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Registered number: 08695446













 
NAPIT HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
NAPIT HOLDINGS LIMITED
 


CONTENTS



Page
Company Information
1
Group Strategic Report
2 - 3
Directors' Report
4 - 5
Directors' Responsibilities Statement
6
Independent Auditors' Report
7 - 10
Consolidated Profit and Loss Account
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14 - 15
Company Statement of Changes in Equity
16 - 17
Consolidated Statement of Cash Flows
18 - 19
Notes to the Financial Statements
20 - 40



 
NAPIT HOLDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
Mr M I Andrews 
Mr P Barry 
Mr F Bertie 
Mr D A Cowburn 
Mr T Gray (appointed 12 January 2023)
Mr D G Harrision (resigned 20 November 2023)
Mr R L Rostas (appointed 20 November 2023)




Company secretary
Mrs S Lowe



Registered number
08695446



Registered office
L4a, 4th Floor, Mill 3 The Business Park
Pleasley Vale

Mansfield

NG19 8RL




Independent auditors
Page Kirk LLP
Chartered accountants and statutory auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB




Page 1


 
NAPIT HOLDINGS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
NAPIT has marked another successful year in 2023, showcasing strong growth across the multiple businesses in the group. With membership now surpassing the 19,000 mark the company has not only expanded its reach but also fortified its position in the industry. 
The steady rise in membership has been instrumental in driving growth across various entities within the group. As the membership base expands, it naturally fuels the demand for NAPIT’s services, particularly in training, software and publications. This synergistic relationship between membership growth and business expansion underscores the effectiveness of NAPIT’s strategies in attracting and retaining members.
NAPIT has made significant investments in upgrading its infrastructure. The implementation of a new telephone system and ERP system has yielded tangible benefits, offering enhanced insights and management information. These technological upgrades have streamlined operations, improved communication, and provided valuable data-driven insights that empower informed decision-making.
In line with its commitment to providing high-quality training opportunities, NAPIT has expanded its training facilities by opening new sites in Bristol and Potters Bar. These new training centres not only enhance the candidate training environment but also extend NAPIT’s geographical presence, making its services more accessible to a wider audience.

Principal risks and uncertainties
 
The principal risk to the business is the requirement to operate in accordance with the rules of the approved and authorised certification and registration schemes that it operates in, while remaining sufficiently agile to respond to both changes in Government policy and to changes across the industry. The main principal risks are:
Credit risk
The nature of the business is such that the debtor balance is spread over many small balances. Where the business enters arrangements that mean that an individual balance is significant, the debtor’s ability to pay is checked using a third-party credit reference agency. The business constantly reviews its debtor profile to ensure adherence to agreed payment profiles.
Liquidity risk and cash flow risk
The business monitors its forecasts to ensure that there is sufficient liquidity and working capital available in the short and medium term mindful of the fact that there is scope to change payments terms as memberships renew.
Inflation risk
The business faces the risk of increased pricing due to inflationary pressures. NAPIT works closely with suppliers on costs to try and manage increased pricing.
Employment risk
NAPIT has a number of key personnel who are strategically important to the success of the business. To mitigate against the risk this creates there are succession plans in place for each of the key roles positioned as heads of departments. The business is also facing ongoing challenges with recruitment which is the case cross the economy. NAPIT is focused on employee retention and investing in the promotion of our roles externally. 

Page 2


 
NAPIT HOLDINGS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The company considers the following financial KPIs:
• Continued growth in membership fees year on year
• Improved gross margin year on year
• Continued growth in software sales revenue year on year
• Improved growth in direct revenues from publications compared with previous publication revenue cycles
• Continued growth in profit before tax

Other key performance indicators
 
The company considers the following non-financial KPIs:
• Continued growth in membership numbers year on year
• Improved member satisfaction


This report was approved by the board on 13 May 2024 and signed on its behalf.



................................................
Mr M I Andrews
Director

Page 3


 
NAPIT HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activity

The NAPIT Holdings Limited group are as a leading provider of Government approved and authorised certification and registration schemes, technical training, risk management consultancy, publications, and software, throughout the UK.

Results and dividends

The profit for the year, after taxation, amounted to £3,904,602 (2022 - £2,688,846).

