Company registration number 00598957 (England and Wales)
NOLATO JAYCARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NOLATO JAYCARE LIMITED
COMPANY INFORMATION
Directors
A Sweeting
C Wahlquist
G Svedberg
J Iveberg
Secretary
G Fowler
Company number
00598957
Registered office
1 New York Way
New York Industrial Park
Newcastle Upon Tyne
England
NE27 0QF
Auditor
Azets Audit Services
Bede House
Belmont Business Park
Durham
United Kingdom
DH1 1TW
NOLATO JAYCARE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 28
NOLATO JAYCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

The principal activity of the company continued to be that of the manufacture, distribution and sale of plastic injection moulding and related products.

Review of the business

The Newcastle site is focused on delivering design, development and manufacturing services to the worldwide Medtech industry, with a strong focus in UK and Ireland. With organic growth strong in all therapy areas and Nolato holding a relatively small market share, growth projections are expected to remain in double digits for the coming years. During 2023 turnover at the Newcastle site increased by 14.4% to £30,095,986 and a strong NPI pipeline will ensure continuous growth through 2024 and 2025.

Principal risks and uncertainties

Economic uncertainty risk

The current macro-economic and political environment continues to add volatility to commodity purchases, in particular raw materials and energy which are major cost drivers. The climate adds an element of risk to short-term profitability but all possible measures have been taken to mitigate any major risks. Nolato has an active sustainability program which aims to significantly reduce its reliance on fossil fuels, making it less susceptible to sudden changes in market demand and spot pricing effects.

 

Financial risk management policy

The company's principal financial instruments comprise cash and cash equivalents and loans from related parties. Other financial assets and liabilities, such as trade debtors, trade creditors and other related parties balances, arise directly from the company's operating activities.

 

The main risks associated with the company's financial assets and liabilities are set out below. The company does not undertake any hedging activity.

 

Interest rate risk

The company invests surplus cash in floating rate interest yielding bank accounts. Therefore, financial assets, interest income and cash flows can be affected by movements in interest rates. However, the directors do not consider there to be any significant exposure.

 

Liquidity risk

The company aims to mitigate liquidity risk by managing cash generated by its operations. Capital expenditure is approved by the directors and flexibility is maintained by retaining surplus cash in readily accessible bank accounts.

 

Credit risk

The company's policy is aimed at minimising such losses and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures and overdue debts are monitored with customers subject to credit limits to ensure that the company's exposure to bad debts is not significant.

 

Price risk

There is no significant exposure to changes in the carrying value of financial liabilities.

NOLATO JAYCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

In the year the company maintained key performance indicators to measure operational and financial aspects of the business.

 

The company's financial performance indicators during the year were as follows:

                2023        2022        Change                                 £        £        %            

Turnover                £30,095,986    £26,314,430    14.4%    

Operating profit            £6,454,145    £4,254,904    51.7%

 

Other performance indicators during the year were as follows:

 

 

These are considered to be satisfactory given the business position outlined above.

On behalf of the board

A Sweeting
Director
19 April 2024
NOLATO JAYCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Sweeting
C Wahlquist
G Svedberg
J Iveberg
Financial instruments

The Company is normally self-financing in all of its activities. Other financial assets and liabilities, such as trade debtors, trade creditors and inter-group debtors and creditors, arise directly from the Company’s operating activities. The Company’s ultimate parent (Nolato AB) has indicated its willingness to provide additional financial support to the Company, should such support be required, for the foreseeable future.

The Company’s activities expose it to a variety of financial risks including price, credit risk and foreign exchange risk. There are robust procedures in place to manage these exposures, which include material price mechanisms in place with customers to offset price movement and thorough regular reviews of overdue debt. Where the foreign exchange risk is material, mechanisms are in place with the customer to adjust for movements in the rate.

Research and development

The company policy is to invest in new product development in order to maintain and develop the future product portfolio.

Future developments

Nolato Jaycare continues to expand its medical portfolio across a range of therapy areas, most notably during 2023 in the respiratory field, with several new Dry Powder Inhaler development and production programs. In support of a strong project pipeline, the business continues to invest in technological advancements, highly skilled technical resource and training development programs to keep Nolato Jaycare at the forefront of MedTech innovation. Capital investments will continue to focus on the costs of new product introduction, energy efficiency utilities and sustainable solutions.

Auditor

The auditor Azets Audit Services are deemed to be reappointed under section 487(2) of the Companies Act 2006.

