IRIS Accounts Production v24.1.9.2 04682455 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 manufacturing, distributing and retailing therapeutic massage appliances, rehabilitation equipment and adjustable beds ++ The principal activities of the company, is that of a holding company providing management services to its subsidiary companies. true true false true true false false false true true true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046824552022-12-31046824552023-12-31046824552023-01-012023-12-31046824552021-12-31046824552022-01-012022-12-31046824552022-12-3104682455ns15:EnglandWales2023-01-012023-12-3104682455ns14:PoundSterling2023-01-012023-12-3104682455ns10:Director12023-01-012023-12-3104682455ns10:Consolidated2023-12-3104682455ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3104682455ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104682455ns10:Consolidatedns10:FRS1022023-01-012023-12-3104682455ns10:Consolidatedns10:Audited2023-01-012023-12-3104682455ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104682455ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104682455ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104682455ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3104682455ns10:FullAccounts2023-01-012023-12-310468245512023-01-012023-12-3104682455ns10:OrdinaryShareClass12023-01-012023-12-3104682455ns10:Consolidated2023-01-012023-12-3104682455ns10:Director22023-01-012023-12-3104682455ns10:CompanySecretary12023-01-012023-12-3104682455ns10:RegisteredOffice2023-01-012023-12-3104682455ns10:Consolidated2022-01-012022-12-3104682455ns5:CurrentFinancialInstruments2023-12-3104682455ns5:CurrentFinancialInstruments2022-12-3104682455ns5:ShareCapital2023-12-3104682455ns5:ShareCapital2022-12-3104682455ns5:SharePremium2023-12-3104682455ns5:SharePremium2022-12-3104682455ns5:CapitalRedemptionReserve2023-12-3104682455ns5:CapitalRedemptionReserve2022-12-3104682455ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-3104682455ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-3104682455ns5:FurtherSpecificReserve2ComponentTotalEquity2023-12-3104682455ns5:FurtherSpecificReserve2ComponentTotalEquity2022-12-3104682455ns5:RetainedEarningsAccumulatedLosses2023-12-3104682455ns5:RetainedEarningsAccumulatedLosses2022-12-3104682455ns5:ShareCapital2021-12-3104682455ns5:RetainedEarningsAccumulatedLosses2021-12-3104682455ns5:SharePremium2021-12-3104682455ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3104682455ns5:ShareCapital2023-01-012023-12-3104682455ns5:SharePremium2023-01-012023-12-3104682455ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3104682455ns5:CapitalRedemptionReserve2021-12-3104682455ns5:FurtherSpecificReserve1ComponentTotalEquity2021-12-3104682455ns5:FurtherSpecificReserve2ComponentTotalEquity2021-12-3104682455ns5:CapitalRedemptionReserve2022-01-012022-12-3104682455ns5:FurtherSpecificReserve1ComponentTotalEquity2022-01-012022-12-3104682455ns5:FurtherSpecificReserve2ComponentTotalEquity2022-01-012022-12-3104682455ns5:CapitalRedemptionReserve2023-01-012023-12-3104682455ns5:FurtherSpecificReserve1ComponentTotalEquity2023-01-012023-12-3104682455ns5:FurtherSpecificReserve2ComponentTotalEquity2023-01-012023-12-3104682455ns5:NetGoodwill2023-01-012023-12-3104682455ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104682455ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-3104682455ns5:PlantMachinery2023-01-012023-12-3104682455ns5:FurnitureFittings2023-01-012023-12-3104682455ns5:MotorVehicles2023-01-012023-12-3104682455ns5:FurnitureFittings2022-12-3104682455ns5:FurnitureFittings2023-12-3104682455ns5:FurnitureFittings2022-12-3104682455ns5:CostValuation2022-12-3104682455ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104682455ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104682455ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3104682455ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3104682455ns5:TaxLossesCarry-forwardsDeferredTax2023-12-3104682455ns5:TaxLossesCarry-forwardsDeferredTax2022-12-3104682455ns5:DeferredTaxation2022-12-3104682455ns5:DeferredTaxation2023-01-012023-12-3104682455ns5:DeferredTaxation2023-12-3104682455ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 04682455 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

