Company registration number 14185787 (England and Wales)
NAPIER TRUSTEES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NAPIER TRUSTEES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NAPIER TRUSTEES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
4,250,000
4,250,000
Current assets
-
-
Creditors: amounts falling due within one year
5
(300,000)
(300,000)
Net current liabilities
(300,000)
(300,000)
Total assets less current liabilities
3,950,000
3,950,000
Creditors: amounts falling due after more than one year
6
(2,650,000)
(2,950,000)
Net assets
1,300,000
1,000,000
Reserves
Income and expenditure account
1,300,000
1,000,000
Members' funds
1,300,000
1,000,000

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 20 September 2024 and are signed on its behalf by:
Mr M Maynard
Director
Company registration number 14185787 (England and Wales)
NAPIER TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Napier Trustees Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Donnington Park House, Donnington Park, Birdham Road, Chichester, West Sussex, PO20 7DU.

1.1
Reporting period

The company's first accounting period was shortened to end on 31 March 2023, in common with that of its subsidiary company. Accordingly the comparative amounts presented in the company's statement of income are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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.

NAPIER TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

1.6
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,250,000
4,250,000
NAPIER TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
300,000
300,000

Other creditors relate to deferred consideration on the purchase of shares.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,650,000
2,950,000

Other creditors relate to deferred consideration on the purchase of shares, see note 12.

 

7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Related party transactions
Administration expenses incurred by the company during the period have been settled by the company's subsidiary company.
9
Directors' transactions

During the previous accounting period the company acquired 70% of the ordinary share capital of Napier Partnership Limited from Mr M Maynard and his spouse for the sum of £4,250,000. A balance of £2,950,000 was owing for the purchase of these shares at 31 March 2024 (2023 - £3,250,000). This amount is scheduled to be settled by annual instalments of £300,000 over the next 5 years with all monies to be paid in full by 29 June 2029. Interest can be demanded by the lender at 1% over bank base rate in the event of the late payment of any instalment.

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