For the year ended 31 December 2023, the group achieved turnover of £16,300,410. Due to the change in the accounting period end date last year, the figures presented as comparatives over a nine month period. If this was a normal yearly period, turnover was have been £15,202,828, meaning this year has improved by 7.22%. 
Gross profit margin has also increased from 73.44% to 78.84%. 
During the year, the company has paid dividends of £3,700,000 to it's parent company, Nap Bidco Limited.

Directors

The directors who served during the year were:

Mr M I Andrews 
Mr P Barry 
Mr F Bertie 
Mr D A Cowburn 
Mr T Gray (appointed 12 January 2023)
Mr D G Harrision (resigned 20 November 2023)
Mr R L Rostas (appointed 20 November 2023)

Future developments

In 2024 we will continue to invest in our business infrastructure to support ongoing growth. This will include investment in new systems to improve sales processes and increases efficiencies.
We plan to continue to build the team at NAPIT building by recruiting the support and expertise required, whilst also retaining key talent and upskilling the existing NAPIT team.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 4


 
NAPIT HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsPage Kirk LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 May 2024 and signed on its behalf.
 





................................................
Mr M I Andrews
Director

Page 5


 
NAPIT HOLDINGS LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


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

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

Page 6


 
NAPIT HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAPIT HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of NAPIT HOLDINGS LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 7


 
NAPIT HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAPIT HOLDINGS 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8


 
NAPIT HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAPIT HOLDINGS LIMITED (CONTINUED)

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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation and money laundering regulations.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue.
Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
• Reviewing budgets and post year end management accounts.


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.


Page 9


 
NAPIT HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAPIT HOLDINGS LIMITED (CONTINUED)

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.





John S Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered accountants and statutory auditors
  
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

13 May 2024
Page 10


 
NAPIT HOLDINGS LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023


Year ended
31 December
Period ended
31 December
2023
2022
Note
£
£

  

Turnover
 4 
16,300,410
11,402,121

Cost of sales
  
(3,449,933)
(3,028,558)

Gross profit
  
12,850,477
8,373,563

Administrative expenses
  
(7,702,570)
(5,025,770)

Other operating income
 5 
-
1,784

Operating profit
 6 
5,147,907
3,349,577

Interest receivable and similar income
 10 
13,825
877

Interest payable and similar expenses
 11 
(1,309)
(8,769)

Profit before tax
  
5,160,423
3,341,685

Tax on profit
 12 
(1,255,821)
(652,839)

Profit for the financial year
  
3,904,602
2,688,846

Profit for the year attributable to:
  

Owners of the parent
  
3,904,602
2,688,846

  
3,904,602
2,688,846

The notes on pages 20 to 40 form part of these financial statements.

Page 11


 
NAPIT HOLDINGS LIMITED
REGISTERED NUMBER:08695446


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
1,705,628
1,856,936

Tangible assets
 15 
100,016
95,485

Investments
 16 
6
6

  
1,805,650
1,952,427

Current assets
  

Stocks
 17 
155,233
214,530

Debtors: amounts falling due within one year
 18 
1,784,126
1,856,742

Cash at bank and in hand
 19 
1,769,575
1,452,941

  
3,708,934
3,524,213

Creditors: amounts falling due within one year
 20 
(3,696,631)
(3,869,211)

Net current assets/(liabilities)
  
 
 
12,303
 
 
(344,998)

Total assets less current liabilities
  
1,817,953
1,607,429

Provisions for liabilities
  

Deferred Taxation
  
(18,472)
(12,550)

  
 
 
(18,472)
 
 
(12,550)

Net assets excluding pension asset
  
1,799,481
1,594,879

Net assets
  
1,799,481
1,594,879


Capital and reserves
  

Called up share capital 
 23 
3,524
3,524

Share premium account
  
5,333
5,333

Capital redemption reserve
  
33
33

Profit and loss account
  
1,790,591
1,585,989

  
1,799,481
1,594,879


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2024.