NHC Holdings Limited

NHC Holdings Limited (Registered number: 04682455)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


NHC Holdings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Ellin
Mrs L Parry





SECRETARY: D R Jones





REGISTERED OFFICE: Unit 1 Colomendy Industrial Estate
Rhyl Road
Denbigh
Denbighshire
Clwyd
LL16 5TS





REGISTERED NUMBER: 04682455 (England and Wales)





AUDITORS: JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

NHC Holdings Limited (Registered number: 04682455)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
2023 was a challenging year for retail as consumer uncertainty was felt with the squeeze of inflationary pressures on daily household budgets putting pressure on larger value retail purchases. This was compounded with business inflationary pressures across all supply and running costs.

These factors caused a challenging initial 6 months of 2023 that improved considerably in the second half of the year. The directors focus is to continually review all areas of the business and to put in place medium term measures and changes in marketing, pricing, product, and overhead costs to improve financial performance.

PRINCIPAL RISKS AND UNCERTAINTIES
These remain the costs of production, material's, utilities, and labour we have seen across all departments this year, alongside continued consumer retail weakness in purchasing higher value products due to an increased cost of living.

However, as we are a fully integrated business having control of our own marketing, sales, production, delivery, and service, we have the ability to make overhead, product, and price adjustments more so than potential other companies in our sector to adapt to these principal challenges.

Competitive, economic, and retail pressures in the UK is a continuing risk to the group via its retail and direct sales. The group also manages this risk by continuing to develop and provide unique products not available to its competitors while ensuring that our marketing expenditure is effectively converted to sales.

Risks and uncertainties remain as the company responds to a changing but growing market that is responding too and adopting new technology and media. With an ageing and growing population with long-term health problems looking to stay healthier at home for longer.

Despite short-term market and economic issues, the medium to longer term outlook is for a growing market opportunity especially with our medical product regulatory approvals and standards.

KEY PERFORMANCE INDICATORS
The company continues to use several key performance indicators which differ departmentally throughout the group business. These include sales, conversion of marketing expenditure, materials costs, the level of overheads and return on capital employed. With potential economic after shock from the pandemic all standard measures are continuously reviewed and challenged

FUTURE DEVELOPMENTS
The group continues to focus its sales direct from its factory in North Wales and continues with an emphasis on its unique product range within its intellectual property portfolio.

Combined with ongoing research on the benefits of use of our products to develop routes to market in the UK and overseas. We see a clear range of opportunities for the group going forward to both grow sales and diversify further in its target and new markets.


NHC Holdings Limited (Registered number: 04682455)

Group Strategic Report
for the Year Ended 31 December 2023

SHARE OPTION SCHEMES
The group has established an EMI share option scheme for the benefit of the employees of the group.

The exercise of options granted under the scheme may be satisfied by the transfer of shares held by The Niagara Holdings Limited Employee Share Trust.

A total of 1,276,761 options had been granted under these schemes at 31 December 2023 and were outstanding at that date. (2022: 1,423,161)

Directors share options




As at
31.12.22
Expire
d in
year

Issued
in year

Exercised
in year

At
31.12.23
Exerci
se
price
Date from
which
exercisable


Expiry date
P J Ellin 133,468 - - (72,400 ) 61,068 15p Aug 2014 Aug 2024
233,100 - - - 233,100 15p Nov 2018 Nov 2028
145,000 - - - 145,000 15p Jan 2022 Jan 2032
25,000 - - - 25,000 15p Dec 2022 Dec 2032

L Parry 56,343 - - (56,343 ) - 15p Aug 2014 Aug 2024
290,300 - - (17,657 ) 272,643 15p Nov 2018 Nov 2028
145,000 - - - 145,000 15p Jan 2022 Jan 2032
35,000 - - - 35,000 15p Dec 2022 Dec 2032

The cost of the options was £1 for each block of options granted under each scheme.

