 4

 
NASMYTH INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH INDUSTRIES LIMITED (CONTINUED)


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.


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and industry, key laws and regulations that we identified included:

Companies Act; and
Tax legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of control; and
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

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.
 
Page 5

 
NASMYTH INDUSTRIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH INDUSTRIES LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Stephen Newman (Senior Statutory Auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
158 Edmund Street
Birmingham
B3 2HB

5 August 2024
Page 6

 
NASMYTH INDUSTRIES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 APRIL 2023

Period ended
29 April
Period
ended
30 April
2023
2022
Note
£
£

  

Administrative expenses
  
(466)
-

Exceptional administrative expenses
 4 
-
(103,457)

Operating loss
  
(466)
(103,457)

Interest payable and similar expenses
  
-
(21)

Loss before tax
  
(466)
(103,478)

Loss for the financial period
  
(466)
(103,478)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 14 form part of these financial statements.

Page 7

 
NASMYTH INDUSTRIES LIMITED
REGISTERED NUMBER: 04973391

BALANCE SHEET
AS AT 29 APRIL 2023

29 April
30 April
2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
180,100
180,100

  
180,100
180,100

Current assets
  

Cash at bank and in hand
 6 
-
2,449

  
-
2,449

  

Creditors: amounts falling due within one year
 7 
(284,003)
(285,986)

Net current liabilities
  
 
 
(284,003)
 
 
(283,537)

Total assets less current liabilities
  
(103,903)
(103,437)

  

Net liabilities
  
(103,903)
(103,437)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
(103,904)
(103,438)

  
(103,903)
(103,437)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




J D Larner
Director

The notes on pages 10 to 14 form part of these financial statements.

Page 8

 
NASMYTH INDUSTRIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2021
1
40
41



Loss for the period
-
(103,478)
(103,478)



At 1 May 2022
1
(103,438)
(103,437)



Loss for the period
-
(466)
(466)


At 29 April 2023
1
(103,904)
(103,903)


The notes on pages 10 to 14 form part of these financial statements.

Page 9

 
NASMYTH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 APRIL 2023

1.


General information

Nasmyth Industries Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 04973391 and the registered office is Nasmyth House, Coventry Road, Exhall, Coventry, CV7 9FT.
The comparative figures covered a 15 month accounting period from 1 February 2021 to 30 April 2022. The reporting period was extended as a result of the Company's decision to change auditors during the previous financial period. The current figures cover a 12 month accounting period to 29 April 2023 and as a result the reported figures for the current and comparative year may not be entirely comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency of the financial statements is Pound Sterling and amounts have been rounded to the nearest whole Pound.

The following principal accounting policies have been applied:

The following principal accounting policies have been applied:

  
2.2

Group accounts exemption

The financial statements contain information about Nasmyth Industries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements as the group which it is the parent company of qualifies as a small group.

 
2.3

Going concern

As at 29 April 2023, the Company was a subsidiary of Nasmyth Group Limited. As a consequence of the impacts of COVID-19 on the aerospace market, Nasmyth Group Limited and its subsidiary companies experienced a significant reduction in sales, profits and cashflow from operating activities and its directors identified that this would create financial difficulties that would affect the ability of Nasmyth Group Limited to continue as a going concern, with knock on effects to its subsidiary companies.
As a consequence of the post year end restructuring disclosed in note 12 to these financial statements, the Company and other companies previously subsidiaries of Nasmyth Group Limited (together the “Group”) became subsidiaries of W5SD Limited (now renamed as Nasmyth Group Limited) and additional working capital facilities were provided to the Group to support its working capital requirements.
The Board of Directors of the Company and the Group have undertaken an assessment of the ability of the Company and the Group to continue in operation and to meet their liabilities as they fall due. In making this assessment, the Directors have considered trading and cashflow forecasts which reflect the latest market intelligence and customer long term supply agreements, supply schedules and order books.
 
Page 10

 
NASMYTH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 APRIL 2023

2.Accounting policies (continued)


2.3
Going concern (continued)

The directors have concluded that the new working capital facilities, which include undrawn headroom, provided since the year end will provide the Company and the Group with sufficient funds to enable them to meet their obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements, and have accordingly concluded that it is appropriate to prepare these financial statements on a going concern basis.   

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

  
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like amounts owed to and from group undertakings.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 11

 
NASMYTH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 APRIL 2023

4.


Exceptional items

Period ended
29 April
Period
 ended
30 April
2023
2022
£
£


Impairment of intercompany loans
-
24,250

Impairment of investments
-
79,207

-
103,457


5.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 May 2022
259,307



At 29 April 2023

259,307



Impairment


At 1 May 2022
79,207



At 29 April 2023

79,207



Net book value



At 29 April 2023
180,100



At 30 April 2022
180,100

Page 12

 
NASMYTH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 APRIL 2023

6.


Cash and cash equivalents

29 April
30 April
2023
2022
£
£

Cash at bank and in hand
-
2,449



7.


Creditors: Amounts falling due within one year

29 April
30 April
2023
2022
£
£

Amounts owed to group undertakings
284,003
282,882

Accruals and deferred income
-
3,104

284,003
285,986



8.


Share capital

29 April
30 April
2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



9.


Reserves

Profit and loss account

This reserve records all current and prior period retained profits and losses.


10.


Contingencies and commitments

Guarantees
The Company has given cross guarantees in respect of bank loans of group companies amounting to £15,313,000 (2022: £12,545,000).
The Company has given a guarantee in respect of other loans of a fellow subsidiary undertaking amounting to £7,500,000 (2022: £5,500,000).

Page 13

 
NASMYTH INDUSTRIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 APRIL 2023

11.


Related party transactions

The Company has taken advantage of the exemption, as permitted by section 33.1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the previous financial period, the Company impaired £23,000 of intercompany loans due from its parent undertaking.
During the previous financial period, the Company impaired £1,250 of intercompany loans due from a fellow subsidiary.


12.


Post balance sheet events

On 5 May 2023, the Company and other companies previously subsidiaries of NGL Realisations Limited (formerly Nasmyth Group Limited) (together the "Group") became subsidiaries of Nasmyth Group Limited (formerly W5SD Limited) and additional working capital facilities were provided to the Group to support its working capital requirements. This has resulted in successfully mitigating the effect of a number of legacy issues previously faced by the Group and has enabled the Group to continue as a going concern.


13.


Controlling party

At 29 April 2023, the immediate parent undertaking was NGL Realisations Limited (in administration) (formerly Nasmyth Group Limited), a company incorporated in England and Wales. The registered office address is C/O Begbies Traynor (London) LLP, 31st Floor, 40 Bank Street, London, E14 5NR.
At 29 April 2023, the ultimate controlling party was Lettbel Limited. As at the date of approval of these financial statements the ultimate parent undertaking and controlling party is Nasmyth Group Limited (formerly W5SD Limited). The registered office address is 4th Floor, 24 Old Bond Street, London, W1S 4AW.

 
Page 14