NOLATO JAYCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A Sweeting
Director
19 April 2024
NOLATO JAYCARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOLATO JAYCARE LIMITED
- 5 -
Opinion

We have audited the financial statements of Nolato Jaycare Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NOLATO JAYCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOLATO JAYCARE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NOLATO JAYCARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOLATO JAYCARE LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's 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.

Angela Ingham FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
7 May 2024
Chartered Accountants
Statutory Auditor
Bede House
Belmont Business Park
Durham
United Kingdom
DH1 1TW
NOLATO JAYCARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
30,095,986
26,314,430
Change in stocks and in work in progress
74,719
740,305
Raw materials and consumables
(12,863,496)
(13,161,428)
17,307,209
13,893,307
Staff costs
6
(6,501,568)
(5,858,512)
Depreciation and other amounts written off tangible and intangible fixed assets
4
(2,463,427)
(2,035,366)
Other operating expenses
(1,888,069)
(1,744,525)
Operating profit
4
6,454,145
4,254,904
Investment revenues
8
48,772
636
Finance costs
9
(119,555)
(148,719)
Exceptional items
10
(96,154)
(171,163)
Profit before taxation
6,287,208
3,935,658
Income tax expense
11
(1,373,145)
(632,112)
Profit and total comprehensive income for the year
4,914,063
3,303,546
NOLATO JAYCARE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
116,569
140,063
Tangible fixed assets
13
12,319,200
10,096,430
Right-of-use assets
13
6,470,855
6,963,714
18,906,624
17,200,207
Current assets
Stocks
14
3,470,882
3,146,984
Debtors
16
17,966,933
16,454,421
Cash at bank and in hand
1,335,247
450,870
22,773,062
20,052,275
Creditors: amounts falling due within one year
17
(3,907,480)
(4,529,962)
Net current assets
18,865,582
15,522,313
Total assets less current liabilities
37,772,206
32,722,520
Creditors: amounts falling due after more than one year
17
(6,532,122)
(6,919,367)
Provisions for liabilities
Deferred tax liabilities
21
(1,959,144)
(1,436,276)
Net assets
29,280,940
24,366,877
Capital and reserves
Called up share capital
24
4,000,000
4,000,000
Profit and loss reserves
25,280,940
20,366,877
Total equity
29,280,940
24,366,877
The financial statements were approved by the board of directors and authorised for issue on 19 April 2024 and are signed on its behalf by:
A Sweeting
Director
Company registration number 00598957
NOLATO JAYCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
4,000,000
17,063,331
21,063,331
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
3,303,546
3,303,546
Balance at 31 December 2022
4,000,000
20,366,877
24,366,877
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
4,914,063
4,914,063
Balance at 31 December 2023
4,000,000
25,280,940
29,280,940
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Nolato Jaycare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 New York Way, New York Industrial Park, Newcastle Upon Tyne, England, NE27 0QF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £.

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Nolato AB. The group accounts of Nolato AB are available to the public and can be obtained as set out in note 25.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

The financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. The Company's business activities, together with the factors likely to affect its future development, performance and position are set out above.true

During the year the Company made an operating profit of £6,454,145 (2022: £4,254,904) and a profit before taxation of £6,287,208 (2022: £3,935,658). As at 31 December 2023, the Company maintained a net current asset position of £18,865,582 (2022: £15,522,313). The Company remains profitable and continues to generate cash. Therefore, the Directors are of the view that market conditions do not affect the Company’s ability to continue as a going concern which assumes that the Company will continue in operational existence and meet its liabilities as they fall due for the period to 31 December 2025.

The Company’s current bank account balance was over £1.4million in March 2024, and the long term forecast shows strong growth in turnover and profitability. The directors have prepared cash flow periods to cover the period through to 2025.

The Company’s cash flow forecasts have been regularly updated, incorporating our actual experience along with our expected future outturn. The cash flow forecast has been sensitised, setting out the Company’s resilience to the principal risks and uncertainties in the severe but plausible scenario.

The cashflow forecasts prepared for the going concern assessment period, including the impact from various downside scenarios noted, demonstrate that the Company is expected to maintain sufficient cash balances in place throughout 2024 and beyond.