................................................
Mr M I Andrews
Director

Page 12


 
NAPIT HOLDINGS LIMITED
REGISTERED NUMBER:08695446


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 16 
3,535,416
3,535,416

  
3,535,416
3,535,416

Current assets
  

Debtors: amounts falling due within one year
 18 
10,353,832
4,705,205

Cash at bank and in hand
 19 
41,515
7,866

  
10,395,347
4,713,071

Creditors: amounts falling due within one year
 20 
(12,912,070)
(7,436,856)

Net current liabilities
  
 
 
(2,516,723)
 
 
(2,723,785)

Total assets less current liabilities
  
1,018,693
811,631

  

  

Net assets excluding pension asset
  
1,018,693
811,631

Net assets
  
1,018,693
811,631


Capital and reserves
  

Called up share capital 
 23 
3,524
3,524

Share premium account
  
5,333
5,333

Capital redemption reserve
  
33
33

Profit and loss account
  
1,009,803
802,741

  
1,018,693
811,631


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 May 2024.


................................................
Mr M I Andrews
Director

The notes on pages 20 to 40 form part of these financial statements.

Page 13


 
NAPIT HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
3,524
5,333
33
1,585,989
1,594,879


Comprehensive income for the year

Profit for the year
-
-
-
3,904,602
3,904,602


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,700,000)
(3,700,000)


At 31 December 2023
3,524
5,333
33
1,790,591
1,799,481


The notes on pages 20 to 40 form part of these financial statements.

Page 14


 
NAPIT HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
3,490
-
-
4,002,657
4,006,147


Comprehensive income for the period

Profit for the period
-
-
-
2,688,846
2,688,846


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(4,892,554)
(4,892,554)

Purchase of own shares
-
-
33
(212,960)
(212,927)

Shares issued during the period
67
5,333
-
-
5,400

Shares cancelled during the period
(33)
-
-
-
(33)


At 31 December 2022
3,524
5,333
33
1,585,989
1,594,879


The notes on pages 20 to 40 form part of these financial statements.

Page 15


 
NAPIT HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
3,524
5,333
33
802,741
811,631


Comprehensive income for the period

Profit for the year
-
-
-
3,907,062
3,907,062


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(3,700,000)
(3,700,000)


At 31 December 2023
3,524
5,333
33
1,009,803
1,018,693


The notes on pages 20 to 40 form part of these financial statements.

Page 16


 
NAPIT HOLDINGS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
3,490
-
-
336,734
340,224


Comprehensive income for the period

Profit for the period
-
-
-
5,571,521
5,571,521


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(4,892,554)
(4,892,554)

Purchase of own shares
-
-
33
(212,960)
(212,927)

Shares issued during the period
67
5,333
-
-
5,400

Shares cancelled during the period
(33)
-
-
-
(33)


At 31 December 2022
3,524
5,333
33
802,741
811,631


The notes on pages 20 to 40 form part of these financial statements.

Page 17


 
NAPIT HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
5,160,423
3,341,685

Adjustments for:

Amortisation of intangible assets
151,308
121,885

Depreciation of tangible assets
31,207
25,707

Loss on disposal of tangible assets
-
9,503

Interest paid
1,309
8,769

Interest received
(13,825)
(877)

Decrease in stocks
59,297
43,978

Decrease/(increase) in debtors
72,667
(93,022)

(Increase)/decrease in amounts owed by groups
(52)
218,793

Increase/(decrease) in creditors
197,285
(249,067)

Corporation tax (paid)
(1,619,763)
(757,830)

Net cash generated from operating activities

4,039,856
2,669,524


Cash flows from investing activities

Purchase of intangible fixed assets
-
(25,150)

Purchase of tangible fixed assets
(35,738)
(30,618)

Sale of fixed asset investments
-
(11)

Interest received
13,825
877

Net cash from investing activities

(21,913)
(54,902)
Page 18


 
NAPIT HOLDINGS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
-
5,400

Purchase of ordinary shares
-
(212,960)

Dividends paid
(3,700,000)
(4,892,554)

Interest paid
(1,309)
(8,769)

Net cash used in financing activities
(3,701,309)
(5,108,883)

Net increase/(decrease) in cash and cash equivalents
316,634
(2,494,261)

Cash and cash equivalents at beginning of year
1,452,941
3,947,202

Cash and cash equivalents at the end of year
1,769,575
1,452,941


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,769,575
1,452,941

1,769,575
1,452,941


The notes on pages 20 to 40 form part of these financial statements.

