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Registration number: 00494330

Northcot Brick Ltd

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Northcot Brick Ltd

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Profit and Loss Account and Statement of Retained Earnings

7

Balance Sheet

8

Notes to the Financial Statements

9 to 18

 

Northcot Brick Ltd

Company Information

Directors

Mr AJ Parker

Mr M J H Hodgskin-Brown

Company secretary

Mrs A Hodgskin-Brown

P Keenan

Registered office

Westhaven House
Arleston Way
Shirley
Solihull
West Midlands
B90 4LH

Auditors

Buckler Spencer Limited
Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

 

Northcot Brick Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr AJ Parker

Mr M J H Hodgskin-Brown

Going concern

Based on the company making profits in the new year, the current market conditions, and the level of cash held, the directors believe there is no material uncertainty that may cast doubt on the entity's ability to continue as a going concern.

Principal threats at the present time are rising energy prices and reducing national demand for bricks currently. The strategy of producing bespoke and unique brick products continues to work well.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware. The principal activity of the client is brick manufacture.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr M J H Hodgskin-Brown
Director

 

Northcot Brick Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Northcot Brick Ltd

Independent Auditor's Report to the Members of Northcot Brick Ltd

Opinion

We have audited the financial statements of Northcot Brick Ltd (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and 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 company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 accordance with the current standards governing audits we have taken advantage of the Ethical Standards provisions issued by the Financial Reporting Council (FRC), relating to “Ethical Standard - Provisions Available for Small Entities”, with reference to manamgent & familiarity threats.
 

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Northcot Brick Ltd

Independent Auditor's Report to the Members of Northcot Brick Ltd

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 3], 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 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.

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

 

Northcot Brick Ltd

Independent Auditor's Report to the Members of Northcot Brick Ltd

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and, considered the risk of acts by management and the directors of the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006 and the Financial Reporting Standard 102. We made enquiries of the directors of the company to obtain further understanding of risks of non-compliance.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:

• agreement of the financial statement disclosures to underlying supporting documentation;
• enquiries of management regarding known or suspected instances of non-compliance with laws and regulations;
• review of minutes of the director and management board meetings throughout the year; and
• obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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. There are
inherent limitations in the audit procedures performed 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 are to become aware of it.

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

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.

......................................
David Bezant FCCA (Senior Statutory Auditor)
For and on behalf of Buckler Spencer Limited, Statutory Auditor

Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

28 November 2024

 

Northcot Brick Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

5,118,505

5,677,840

Cost of sales

 

(3,673,826)

(3,047,079)

Gross profit

 

1,444,679

2,630,761

Administrative expenses

 

(1,765,651)

(1,864,221)

Other operating income

4

214,450

150,870

Operating (loss)/profit

5

(106,522)

917,410

Gain on financial assets at fair value through profit and loss

 

776,768

347,725

Other interest receivable and similar income

6

20,033

13,309

 

796,801

361,034

Profit before tax

 

690,279

1,278,444

Taxation

9

(350,871)

(304,715)

Profit for the financial year

 

339,408

973,729

Retained earnings brought forward

 

6,647,472

6,173,605

Retained earnings carried forward

 

6,986,880

7,147,334

 

Northcot Brick Ltd

(Registration number: 00494330)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

2,057,870

2,024,138

Investment property

11

4,102,382

2,079,378

 

6,160,252

4,103,516

Current assets

 

Stocks

12

1,806,703

1,576,083

Debtors

13

1,800,126

2,510,273

Cash at bank and in hand

 

549,040

619,290

 

4,155,869

4,705,646

Creditors: Amounts falling due within one year

15

(1,777,379)

(1,009,828)

Net current assets

 

2,378,490

3,695,818

Total assets less current liabilities

 

8,538,742

7,799,334

Provisions for liabilities

16

(1,050,000)

(650,000)

Net assets

 

7,488,742

7,149,334

Capital and reserves

 

Called up share capital

2,000

2,000

Other reserves

499,862

499,862

Retained earnings

6,986,880

6,647,472

Shareholders' funds

 

7,488,742

7,149,334

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................

Mr M J H Hodgskin-Brown
Director

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England in the United Kingdom.

The address of its registered office is:
Westhaven House
Arleston Way
Shirley
Solihull
West Midlands
B90 4LH

The principal place of business is:
Station Road
Blockley
Moreton-in-Marsh
Gloucestershire
GL56 9LH

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation of the financial statements is in pound sterling and is rounded to the nearest £1.

Summary of disclosure exemptions

The company has elected to take up certain exemptions in accordance with S1A of FRS 102 which include:

1. Preparation of a cash flow statement
2. Preparation of a strategic report
3. Disclosure of key management remuneration.

Going concern

The financial statements have been prepared on a going concern basis.

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured which is when the bricks are despatched or, with the properties, when the date is reached as agreed in the signed contract;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. The company does not capitalise any interest charges incurred during the asset acquisition and installation processes.

Tangible assets are reviewed monthly for potential signs of impairment during the stock take and are also reviewed annually by management. Any impairment is assessed and adjusted as required are made.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

2% on cost of buildings

Plant and Machinery

10% to 25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.

This year, the valuation was carried out by the directors based on the rental yield basis used by professional valuers within the group. It is assumed that the basis used by the professional valuer for other group properties is a reasonable formula for the properties in the company.