ON BEHALF OF THE BOARD:





P J Ellin - Director


12 September 2024

NHC Holdings Limited (Registered number: 04682455)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

The directors do not recommend the payment of a final dividend. It should be noted that the Niagara Holdings Limited Employee Share Trust has waived its rights to all dividends.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P J Ellin
Mrs L Parry

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, JWR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P J Ellin - Director


12 September 2024

Report of the Independent Auditors to the Members of
NHC Holdings Limited

Opinion
We have audited the financial statements of NHC Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
NHC Holdings Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

Procedures performed by the audit team included:

- Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
- Evaluation of controls designed to prevent and detect irregularities; and
- Assessing journals entries as part of our planned audit approach.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
NHC Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




K S Wood (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

13 September 2024

NHC Holdings Limited (Registered number: 04682455)

Consolidated
Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 11,499,356 12,865,832

Cost of sales 9,169,181 9,821,845
GROSS PROFIT 2,330,175 3,043,987

Distribution costs 365,267 426,712
Administrative expenses 2,223,686 2,413,051
2,588,953 2,839,763
(258,778 ) 204,224

Other operating income 28,365 42,355
OPERATING (LOSS)/PROFIT 5 (230,413 ) 246,579

Interest receivable and similar income 9,181 1,482
(221,232 ) 248,061

Interest payable and similar expenses 6 1,080 1,828
(LOSS)/PROFIT BEFORE TAXATION (222,312 ) 246,233

Tax on (loss)/profit 7 (93,603 ) (111,796 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(128,709

)

358,029
(Loss)/profit attributable to:
Owners of the parent (128,709 ) 358,029

NHC Holdings Limited (Registered number: 04682455)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (128,709 ) 358,029


OTHER COMPREHENSIVE INCOME
Purchase of own shares (369,200 ) -
Capital redemption reserve 9,230 -
Revaluation of Freehold Property 473,697 -
Employee share trust movement 48,684 -
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

162,411

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

33,702

358,029

Total comprehensive income attributable to:
Owners of the parent 33,702 358,029

NHC Holdings Limited (Registered number: 04682455)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 2,324,335 1,494,851
Investments 11 - -
2,324,335 1,494,851

CURRENT ASSETS
Stocks 12 1,030,178 989,445
Debtors 13 510,707 640,970
Cash at bank and in hand 822,980 1,617,071
2,363,865 3,247,486
CREDITORS
Amounts falling due within one year 14 1,308,259 1,357,248
NET CURRENT ASSETS 1,055,606 1,890,238
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,379,941

3,385,089

CREDITORS
Amounts falling due after more than one
year

15

(55,717

)

-

PROVISIONS FOR LIABILITIES 17 - (85,337 )
NET ASSETS 3,324,224 3,299,752

CAPITAL AND RESERVES
Called up share capital 18 75,593 84,823
Share premium 19 1,400,487 1,400,487
Revaluation reserve 19 407,732 (69,906 )
Capital redemption reserve 19 99,470 90,240
Other reserves 19 161,689 113,005
Other reserves 19 (187,019 ) (187,019 )
Retained earnings 19 1,366,272 1,868,122
SHAREHOLDERS' FUNDS 3,324,224 3,299,752

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





P J Ellin - Director


NHC Holdings Limited (Registered number: 04682455)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 17,340 21,691
Investments 11 4,158,562 4,158,562
4,175,902 4,180,253

CURRENT ASSETS
Debtors 13 178,615 198,606
Cash at bank 70,346 37,251
248,961 235,857
CREDITORS
Amounts falling due within one year 14 512,097 124,688
NET CURRENT (LIABILITIES)/ASSETS (263,136 ) 111,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,912,766

4,291,422

PROVISIONS FOR LIABILITIES 17 - 558
NET ASSETS 3,912,766 4,290,864

CAPITAL AND RESERVES
Called up share capital 18 75,595 84,825
Share premium 1,400,487 1,400,487
Capital redemption reserve 99,470 90,240
Other reserves 161,689 113,005
Other reserves (187,019 ) (187,019 )
Retained earnings 2,362,544 2,789,326
SHAREHOLDERS' FUNDS 3,912,766 4,290,864

Company's loss for the financial year (57,582 ) (80,325 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





P J Ellin - Director


NHC Holdings Limited (Registered number: 04682455)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2022 84,823 1,129,103 1,400,487 311,084

