IRIS Accounts Production v24.3.0.553 04061616 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 true true false true true false false false true false Ordinary A shares 0 Ordinary B shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh040616162023-03-31040616162024-03-31040616162023-04-012024-03-31040616162022-03-31040616162022-04-012023-03-31040616162023-03-3104061616ns15:EnglandWales2023-04-012024-03-3104061616ns14:PoundSterling2023-04-012024-03-3104061616ns10:Director12023-04-012024-03-3104061616ns10:Director22023-04-012024-03-3104061616ns10:Consolidated2024-03-3104061616ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3104061616ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104061616ns10:Consolidatedns10:FRS1022023-04-012024-03-3104061616ns10:Consolidatedns10:Audited2023-04-012024-03-3104061616ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104061616ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3104061616ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3104061616ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3104061616ns10:FullAccounts2023-04-012024-03-310406161612023-04-012024-03-3104061616ns10:OrdinaryShareClass22023-04-012024-03-3104061616ns10:OrdinaryShareClass32023-04-012024-03-3104061616ns10:Consolidated2023-04-012024-03-3104061616ns10:Director32023-04-012024-03-3104061616ns10:RegisteredOffice2023-04-012024-03-3104061616ns10:Consolidated2022-04-012023-03-3104061616ns5:CurrentFinancialInstruments2024-03-3104061616ns5:CurrentFinancialInstruments2023-03-3104061616ns5:ShareCapital2024-03-3104061616ns5:ShareCapital2023-03-3104061616ns5:RetainedEarningsAccumulatedLosses2024-03-3104061616ns5:RetainedEarningsAccumulatedLosses2023-03-3104061616ns5:ShareCapital2022-03-3104061616ns5:RetainedEarningsAccumulatedLosses2022-03-3104061616ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3104061616ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3104061616ns5:NetGoodwill2023-04-012024-03-3104061616ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104061616ns5:CostValuation2023-03-3104061616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104061616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104061616ns10:OrdinaryShareClass22024-03-3104061616ns10:OrdinaryShareClass32024-03-31
REGISTERED NUMBER: 04061616 (England and Wales)














NEEM HOLDINGS LIMITED

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2024






NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Contents of the Consolidated Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Group Strategic Report 2 to 4

Report of the Directors 5 to 6

Report of the Independent Auditors 7 to 9

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11 to 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18 to 28


NEEM HOLDINGS LIMITED

Company Information
for the year ended 31 March 2024







Directors: Mr Abbas Arbab-Zadeh
Mr M P Carver
Mr A A Arbab-Zadeh





Registered office: 3 Phoenix Park
Apsley Way
London
NW2 7LN





Registered number: 04061616 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Group Strategic Report
for the year ended 31 March 2024


The directors present their strategic report of the company and the group for the year ended 31 March 2024.

Review of business
Revenue in FY2024 decreased to £10M. This was expected because the Manhattan T3 Freeview Play DVR models came to end-of-life at the beginning of the year. This is being replaced by the next generation Manhattan T4 & T4-R DVR ranges. Last year we reported the T4 new platform would be launched late summer 2024 and it was in fact launched in May 2024. Therefore, there has been limited supply of Manhattan receivers during this transition period resulting in the reduced Revenue for FY2024. Based on the initial sales, the directors remain confident that there will be significant Revenue growth in the current and future years.

The Revenue from the other group companies was 0.3% higher than last year. The general domestic market has remained subdued due to high inflation, high interest rates and cost of living crisis. This has affected the demand for general consumer goods.

The Key performance indicator (KPI) is the strength of working capital. The directors continue to focus on the working capital of the group and the Net Current Assets increased to £7,306,000 of which 65% is in Cash. The liquidity is strong despite a few key ratios.

FY2024 FY2023
Debtor Days 46 68
Stock Sales Days 135 43
Current Ratio 5 6.5

The reported stock value is very much dependent on Manhattan TV. Given the limited products available to sell, the stock value should be lower but a container was received near to the Year end. There will be a more consistent flow of stock in the future years. With the expected growth in demand, the directors plan to maintain slightly increased stock levels to ensure continuity of supply.

It's important to point out that the current working capital exceeds the needs of the group over the next couple of years whilst growing the sales of the new product ranges. Should the demand exceed the expectations of the directors, the group has a significant import facility available with its bank.