Page 19


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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:
L4a, 4th Floor
Mill 3 The Business Park
Mansfield
NG19 8RL

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

Page 20


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

The companies that are included within the consolidated figures are as follows:
NAPIT Holdings Limited
NAPIT Group Limited
NAPIT Services Limited
NAPIT Certification Limited
NAPIT Inspection Limited
NAPIT Marketing Limited
NAPIT Registration Limited
NAPIT Training Limited
NAPIT Training Services Limited
NAPIT Training South West Limited
Installer Certification Limited
National Association of Professional Inspectors and Testers Limited

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Membership and scheme turnover and associated costs are recognised over the period in which the customer journey to live membership takes place. The directors estimate that the customer journey to live membership takes up to four months from first application and therefore new members are deferred over this period.
Annual memberships and assessment income are non-refundable and therefore are recognised as they occur.

 
2.4

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.

Page 21


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.8

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
25%
straight line
Goodwill
-
5%
straight line
Trademarks
-
20%
straight line

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold land and buildings
-
25%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 23


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 24


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 25


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not
Page 26


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Judgements
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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 their estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future periods. 
No critical judgements have been identified by the directors that have been made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. Due to the nature of the business the customer journey length is estimated to determine the revenue for new memberships to be deferred. 

Page 27


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Rendering of Services
16,300,410
11,402,121

16,300,410
11,402,121


All turnover arose within the United Kingdom.


5.


Other operating income

Year ended
31 December
Period ended
31 December
2023
2022
£
£

Other operating income
-
1,784

-
1,784



6.


Operating profit

The operating profit is stated after charging:

Year ended
31 December
Period ended
31 December
2023
2022
£
£

Exchange differences
-
89

Other operating lease rentals
440,428
216,860

Page 28


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,300
16,500


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,348,233
2,786,864
-
-

Social security costs
481,277
313,709
-
-

Cost of defined contribution scheme
170,223
116,601
-
-

4,999,733
3,217,174
-
-


The average monthly number of employees, including the directors, during the year was as follows:


      Year ended
     31 December
     Period ended
      31 December
        2023
        2022
            No.
            No.







Technical
8
6



Support
33
34



Operations
61
61



Training
20
15

122
116

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 29


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

Year ended
31 December
Period ended
31 December
2023
2022
£
£

Directors' emoluments
371,522
290,675

Group contributions to defined contribution pension schemes
8,193
7,092

379,715
297,767


During the year retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Other interest receivable
13,825
877

13,825
877


11.


Interest payable and similar expenses

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Bank interest payable
-
43

Other loan interest payable
1,309
4,354

Other interest payable
-
4,372

1,309
8,769

Page 30


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


Year ended
31 December
Period ended
31 December
2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,249,899
651,465


Deferred tax


Origination and reversal of timing differences
5,922
1,374

Total deferred tax
5,922
1,374


Taxation on profit on ordinary activities
1,255,821
652,839

Factors affecting tax charge for the year/period

The tax assessed for the year/period is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

Year ended
31 December
Period ended
31 December
2023
2022
£
£


Profit on ordinary activities before tax
5,160,423
3,341,685


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
1,213,731
634,920

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,911
3,949

Capital allowances for year/period in excess of depreciation
28,317
12,482

Utilisation of tax losses
(169)
-

Short-term timing difference leading to an increase (decrease) in taxation
5,922
1,374

Other timing differences leading to an increase (decrease) in taxation
30
-

Changes in provisions leading to an increase (decrease) in the tax charge
5,079
114

Total tax charge for the year/period
1,255,821
652,839

Page 31


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Dividends

2023
2022
£
£


Dividends paid
3,700,000
4,892,554


14.