Changes in equity
Total comprehensive income - 739,019 - (380,990 )
Balance at 31 December 2022 84,823 1,868,122 1,400,487 (69,906 )

Changes in equity
Issue of share capital (9,230 ) - - -
Total comprehensive income - (501,850 ) - 477,638
Balance at 31 December 2023 75,593 1,366,272 1,400,487 407,732
Capital
redemption Other Other Total
reserve reserves reserves equity
£    £    £    £   
Balance at 1 January 2022 90,240 113,005 (187,019 ) 2,941,723

Changes in equity
Total comprehensive income - - - 358,029
Balance at 31 December 2022 90,240 113,005 (187,019 ) 3,299,752

Changes in equity
Issue of share capital - - - (9,230 )
Total comprehensive income 9,230 48,684 - 33,702
Balance at 31 December 2023 99,470 161,689 (187,019 ) 3,324,224

NHC Holdings Limited (Registered number: 04682455)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 84,825 2,869,651 1,400,487

Changes in equity
Total comprehensive income - (80,325 ) -
Balance at 31 December 2022 84,825 2,789,326 1,400,487

Changes in equity
Issue of share capital (9,230 ) - -
Total comprehensive income - (426,782 ) -
Balance at 31 December 2023 75,595 2,362,544 1,400,487
Capital
redemption Other Other Total
reserve reserves reserves equity
£    £    £    £   
Balance at 1 January 2022 90,240 113,005 (187,019 ) 4,371,189

Changes in equity
Total comprehensive income - - - (80,325 )
Balance at 31 December 2022 90,240 113,005 (187,019 ) 4,290,864

Changes in equity
Issue of share capital - - - (9,230 )
Total comprehensive income 9,230 48,684 - (368,868 )
Balance at 31 December 2023 99,470 161,689 (187,019 ) 3,912,766

NHC Holdings Limited (Registered number: 04682455)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (305,246 ) (323,753 )
Interest element of hire purchase payments
paid

(1,080

)

(1,828

)
Other recognised gains and losses 48,684 -
Net cash from operating activities (257,642 ) (325,581 )

Cash flows from investing activities
Purchase of tangible fixed assets (210,892 ) (51,509 )
Sale of tangible fixed assets 5,842 52,376
Sale of investment property - 975,000
Interest received 9,181 1,482
Net cash from investing activities (195,869 ) 977,349

Cash flows from financing activities
Capital repayments in year (57,551 ) (59,271 )
Share buyback (369,200 ) -
New HP contract in year 86,171 -
Net cash from financing activities (340,580 ) (59,271 )

(Decrease)/increase in cash and cash equivalents (794,091 ) 592,497
Cash and cash equivalents at beginning of
year

2

1,617,071

1,024,574

Cash and cash equivalents at end of year 2 822,980 1,617,071

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
(Loss)/profit before taxation (222,312 ) 246,233
Depreciation charges (144,740 ) 168,961
Profit on disposal of fixed assets (6,000 ) (398,739 )
Finance costs 1,080 1,828
Finance income (9,181 ) (1,482 )
(381,153 ) 16,801
(Increase)/decrease in stocks (40,733 ) 3,998
Decrease/(increase) in trade and other debtors 138,970 (113,061 )
Decrease in trade and other creditors (22,330 ) (231,491 )
Cash generated from operations (305,246 ) (323,753 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 822,980 1,617,071
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,617,071 1,024,574


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,617,071 (794,091 ) 822,980
1,617,071 (794,091 ) 822,980
Debt
Finance leases (39,137 ) (28,620 ) (67,757 )
(39,137 ) (28,620 ) (67,757 )
Total 1,577,934 (822,711 ) 755,223

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

NHC Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related notes and disclosures;

- the requirements of Section 11 'Basic Financial Instruments' & 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 the profit or loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Basis of consolidation
The consolidated financial statements incorporate those of the company and all of its subsidiary undertakings for the year. Subsidiaries acquired during the year are consolidated using the acquisition method. Their results are incorporated from the date that control passes. The difference between the cost of acquisition of shares in subsidiaries and the fair value of the separate net assets acquired is capitalised and written off on a straight line basis over its estimated economic life. Provision is made for impairment. All financial statements are made up to 31 December.