Principal risks and uncertainties
The group continues to have to fund significant deposits to secure component supply and this will probably continue to be necessary in the future.

The UK Set-top box market has continued to reduce. In 2023, the Manhattan market share was 56% and the delay in adding the Manhattan T4 range to the market might accelerate the decline in the short term. In the longer term, Manhattan market share by Volume and by Value will continue to increase. Initial sales in the T4 range appear to support the director's view.

Manhattan products must continue to present a competitive edge as well as a capability to deliver smart technologies to the UK consumer market. With the ever-increasing fast pace of technological changes, Manhattan TV Limited needs to ensure product innovation meets and exceeds consumer trends and demands.

The Eurosat companies lead the way in system design, parts supply and technical support for building developers and contractors in Integrated Reception Systems. IRS is a transformational digital distribution technology with rapidly increasing demand within communal buildings and multi dwelling properties. However, the British construction activity had reported its biggest fall in more than two years in July 2022, and we continue to experience delays in construction projects. However, with inflation reaching the Bank of England targets, more reports of the expected lowering of interest rates and risk of recession reduced, the situation should change. These are long term commercial projects and growth could cause cash flow issues for developers. Tightly controlled credit management is very important.


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Group Strategic Report
for the year ended 31 March 2024

Research and development
The directors' aim is to continue moving away from low-end, low-priced products to mid/high end products including built-in Freeview Play DVR Digital Video Recorders as well as subscription and Pay per View content apps. Manhattan continues to use its retail relationships and shelf space to promote the brand as the first choice for retailers and consumers.

Manhattan has developed an Integrated Knowledge Base Customer Support System that will improve the user experience. It will eventually be built into the devices aiding people to maximise the benefits of watching TV through a Set-top box and make it quicker to find answers to the many different questions generated from a very dynamic television consumer market.

Objectives
The directors plan to continue to secure the status of the Neem Group companies as follows:

- Manhattan's research has established that customers value the simplicity and ease of use. The group will develop a content strategy which defines how Manhattan will create digital content including FAST (Free Advertised Supported TV) channels in a world where most of the audience are stuck at home and looking for ways to keep themselves entertained at a minimal cost.

- Eurosat will continue relationships with all core vendors in the specialist independent Reseller Market sector and with a nationwide network of branches, Eurosat will remain the UK's leading value-added distributor of satellite and AV equipment to the sector. The companies are adopting a more strategic purchasing policy with manufactures whilst building closer ties to leverage some cost advantage and also gain market share.
Additionally, Eurosat will continue to innovate in IRS technology and will grow the business by increasing offers and output for newer technologies such as home networking.

- National Broadband will take advantage of the growing mobile phone mast infrastructure with the aim of growing the subscriber base of rural home and business premises that have no access to "decent" broadband. National Broadband plan to bridge this broadband "Digital Divide". More recently, the 5G mobile infrastructure is expanding at a significant rate and evermore of the rural population will be able to receive even faster broadband.

Future developments
The key focus for this year is to solidify the key relationships we have with retailers and grow the consumer base of the Manhattan brand directly targeting customers that fall into the viewer category where there will be demand for IP delivered content.

The flagship Manhattan T4 range is the fastest & easiest way to enjoy the very best of British TV and being the simplest way to use Freeview Play to watch British television via the aerial & IP. The directors are researching a way of adapting the Freeview Play features into the Freesat platform and offer the same experience to those with a satellite dish although this could only be sold under licence.

Eurosat Branches have identified a new route to market, Integrated Reception Systems - Communal Buildings. An important area of focus and expertise is towards the increasing demand and changing technology for integrated reception systems for communal buildings. Eurosat works with all the leading constructors and provides full system design, parts supply and technical support for building contractors.

The National Broadband offers 4G and 5G broadband to homes and businesses with an internet connection that can be relied on. Their aim is to find the best possible connection for every location in the United Kingdom. 5G broadband subscriber sales will exceed 4G by the end of next year and many towns and cities are being added to the target market.


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Group Strategic Report
for the year ended 31 March 2024

Carbon footprint
With the UK government committing to Net Zero by 2050, the directors recognize that reducing carbon emissions is a business imperative. In accordance to the Greenhouse Gas Protocol corporate standard, the directors have started to classify the Group greenhouse gas emissions in the three scopes:

Scope 1 Emissions: Before launching a product, the group contract a recognised independent testing house to test to the relevant standards and prove compliance with the regulations and directives. Regulations, directives and their associated standards are reviewed every 6 months and if there are any changes, or a certain amount of time has passed, the independent testing house test the products again. The Group is conscious that all new delivery vans must cause as little environmental impact as possible.