Intangible assets

Group and Company





Trademarks
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
2,600
527,811
2,462,177
2,992,588



At 31 December 2023

2,600
527,811
2,462,177
2,992,588



Amortisation


At 1 January 2023
-
414,243
721,409
1,135,652


Charge for the year on owned assets
-
28,700
122,608
151,308



At 31 December 2023

-
442,943
844,017
1,286,960



Net book value



At 31 December 2023
2,600
84,868
1,618,160
1,705,628



At 31 December 2022
2,600
113,568
1,740,768
1,856,936



Page 32


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
150,100
899,274
1,680
1,051,054


Additions
2,319
33,419
-
35,738


Disposals
(46,186)
-
-
(46,186)



At 31 December 2023

106,233
932,693
1,680
1,040,606



Depreciation


At 1 January 2023
137,280
816,609
1,680
955,569


Charge for the year on owned assets
3,978
27,229
-
31,207


Disposals
(46,186)
-
-
(46,186)



At 31 December 2023

95,072
843,838
1,680
940,590



Net book value



At 31 December 2023
11,161
88,855
-
100,016



At 31 December 2022
12,820
82,665
-
95,485


16.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
6



At 31 December 2023
6




Page 33


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,535,416



At 31 December 2023
3,535,416




Page 34


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The NAPIT Group Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
Installer Certification Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Certification Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Inspection Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Marketing Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Registration Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Services Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Training Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Training Services Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Training South West Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
National Association of Professional Inspectors and Testers Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
Benchmark Certification Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
Page 35


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)


Name

Registered office

Class of shares

Holding

Competent Person Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
Electric Safe Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
Electric Safe Register Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Desktop Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Insurance Services Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Publishing Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%
NAPIT Risk Management Limited
L4a, 4th Floor, Mill 3 The Business Park, Pleasley Vale, Mansfield, NG19 8RL
Ordinary
100%


17.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
155,233
214,530

155,233
214,530


The difference between purchase price or production cost of stocks and their replacement cost is not material.


18.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£
Page 36


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.Debtors (continued)


Trade debtors
1,518,219
1,596,769
-
-

Amounts owed by group undertakings
340
288
10,333,314
4,687,381

Other debtors
65,301
68,030
-
-

Prepayments and accrued income
200,266
191,655
20,518
17,824

1,784,126
1,856,742
10,353,832
4,705,205



19.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,769,575
1,452,941
41,515
7,866

1,769,575
1,452,941
41,515
7,866



20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
513,404
489,324
18,082
16,275

Amounts owed to group undertakings
11
11
12,728,051
7,356,281

Corporation tax
130,801
500,665
130,561
-

Other taxation and social security
805,552
653,978
-
-

Other creditors
48,688
42,748
-
-

Accruals and deferred income
2,198,175
2,182,485
35,376
64,300

3,696,631
3,869,211
12,912,070
7,436,856


Page 37


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Categorisation of financial instruments

Financial assets that are debt instruments measured at amortised cost
3,347,435
3,117,788
10,347,829
4,695,247

Financial liabilities measured at amortised cost
2,721,686
2,688,230
12,912,070
7,436,856



Items of income, expense, gains or losses
The total income for the group for financial assets not measured at fair value through profit or loss is £13,825 (2022 - £877). 
The total interest expenses for the group for financial liabilities not measurered at fair value through profit or loss is £1,309 (2022 - £8,769)

Page 38


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
12,550
11,176


Charged to profit or loss
5,922
1,374



At end of year
18,472
12,550

Company


2023
2022






At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
18,472
12,550

18,472
12,550


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



190,000 (2022 - 190,000) Ordinary A shares shares of £0.01 each
1,900.00
1,900.00
155,697 (2022 - 155,697) Ordinary B shares shares of £0.01 each
1,556.97
1,556.97
6,750 (2022 - 6,750) Ordinary C shares shares of £0.01 each
67.50
67.50

3,524.47

3,524.47


Page 39


 
NAPIT HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contribtuions payable by the group to the scheme and amounted to £170,223 (9 month period to 31 December 2022 - £116,601).
Contributions totalling £38,592 (2022 - £26,338) were payable to the scheme at the end of the year and are included within creditors.


25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
200,264
127,949

Later than 1 year and not later than 5 years
227,379
172,509

427,643
300,458

26.


Controlling party

The company's imediate parent is Nap Bidco Limited, incorporated in England and Wales.
The address of Nap Bidco Limited is:
3 - 5 College Street
Nottingham
United Kingdom
NG1 5AQ
The ultimate parent is Puma Topco Limited, incorporated in England and Wales.
The address of Puma Topco Limited is:
3 - 5 College Street
Nottingham
United Kingdom
NG1 5AQ

 
Page 40