NAVARINO SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 04821336
NAVARINO SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
NAVARINO SERVICES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
C G W Codrington
N L Codrington
A M R Salter
R R Duff
SECRETARY
G A Salter
REGISTERED OFFICE
Navarino House
Unit 1D Network Point
Range Road
Witney
Oxon
OX29 0YN
COMPANY REGISTRATION NUMBER
04821336 England and Wales
NAVARINO SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 6 78,807 87,451
CURRENT ASSETS
Debtors 7 1,035,965 830,204
Cash at bank and in hand 932,990 849,420
1,968,955 1,679,624
CREDITORS: Amounts falling due within one year 8 1,170,622 1,239,331
NET CURRENT ASSETS 798,333 440,293
TOTAL ASSETS LESS CURRENT LIABILITIES 877,140 527,744
CREDITORS: Amounts falling due after more than one year 9 - 11,877
Provisions for liabilities and charges 15,605 15,718
NET ASSETS 861,535 500,149
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 861,435 500,049
SHAREHOLDER'S FUNDS 861,535 500,149
NAVARINO SERVICES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
A M R Salter C G W Codrington
Director Director
Date approved by the board: 18 October 2024
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Navarino Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Navarino House
Unit 1D Network Point
Range Road
Witney
Oxon
OX29 0YN
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of the provision of technology and distribution solutions to the hospitality sector as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 18 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Leasehold property Straight line basis at 10% per annum
Office equipment and furniture Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25%, or in accordance with the finance agreements
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
The company has entered into some hire purchase agreements for certain assets that include the option to purchase the items at the end of the lease term for a nominal amount, which is expected to be much lower than their fair value at that date. The hire purchase agreements have been classified as finance leases as it is reasonably certain that the option will be exercised.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Provisions
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use is recognised. The provision is measured at the salary cost payable for the period of absence.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.
Research and development
Expenditure on research and development is written off against profits in the year in which it is incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 25 21
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 April 2023 39,949
At 31 March 2024 39,949
Accumulated amortisation and impairments
At 1 April 2023 39,949
At 31 March 2024 39,949
Net book value
At 1 April 2023 -
At 31 March 2024 -
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 TANGIBLE ASSETS
Leasehold property Office equipment and furniture Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 81,938 207,432 176,391 465,761
Additions - 18,820 - 18,820
Disposals - (3,990) - (3,990)
At 31 March 2024 81,938 222,262 176,391 480,591
Accumulated depreciation and impairments
At 1 April 2023 57,358 154,387 166,565 378,310
Charge for year 8,194 15,764 2,457 26,415
Disposals - (2,941) - (2,941)
At 31 March 2024 65,552 167,210 169,022 401,784
Net book value
At 1 April 2023 24,580 53,045 9,826 87,451
At 31 March 2024 16,386 55,052 7,369 78,807
7 DEBTORS
2024 2023
£ £
Trade debtors 911,255 774,529
Prepayments and accrued income 87,327 43,982
Other debtors 37,383 11,693
1,035,965 830,204
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 240,666 182,314
Taxation and social security 465,724 645,160
Hire purchase contracts and finance leases 11,877 14,706
Accruals and deferred income 412,595 219,099
Other creditors 39,760 178,052
1,170,622 1,239,331
NAVARINO SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases - 11,877
10 SECURED DEBTS
The company had a bank loan with Barclays Bank UK PLC secured on all property and undertakings of the
company by way of a floating and fixed charge which was satisfied on 16 May 2023.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 38,333 -
In more than one but less than five years 99,667 -
138,000 -
12 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
C G W & N L Codrington 11,693 3,551 12,000 - 3,244
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
13 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Navarino Group Limited Parent undertaking
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