Scope 2 Emissions: The main premises use LED lighting. Plans are in place to fit smart meters allowing energy consumption to be controlled.

Scope 3 Emission reduction. All Upstream and Downstream activities are being identified with a view to establishing policies that reduce indirect emissions and this should also reduce costs.

On behalf of the board:





Mr Abbas Arbab-Zadeh - Director


26 August 2024

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Report of the Directors
for the year ended 31 March 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

Principal activity
The principal activity of the company is that of an investment holding company.

The principal activities of the subsidiaries are:
1. Wholesale distribution of components for digital satellite, terrestrial, HD distribution to the independent trade and Integrated Reception Systems (IRS) for new build developments,
2. Design, development and supply of Freesat and Freeview HD set-top hybrid receivers and recorders,
3. Wholesale distribution of the Manhattan brand of LED lighting, or
4. Provider of broadband via the Astra Satellite to the UK & Eire consumer and business markets.

Dividends
During the year, NEEM Holdings Limited paid a dividend of £NIL (2023: £645,000).

Future developments
Likely future developments in the business of the group are discussed in the strategic report.

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

Mr Abbas Arbab-Zadeh
Mr M P Carver
Mr A A Arbab-Zadeh

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Report of the Directors
for the year ended 31 March 2024


Auditors
The audit business of Haines Watts Essex LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Essex LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr Abbas Arbab-Zadeh - Director


26 August 2024

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


Opinion
We have audited the financial statements of NEEM Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

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

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

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

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


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

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


Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Cross (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

30 August 2024

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Consolidated
Statement of Comprehensive
Income
for the year ended 31 March 2024

2024 2023
Notes £'000 £'000

Turnover 4 9,962 13,013

Cost of sales (6,703 ) (8,670 )
Gross profit 3,259 4,343

Administrative expenses (3,474 ) (4,068 )
(215 ) 275

Other operating income - 2
Operating (loss)/profit 6 (215 ) 277

Interest receivable and similar income 180 42
(35 ) 319

Interest payable and similar expenses 7 (23 ) (7 )
(Loss)/profit before taxation (58 ) 312

Tax on (loss)/profit 8 (288 ) 57
(Loss)/profit for the financial year (346 ) 369

Other comprehensive income - -
Total comprehensive (loss)/income for the
year

(346

)

369

(Loss)/profit attributable to:
Owners of the parent (370 ) 358
Non-controlling interests 24 11
(346 ) 369

Total comprehensive (loss)/income attributable to:
Owners of the parent (370 ) 358
Non-controlling interests 24 11
(346 ) 369

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Consolidated Statement of Financial Position
31 March 2024

2024 2023
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 11 1 3
Tangible assets 12 575 590
Investments 13 10 10
586 603

Current assets
Stocks 14 2,475 1,028
Debtors 15 1,831 2,705
Cash at bank and in hand 4,773 5,223
9,079 8,956
Creditors
Amounts falling due within one year 16 1,780 1,316
Net current assets 7,299 7,640
Total assets less current liabilities 7,885 8,243

Provisions for liabilities 19 6 18
Net assets 7,879 8,225

Capital and reserves
Called up share capital 20 1 1
Revaluation reserve 75 75
Merger reserve 750 750
Retained earnings 6,303 6,673
Shareholders' funds 7,129 7,499

Non-controlling interests 21 750 726
Total equity 7,879 8,225

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Consolidated Statement of Financial Position - continued
31 March 2024


The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





Mr M P Carver - Director


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Company Statement of Financial Position
31 March 2024

2024 2023
Notes £'000 £'000 £'000 £'000
Fixed assets
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 417 417
417 417

Current assets
Debtors 15 - 26
Cash at bank 1,782 1,684
1,782 1,710
Creditors
Amounts falling due within one year 16 5 -
Net current assets 1,777 1,710
Total assets less current liabilities 2,194 2,127

Capital and reserves
Called up share capital 20 1 1
Retained earnings 2,193 2,126
Shareholders' funds 2,194 2,127

Company's profit for the financial year 67 127

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





Mr M P Carver - Director


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Consolidated Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Revaluation
capital earnings reserve
£'000 £'000 £'000
Balance at 1 April 2022 1 6,960 75