Turnover
Turnover represents the value of goods sold and services provided to customers during the year net of discounts and value added tax.

Goodwill
Goodwill is amortised through the profit and loss account on a straight line basis over a period not exceeding 10 years. Any permanent impairment in carrying value is written off through the profit and loss account.

Patents and trademarks
Where appropriate expenditure on patents and trademarks is written off in the year in which it is incurred.
The cost of patents and trademarks are amortised over their expected useful economic lives on a straight line basis. Any permanent improvement in carrying value is written off through the profit and loss account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost and at varying rates on cost

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are shown in the revaluation reserve.

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined on a first in, first-out basis. The cost of finished goods and goods for resale comprises materials, direct labour and attributable production overheads. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding. All other leases are "operating leases" and the annual rentals are charged to the profit and loss on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates several defined contribution pension schemes. The assets of these schemes are held separately from those of the group in independently administered funds. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The group's business activities, together with the factors likely to affect its future development and position, are set out in the Business Review section of the Strategic report.

The group is expected to continue to generate positive cash flows on its own account for the foreseeable future. The group participates in the group's centralised treasury arrangements.

The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the NHC Holdings Limited group to continue as a going concern or its ability to continue with the current banking arrangements.

On the basis of their assessment of the group's financial position the company directors have a reasonable expectation that the group will be able to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been used.

The financial statements have been prepared on the going concern basis as the directors have prepared detailed budgets for a period of at least 12 months from the date of signing the accounts which show that the Group is expected to be able to meet all its liabilities as they fall due.

The directors have produced a detailed going concern assessment for the group. The conclusion of the directors' assessment for NHC Holdings Limited is that the business will be able to meet all its liabilities as they fall due. The directors have prepared forecasts for 2023-24 which show continued profits and cash generation.

Based on the trading results achieved post year end, the finance facilities in place and available to the Group and the forecasts to for 2023-24 the directors conclude that the group will be able to trade for a period of at least 12 months from the approval of the financial statements and have therefore concluded that it is appropriate for the financial statements to be prepared on the going concern basis.

Warranty provision
Provision is made for liabilities arising in respect of expected warranty claims.

Employee Share Trust

The Company operates an employee share trust and has de facto control of the shares held by the trust and bears their benefits and risks. The company records certain assets and liabilities of the trust as its own. Finance costs and administrative expenses are charged as they accrue. The Company has also established an EMI share option scheme for the benefit of employees of the Group.

Functional and presentational currencies

The financial statements are presented in sterling which is also the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 11,299,222 12,637,119
Europe 151,448 188,952
United States of America 38,569 31,870
Africa 10,117 7,891
11,499,356 12,865,832

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,796,942 2,954,234
Social security costs 231,460 255,898
Other pension costs 56,308 62,410
3,084,710 3,272,542

The average number of employees during the year was as follows:
31.12.23 31.12.22

Management 6 6
Administration and production 60 63
Selling and distribution 41 46
107 115

2022 2022
£ £

Emoluments 215,599 246,802
The total payments to the highest paid director were £107,617 (2022: £123,017) and money purchase pension contributions were £4,500 (2022: £5,700).

There are no directors for whom retirement benefits are accruing under money purchase or defined
benefit schemes (2022 : nil)

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

5. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 32,167 33,474
Other operating leases 87,864 59,866
Depreciation - owned assets 78,753 168,967
Profit on disposal of fixed assets (6,000 ) (398,739 )
Auditors' remuneration 36,450 37,127
Foreign exchange differences 12,514 21,722

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Hire purchase 1,080 1,828

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 3,157 -

Deferred tax (96,760 ) (111,796 )
Tax on (loss)/profit (93,603 ) (111,796 )

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
(Loss)/profit before tax (222,372 ) 246,173
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

(52,302

)