The Company has a loan receivable balance of £11,871,609 (2022: £11,486,113), including £1,929,834 with CA Portsmouth Limited (2022: £1,929,834) and £9,941,775 with Nolato Holdings Limited (2022: £9,556,279). The Directors fully expect that this loan will be recoverable based on confirmations of such from the parent company to Nolato Holdings Limited and CA Portsmouth Limited.

In addition to the Company’s own cash funds held and generated, the directors have also sought and obtained a confirmation of financial support from the ultimate parent company, Nolato AB, should such financial support be required for the period to 31 December 2025. The Directors have also received a written letter of support from the parent company and have satisfied themselves that the parent is willing and able to provide such support.

The Directors consider that the Company is well placed to manage business and financial risks in the current economic environment. The Directors have considered the Company’s current and future prospects and its availability of financing and are satisfied that the Company can continue to pay its liabilities as they fall due for a period to 31 December 2025.

On this basis, the Company is considered to have appropriate financial resources to manage its business risks successfully. After reviewing the above, the directors have concluded that they have a reasonable expectation that the Company has adequate resources to continue as a going concern for the period to 31 December 2025. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover

Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has concluded that it is the principal in its revenue arrangements as it typically controls the goods or services before transferring them to the customer.

Revenue from the sale of goods is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the goods. The normal credit term given is 30-90 days upon delivery. The company considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. The Company also considers the effects of variable consideration, including rebates and discounts, and the existence of any significant financing components.

Revenue from contracts with customers for the design and development of new products is recognised over time, using an input method to measure progress towards completion of the contract. The input method used is normally costs incurred to date as a percentage of total costs expected to complete the project (‘the POC method’).

1.4
Intangible assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Software                  3 years straight line

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over the term of the lease
Leasehold improvements
10 years straight line
Plant and equipment
between 3 to 25 years straight line
Other ROU assets
straight line over the term of the lease
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and disposal.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

1.8
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables. The Company considers historical credit loss experience, adjusted for forward-looking factors specific to the receivables and the economic environment in determining the allowance for the ECLs.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.10
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.14
Retirement benefits

The Company participates in a defined contribution pension scheme. Employer contributions to the scheme are charged to the Statement of Comprehensive Income as they become payable, as a consequence of qualifying service received from staff.

1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16
Foreign exchange

The Company’s financial statements are presented in sterling, which is also the Company’s functional currency.

Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date.

All differences are taken to the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.

NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.17

Research and development costs

Research costs are expensed as incurred. Development expenditure on an individual project is recognised as an intangible asset when the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.

1.18

Exceptional items

Exceptional items are any unusual or infrequent income or costs which are not considered to be part of the Company’s ordinary business.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Key sources of estimation uncertainty
Stocks

The determination of the provision required to ensure stocks are recorded at the lower of costs and net realisable value. The carrying amount of stocks at the year end was £3,470,882 (2022: £3,416,984).

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sales of pharmaceutical packaging and medical devices
25,898,151
23,715,185
Sales of project tooling and services
4,197,835
2,599,245
30,095,986
26,314,430
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover
(Continued)
- 19 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,248,113
8,510,930
Rest of Europe
18,176,209
15,131,050
Other
3,671,664
2,672,450
30,095,986
26,314,430

The amount of revenue recognised at a point in time in 2023 was £25,898,151 (2022: £23,715,185) and revenue recognised over time was £4,197,835 (2022: £2,599,245).

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2,020)
13,493
Research and development costs
166,899
172,931
Depreciation of property, plant and equipment
2,370,262
1,964,705
Amortisation of intangible assets
93,165
70,661
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
38,000
6
Employees

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

2023
2022
Number
Number
Production staff
144
138
Management and office staff
24
22
Total
168
160
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
5,905,425
5,192,470
Social security costs
440,366
499,748
Pension costs
155,777
166,294
6,501,568
5,858,512
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
143,772
142,940
Company pension contributions to defined contribution schemes
14,300
21,369
158,072
164,309

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

The directors remuneration table only includes the remuneration of those directors remunerated by the business and no apportionment of the costs of other directors is included in the disclosures due to their roles for Nolato Jaycare Limited being incidental with their roles elsewhere within the group.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
48,772
636
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,292
21,755
Interest on lease liabilities
116,263
126,964
119,555
148,719
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Exceptional items
2023
2022
£
£
Historical supplier transactions unallocated
(96,154)
(171,163)
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
878,733
82,075
Adjustments in respect of prior periods
(28,456)
-
Total UK current tax
850,277
82,075
Deferred tax
Origination and reversal of temporary differences
522,868
550,037
Total tax charge
1,373,145
632,112

In the budget on 3 March 2021, the UK Government announced an increase in the main UK corporation tax rate from 19% to 25% with effect from 1 April 2023. The change in rate was substantively enacted on 24 May 2021. Deferred tax has been calculated at 25% which was the tax rate substantively enacted at 31 December 2023.