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined benefit pension obligation

Contributions to the defined benefit scheme are charged to the Profit and Loss Account at rates determined by an independent actuary so as to spread the cost of pensions over employees' working lives. Contributions to the defined contribution scheme are charged to the Profit and Loss Account as they become payable.

Long term employee benefits

Employers are entitled to holiday pay in accordance with current regulations. As the year end and holiday period are different, this gives rise to a holiday pay accrual. This is based upon the proportion of holiday days used per staff member at the year end with an accrual or prepayment being reserved as appropriate in the financial statements.

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

5,118,505

5,677,840

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Rental income from investment property

214,450

150,870

5

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

179,504

159,093

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

20,033

13,309

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,153,654

2,122,297

Social security costs

235,237

217,496

Pension costs, defined contribution scheme

94,216

101,691

Other employee expense

97,876

123,747

2,580,983

2,565,231

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

46

46

Administration and support

14

15

60

61

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

4,836

4,605

Other fees to auditors

All other services relating to corporate finance transactions on behalf of the company or any associates

6,044

5,757


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(49,129)

130,465

Deferred taxation

Arising from changes in tax rates and laws

400,000

174,250

Tax expense in the income statement

350,871

304,715

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 19% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

690,279

1,278,444

Corporation tax at standard rate

138,476

242,904

Tax increase from effect of capital allowances and depreciation

212,395

61,811

Total tax charge

350,871

304,715

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred tax

Deferred tax assets and liabilities

10

Tangible assets

Land and buildings
£

Plant & machinery
£

Total
£

Cost or valuation

At 1 July 2023

1,235,779

4,421,014

5,656,793

Additions

-

213,236

213,236

At 30 June 2024

1,235,779

4,634,250

5,870,029

Depreciation

At 1 July 2023

144,708

3,487,947

3,632,655

Charge for the year

43,200

136,304

179,504

At 30 June 2024

187,908

3,624,251

3,812,159

Carrying amount

At 30 June 2024

1,047,871

1,009,999

2,057,870

At 30 June 2023

1,091,071

933,067

2,024,138

Included within the net book value of land and buildings above is £960,154 (2023 - £1,003,354) in respect of freehold land and buildings and £87,717 (2023 - £87,717) in respect of short leasehold land and buildings.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant & Machinery

-

-

   
 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Investment properties

2024
£

At 1 July

2,079,378

Acquired through business combinations

1,246,236

Fair value adjustments

776,768

At 30 June

4,102,382

There has been no valuation of investment property by an independent valuer.

Included in fair value if investment property is freehold land of £10,000 (2023 - £10,000) which is not depreciated.

Note

2024
 £

2021
 £

Cost

 

1,163,151

1,163,151

Aggregated depreciation

 

(488,523)

(465,260)

 

674,628

697,891

12

Stocks

2024
£

2023
£

Raw materials and consumables

329,550

174,829

Production supplies

192,681

505,463

Finished goods and goods for resale

1,284,472

895,791

1,806,703

1,576,083

13

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

837,775

868,512

Amounts owed by related parties

789,267

1,580,586

Prepayments

 

141,356

61,175

Income tax asset

9

31,728

-

   

1,800,126

2,510,273

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

350

350

Cash at bank

548,690

618,940

549,040

619,290

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

605,047

342,075

Amounts due to related parties

757,390

85,642

Social security and other taxes

 

78,681

269,752

Accruals

 

336,261

312,359

 

1,777,379

1,009,828

16

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 July 2023

650,000

650,000

Additional provisions

400,000

400,000

At 30 June 2024

1,050,000

1,050,000

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £94,216 (2023 - £101,691).

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

       
 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

54,996

26,405

The amount of non-cancellable operating lease payments recognised as an expense during the year was £39,182 (2023 - £67,272).

 

Northcot Brick Ltd

Notes to the Financial Statements for the Year Ended 30 June 2024

20

Commitments

Pension commitments

The company contributes to a pension scheme operated by it and fellow subsidiaries. The scheme is of the funded defined benefit type. The assets of which are held separately from those of the company, being invested with an insurance company. The latest actuarial valuation was as at 30 June 2024 the details of which are shown in the accounts of E H Smith Holdings Limited.

E H Smith (Builders Merchants) Limited is the main employer and therefore accounts for the scheme within its financial statements as required by Financial Reporting Standard No 102 (FRS 102).

At 30 June 2024 the scheme had a surplus calculated under the assumptions used in FRS 102 £3,415 million (2023 - £3,234 million surplus), being the difference between the fair value of the assets and the present value of the liabilities. The directors wish to make it clear that the valuation does not account for the guaranteed annuity rate held. Based on the nature of the scheme, it is not possible to accurately determine the deficit specifically attributable to the company. Commitments provided for in the accounts amounted to £94,230 (2023 - £101,691). Commitments not provided for in the accounts amounted to £Nil (2023 - £Nil). £Nil relates to pension commitments related to pensions payable to past directors (2023 - £Nil).

21

Contingent liabilities

The bank account is part of a common bank account known as "Smith Companies Group Account" which has been guaranteed jointly and severally by E H Smith Holdings Limited, all its subsidiary companies and other non-group companies in which its shareholders and directors have interest. At 30 June 2024 there was no liability under this guarantee (2023 nil).

22

Parent and ultimate parent undertaking

The company's immediate parent is EH Smith (Holdings) Ltd, incorporated in England.