46,773

Effects of:
Expenses not deductible for tax purposes - 2,836
Capital allowances in excess of depreciation (41,093 ) (168,859 )
Utilisation of tax losses - (33,735 )
Adjustments to tax charge in respect of previous periods 3,157 -
Patent box deduction (80,102 ) (86,935 )
Losses carried forward 49,548 -
Chargeable gain 27,189 128,124
Total tax credit (93,603 ) (111,796 )

** PROFIT BEFORE TAX FOR CURRENT YEAR ON CLIENT SCREEN OF (222,372 )
DOES NOT AGREE TO AMOUNT ON INCOME STATEMENT OF (222,312 )

** PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF 246,173
DOES NOT AGREE TO AMOUNT ON INCOME STATEMENT OF 246,233

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Purchase of own shares (369,200 ) - (369,200 )
Capital redemption reserve 9,230 - 9,230
Revaluation of Freehold Property 473,697 - 473,697
Employee share trust movement 48,684 - 48,684
162,411 - 162,411

31.12.22
Gross Tax Net
£    £    £   
Purchase of own shares
Capital redemption reserve
- - -

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 2,174,622 200,000 2,374,622
AMORTISATION
At 1 January 2023
and 31 December 2023 2,174,622 200,000 2,374,622
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

Goodwill relates to the acquisition of Niagara Healthcare Limited and subsidiaries on 23 January 2004 and Balance Master UK Limited on 1 July 2007.

Goodwill relating to the acquisition of Balance Master UK Limited was fully impaired in accounts of 2010.

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 1,501,802 1,029,501 1,242,336 532,368 4,306,007
Additions 24,501 2,400 1,021 182,970 210,892
Disposals - - (154 ) - (154 )
Revaluations 473,697 - - - 473,697
At 31 December 2023 2,000,000 1,031,901 1,243,203 715,338 4,990,442
DEPRECIATION
At 1 January 2023 223,490 892,807 1,173,918 520,941 2,811,156
Charge for year - 32,850 17,291 28,612 78,753
Eliminated on disposal - - (312 ) - (312 )
Charge written back (223,490 ) - - - (223,490 )
At 31 December 2023 - 925,657 1,190,897 549,553 2,666,107
NET BOOK VALUE
At 31 December 2023 2,000,000 106,244 52,306 165,785 2,324,335
At 31 December 2022 1,278,312 136,694 68,418 11,427 1,494,851

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

The freehold property was revalued by Legat Owen, a firm of independent chartered surveyors, in October 2023 and was valued at £2,000,000.

The net book value of assets held on finance leases and hire purchase contracts is £133,284 (2022: £11,428). The depreciation charge for the year for fixed assets held on finance leases and hire purchase contracts is £8,886 (2022: £45,712).

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2015 14,462 - - - 14,462
Valuation in 2016 199,864 - - - 199,864
Valuation in 2023 473,697 - - - 473,697
Cost 1,311,977 1,031,901 1,243,203 715,338 4,302,419
2,000,000 1,031,901 1,243,203 715,338 4,990,442

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,311,977 1,287,476
Aggregate depreciation 223,618 191,342

Company
Fixtures
and
fittings
£   
COST
At 1 January 2023 562,180
Additions 1,021
At 31 December 2023 563,201
DEPRECIATION
At 1 January 2023 540,489
Charge for year 5,372
At 31 December 2023 545,861
NET BOOK VALUE
At 31 December 2023 17,340
At 31 December 2022 21,691

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 4,158,562
NET BOOK VALUE
At 31 December 2023 4,158,562
At 31 December 2022 4,158,562


12. STOCKS

Group
31.12.23 31.12.22
£    £   
Raw materials 759,651 755,112
Finished goods 270,527 234,333
1,030,178 989,445

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 66,965 163,478 - -
Amounts owed by group undertakings 5,495 5,502 - -
Tax - 2,719 - 2,719
VAT 67,142 77,974 67,142 77,974
Deferred tax asset 11,423 - - -
Prepayments and accrued income 359,682 391,297 111,473 117,913
510,707 640,970 178,615 198,606

Deferred tax asset
Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Accelerated capital allowances (70,292 ) - - -
Tax losses carried forward 195,168 - - -
Other timing differences (113,453 ) - - -
11,423 - - -