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£
£
Profit before taxation
6,287,208
3,935,658
Expected tax charge based on a corporation tax rate of 25.00% (2022: 19.00%)
1,571,802
747,775
Effect of expenses not deductible in determining taxable profit
4,557
948
Adjustment in respect of prior years
(28,456)
-
0
Effect of change in UK corporation tax rate
(56,090)
-
0
Permanent capital allowances in excess of depreciation
4,001
(122,061)
UK deferred tax charge relating to changes in tax laws or rates
-
132,007
Group relief not paid
(122,669)
(126,557)
Taxation charge for the year
1,373,145
632,112
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Intangible fixed assets
Software
£
Cost
At 31 December 2022
254,111
Additions - purchased
69,671
At 31 December 2023
323,782
Amortisation and impairment
At 31 December 2022
114,048
Charge for the year
93,165
At 31 December 2023
207,213
Carrying amount
At 31 December 2023
116,569
At 31 December 2022
140,063
13
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Other ROU assets
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
8,806,587
3,586,514
14,483,021
10,446
140,750
27,027,318
Additions
-
0
635,560
3,464,613
-
0
-
0
4,100,173
At 31 December 2023
8,806,587
4,222,074
17,947,634
10,446
140,750
31,127,491
Accumulated depreciation and impairment
At 1 January 2023
1,842,873
838,946
7,267,726
10,446
7,183
9,967,174
Charge for the year
492,859
326,567
1,522,686
-
0
28,150
2,370,262
At 31 December 2023
2,335,732
1,165,513
8,790,412
10,446
35,333
12,337,436
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Other ROU assets
Motor vehicles
Total
£
£
£
£
£
£
(Continued)
- 23 -
Carrying amount analysed between owned assets and right-of-use assets
At 31 December 2023
Owned assets
-
3,056,561
9,157,222
-
105,417
12,319,200
Right-of-use assets
6,470,855
-
-
-
-
6,470,855
6,470,855
3,056,561
9,157,222
-
0
105,417
18,790,055
At 31 December 2022
Owned assets
-
2,747,568
7,215,295
-
133,567
10,096,430
Right-of-use assets
6,963,714
-
-
-
-
6,963,714
6,963,714
2,747,568
7,215,295
-
0
133,567
17,060,144

Tangible fixed assets includes right-of-use assets, as follows:

Right-of-use assets
2023
2022
£
£
Net values at the year end
Property
6,470,855
6,963,714
Depreciation charge for the year
Property
492,859
492,859

The right of use assets are amortised on a straight line basis over the relevant lease period, and the values recorded are calculated based on the committed lease payment amounts at the commencement of the lease, discounted at a weighted incremental borrowing rate (1.7%). The interest charge relating to the lease liabilities in the year was £120,294 (2022: £126,964). Total Cash Outflow for leases in 2023 was £470,095 (2022: £470,095). There are no break clauses within the leases.

Included in plant and equipment for the Company at 31 December 2023 was an amount of £680,035 (2022: £1,440,324) relating to expenditure for plant and equipment in the course of construction.

14
Stocks
2023
2022
£
£
Raw materials and consumables
1,214,138
964,959
Work in progress
127,897
132,292
Finished goods and goods for resale
2,128,847
2,049,733
3,470,882
3,146,984
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
Contracts with customers

The company has recognised the following assets and liabilities related to contracts with customers:

Contract assets
2023
2022
£
£
Accrued income service contracts
192,792
823,809

The contract assets primarily relate to projects to provide tooling and services to customers for future sales related to packaging or medical devices. As such, the balance of this account can vary year on year dependant on the number of project ongoing at the end of the reporting year. Contract assets are transferred to the receivables when the receivables become unconditional.

Contract liabilities
2023
2022
£
£
Advanced payments
536,333
506,425

The contract liabilities primary relate to remaining obligations for which consideration has been received such as down payments for tooling or machinery.

 

The majority of our customer contracts contain both asset and liability positions. At the end of each reporting period, these positions are netted on a contract basis and presented as either an asset or a liability in the consolidated Balance Sheet. Consequently, a contract balance can change between periods from a net contract asset balance to a net contract liability balance in the balance sheet.

