Belmont Investments Limited's principal activity is that of a non-trading intermediate holding company.
The company is a private company limited by shares and is incorporated and domiciled in Wales. The address of its registered office is: 2 Park Pavilions Clos Llwyn Cwm, Valley Way, Enterprise Park, Swansea, SA6 8QY.
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 £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Energist (Holdings) Limited as at 31 December 2023 and these consolidated financial statements may be obtained from Companies House.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
The company is reporting a result of £Nil (2022: £Nil) for the year ended 31 December 2023 and at this date had net current liabilities of £2,223,703 (2022: £2,223,703), principally relating to amounts due to fellow Energist group companies. The consolidated results of Energist group, headed by Energist (Holdings) Limited, continues to report losses. As at 31 December 2023, the group has net current assets of £1,447,842 (2022: £796,790) but remains reliant on the long term support of its shareholders, to whom £72,228,131 was due after more than one year as at 31 December 2023 (2022: £71,292,175).
The directors have undertaken a review of the group's financial position. The directors have prepared forecasts, which indicate that, with on-going shareholder support, and based on the anticipated level of sales, there is a reasonable expectation that the company and group will be able to operate within its current level of agreed facilities for a period of at least 12 months from the date of approval of these financial statements.
The group's shareholders continue to demonstrate their commitment and support to the group, most recently by waiving the commencement of repayments on the shareholder loans until 31 December 2026. Further the directors have been given an indication by the group's shareholders that if required it is their current intention to support the business further to enable the group to meet its financial commitments for a period of at least 12 months from the date of approval of these financial statements,
Global economic factors continue to bring uncertainty to businesss operations and the directors therefore continue to maintain a rigorous review of the global supply chain. Proactively, the directors’ commitment to continuous improvement has supported improvements both in terms of product development and reducing supply chain risk.
Should the forecast level of sales and profitability not be achieved, the business might need to seek further funding in order to bridge the cashflow position. This represents a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. However, after considering the above matters, and the expected continued support of the group's shareholders, the directors are satisfied that it is appropriate to continue to prepare the financial statements on a going concern basis. The financial statements therefore do not include the adjustments required should the Company be unable to continue as a going concern.
Basic financial assets, which include debtors and cash and bank balances, 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.
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, 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.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The financial statements have been prepared on a going concern basis, which assumes that sufficient funds will be available for the group to continue in operational existence for the foreseeable future. More details are set out in note 1.2 of the accounting policies.
The average monthly number of persons (including directors) employed by the company during the year was:
No directors received emoluments during the year for their services to the company (2022: £Nil). The directors are employed and remunerated by another group entity for their services to the group as a whole, and it is not possible to distinguish the amounts attributable for services provided to Belmont Investments Limited.
Details of the company's subsidiaries at 31 December 2023 are as follows:
During the year ended 31 December 2023, Neogen Plasma Limited was incoporated as a wholly owned subsidiary of the company.
The directors have reviewed the carrying value of the company's investments as at 31 December 2023, and in their opinion believe that the carrying values are appropriate based on current underlying financial positions of each company.
Financial liabilities measured at amortised cost comprise amounts owed to group undertakings and accruals.
Both classes of shares rank pari passau in all aspects apart from that Ordinary A shares have priority of return of funds in the event of a winding up of the company.
Share premium
Share premium represents the amount subscribed for share capital in excess of the nominal value. There was no movement on the share premium account during the financial year.
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the company.
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The company has entered into cross guarantees for the group's bank in respect of the borrowings of its subsidiary Energist Limited. At 31 December 2023 the contingent liability in respect of the borrowings was £Nil (2022: £Nil).
The company is part of a cross guarantee to secure the shareholder loans and loan notes of its Ultimate Parent Company. As at 31 December 2023, the value of these outstanding loans and loan notes, including accrued interest and redemption premiums was £31,943,562 (2022: £31,007,607).