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Hire purchase contracts (see note 16) 12,040 39,137 - -
Trade creditors 807,944 774,367 (1 ) 1
Amounts owed to group undertakings - - 431,986 23,787
Tax - (438 ) - (438 )
Social security and other taxes 64,500 71,096 1,317 10,757
Other creditors 151,218 143,655 3,326 2,569
Accruals and deferred income 272,557 329,431 75,469 88,012
1,308,259 1,357,248 512,097 124,688

The bank borrowings are secured by fixed and floating charges over the Group’s properties and assets. A provision has been recognised for expected claims against product guarantees. It is expected that this expenditure will be incurred over the period of the guarantees. The provision, the amount of which has not been disclosed as it is considered to be commercially sensitive, has not been discounted since the effect of discounting is not material.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 16) 55,717 -

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 12,040 39,137
Between one and five years 55,717 -
67,757 39,137

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 81,743 926
Between one and five years 43,349 157,514
In more than five years 60,000 68,710
185,092 227,150

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax
Accelerated capital allowances - 30,093 - 558
Tax losses carried forward - (31,020 ) - -
Other timing differences - 86,264 - -
- 85,337 - 558

Group
Deferred
tax
£   
Balance at 1 January 2023 85,337
Provided during year 27,189
Credit to Income Statement during year (123,949 )
Balance at 31 December 2023 (11,423 )

Company
Deferred
tax
£   
Balance at 1 January 2023 558
Credit to Income Statement during year (558 )
Balance at 31 December 2023 -

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3,393,002 Ordinary 0.025 75,593 84,823

19. RESERVES

Share Premium
This reserve records the amount above the nominal value of shares sold, less transaction costs.

Capital Redemption Reserve
This reserve records the nominal value of shares repurchased by the company.

Revaluation Reserve
The revaluation reserve relates to a surplus on revaluation of freehold property.

Own Share Reserve
This reserve represents the nominal value of shares repurchased by the company from the Employee Share Trust.

Other Reserve
The other reserves relates to the net assets of the Employee Share Trust.

NHC Holdings Limited (Registered number: 04682455)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

20. PENSION COMMITMENTS

The group operates several defined contribution pension schemes. The assets of these schemes are held separately from those of the group in independently administered funds.

The pension cost charge represents contributions payable by the company to the fund and amounted to £3,392 (2022: £7,727).

Outstanding contributions at the year end amounted to £424 (2022: £1,028).

21. CONTINGENT LIABILITIES

The company has given composite cross guarantees relating to the bank borrowing of the group. These borrowings amounted to £nil at the year end.

22. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, the ultimate controlling party is the Board of Directors.

23. INVESTMENT IN OWN SHARES AND OWN SHARE RESERVE

The group has established the Niagara Holdings Limited Employee Share Trust, a discretionary trust whose trustees are SG Kleinwort Hambros Bank (CI) Limited - Guernsey Branch. The purpose of the Trust is to hold shares in the Company for the benefit of employees.

At 31 December 2023, the Trust held 1,447,262 (2022: 1,447,262) 2½p ordinary shares in the Company, the cost of which has been included within the own shares reserve.

The Company has an EMI share option scheme for the benefit of employees of the Group. The Trust has waived the right to all dividends. Costs of administration of the Trust are dealt with in the profit and loss account as incurred only after these costs have been defrayed by the Trust from its own income.

At 31 December 2023 there were outstanding options relating to 1,276,761 shares.



Exercisable
Optionprice
(p)
Number
ofShares

Enterprise Management Incentive Scheme Aug 2014 to Aug 2024 15.0 261,068
Enterprise Management Incentive Scheme Nov 2018 to Nov 2028 15.0 505,743
Enterprise Management Incentive Scheme Dec 2021 to Dec 2031 15.0 159,950
Enterprise Management Incentive Scheme Jan 2022 to Jan 2032 15.0 290,000
Enterprise Management Incentive Scheme Dec 2022 to Dec 2032 15.0 60,000
1,276,761

Share options granted to directors, which are included above, are disclosed in the directors’ report.