 

There was no revenue recognised in the current reporting period that related to performance obligations that were satisfied in a prior year.

 

Revenue is recognised based on percentage completion method. The percentage of completion method falls in line with IFRS 15, which indicates that revenue from performance obligations recognised over a period of time should be based on the percentage of completion. The method recognises revenues in proportion to the completeness of the contracted project. It is commonly measured through the cost-to-cost method assuming it can be reasonably estimated.

 

Revenue not recognised in the reporting period that was included in the contract liability at the beginning of the period refers to amounts of contract liabilities that were recognised as a liability in the opening balance and have subsequently not been recognised as revenue in the period, therefore these amounts are a contract liability at both the beginning and the end of the period.

 

 

 

Expected period for revenue recognition
2023
2022
£
£
Due within one year
2,045,699
1,299,879
More than one year
-
-
2,045,699
1,299,879
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Contracts with customers
(Continued)
- 25 -

The table above presents the aggregate amount of revenues expected to be realised in the future from partially or fully unsatisfied performance obligations recognised over time. The amounts disclosed above represent value of firm orders only. Such orders may be subject to future modifications that might impact the amount and/or timing of revenue recognition. The amounts disclosed above do not include constrained variable consideration, unexercised options or letters of intent.

Significant changes in the period
2023
2022
Contract assets
Contract liabilities
Contract assets
Contract liabilities
£
£
£
£
Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period
27,321
554,827
314,649
139,837
16
Debtors
2023
2022
£
£
Trade debtors
4,916,356
3,568,169
Provision for bad and doubtful debts
(61,372)
(61,372)
4,854,984
3,506,797
Corporation tax recoverable
270,474
460,751
VAT recoverable
355,310
365,444
Amounts owed by fellow group undertakings
11,871,609
11,486,113
Other debtors
119,254
97,824
Prepayments and accrued income
495,302
537,492
17,966,933
16,454,421
17
Creditors
Due within one year
Due after one year
2023
2022
2023
2022
Notes
£
£
£
£
Loans and overdrafts
18
-
0
542,703
-
0
-
0
Creditors
19
2,817,170
3,479,813
-
0
-
0
Taxation and social security
112,814
103,725
-
-
Lease liabilities
20
441,165
403,721
6,532,122
6,919,367
Deferred income
22
536,331
-
0
-
0
-
0
3,907,480
4,529,962
6,532,122
6,919,367
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
18
Loans and overdrafts
2023
2022
£
£
Borrowings held at amortised cost:
Bank overdrafts
-
542,703
19
Creditors
2023
2022
£
£
Trade creditors
2,312,746
2,944,470
Amounts owed to fellow group undertakings
249,952
149,849
Accruals and deferred income
175,646
330,063
Other creditors
78,826
55,431
2,817,170
3,479,813
20
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
399,411
403,721
In two to five years
1,302,306
1,302,306
In over five years
5,229,816
5,617,061
Total undiscounted liabilities
6,931,533
7,323,088

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
441,165
403,721
Non-current liabilities
6,532,122
6,919,367
6,973,287
7,323,088
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
116,263
126,964
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Assets
Liabilities
Total
£
£
£
Liability at 1 January 2022
-
0
1,012,597
1,012,597
Asset at 1 January 2022
(126,358)
-
0
(126,358)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
126,358
423,679
550,037
Liability at 1 January 2023
-
1,436,276
1,436,276
Deferred tax movements in current year
Charge/(credit) to profit or loss
-
522,868
522,868
Liability at 31 December 2023
-
1,959,144
1,959,144
22
Deferred revenue
2023
2022
£
£
Arising from amounts invoiced in advance
536,331
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
155,777
166,294

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

Contributions amounting to £45,141 (2022: £36,954) were payable to the scheme at the year end and are included in creditors.

24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,000,000
4,000,000
4,000,000
4,000,000
NOLATO JAYCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Controlling party

The Company is a subsidiary undertaking of Nolato AB, which is the ultimate parent company and controlling party, and incorporated in Sweden. Nolato AB is the largest entity which prepares group financial statements which include the company. The Nolato AB group financial statements can be obtained from Nolato AB, SE-269 04 Torekov, Sweden.

 

The Company immediate parent undertaking is C A Portsmouth Limited, a company incorporated in the United Kingdom.

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