Changes in equity
Dividends - (645 ) -
Total comprehensive income - 358 -
Balance at 31 March 2023 1 6,673 75

Changes in equity
Total comprehensive loss - (370 ) -
Balance at 31 March 2024 1 6,303 75
Merger Non-controlling Total
reserve Total interests equity
£'000 £'000 £'000 £'000
Balance at 1 April 2022 750 7,786 715 8,501

Changes in equity
Dividends - (645 ) - (645 )
Total comprehensive income - 358 11 369
Balance at 31 March 2023 750 7,499 726 8,225

Changes in equity
Total comprehensive loss - (370 ) 24 (346 )
Balance at 31 March 2024 750 7,129 750 7,879

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Company Statement of Changes in Equity
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 April 2022 1 2,644 2,645

Changes in equity
Dividends - (645 ) (645 )
Total comprehensive income - 127 127
Balance at 31 March 2023 1 2,126 2,127

Changes in equity
Total comprehensive income - 67 67
Balance at 31 March 2024 1 2,193 2,194

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Consolidated Statement of Cash Flows
for the year ended 31 March 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 (359 ) 1,553
Interest paid (23 ) (6 )
Interest element of hire purchase or finance
lease rental payments paid

-

(1

)
Tax paid 203 (165 )
Net cash from operating activities (179 ) 1,381

Cash flows from investing activities
Purchase of tangible fixed assets (51 ) (28 )
Sale of tangible fixed assets 2 -
Interest received 180 42
Net cash from investing activities 131 14

Cash flows from financing activities
Capital repayments in year - (14 )
Amount introduced by directors - 131
Amount withdrawn by directors (401 ) -
Equity dividends paid - (645 )
Net cash from financing activities (401 ) (528 )

(Decrease)/increase in cash and cash equivalents (449 ) 867
Cash and cash equivalents at beginning
of year

2

5,223

4,356

Cash and cash equivalents at end of year 2 4,773 5,223

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Statement of Cash Flows
for the year ended 31 March 2024


1. Reconciliation of (loss)/profit before taxation to cash generated from operations

2024 2023
£'000 £'000
(Loss)/profit before taxation (58 ) 312
Depreciation charges 69 77
Profit on disposal of fixed assets (2 ) -
Finance costs 23 7
Finance income (180 ) (42 )
(148 ) 354
(Increase)/decrease in stocks (1,447 ) 2,430
Decrease in trade and other debtors 1,174 476
Increase/(decrease) in trade and other creditors 62 (1,707 )
Cash generated from operations (359 ) 1,553

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£'000 £'000
Cash and cash equivalents 4,773 5,223
Year ended 31 March 2023
31.3.23 1.4.22
£'000 £'000
Cash and cash equivalents 5,223 4,356


3. Analysis of changes in net funds

At 1.4.23 Cash flow At 31.3.24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 5,223 (450 ) 4,773
5,223 (450 ) 4,773
Total 5,223 (450 ) 4,773

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements
for the year ended 31 March 2024


1. Statutory information

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

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


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and it's subsidiary undertakings made up to 31 March 2024. The acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal.

Under section 408 of the Companies Act 2006 the company is exempt from the requirement to present it's own profit and loss account.

Significant judgements and estimates
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. The group makes an estimate for obsolete and slow moving stock. Management review the ageing profile and physical condition of stock regularly and use this as a basis for the provision.

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


3. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on receipt of goods by the customer.

Goodwill
Goodwill (representing the excess of the fair value of the consideration given over the fair value of the separable assets acquired) arising on consolidation in respect of acquisitions in 2008, is capitalised. Goodwill is amortised to £nil in equal installments over it's estimated useful life.

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Development costs - 4 years*

* Development costs are amortised to £nil on a per unit sold basis for 4 years following product launch or over the first 100,000 units, whichever is the earlier.

Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property-4% on cost
Improvements to property-20% on cost
Fixtures and fittings-10-20% on cost
Motor vehicles-25% on cost
Computer equipment -25% on cost

Stock
Stocks are stated at the lower of cost and net realisable value. Where applicable, cost includes attributable overheads in bringing the stock to its present condition and location.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


3. Accounting policies - continued
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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

Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the group becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the group will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the
substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities. Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


4. Turnover

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 9,952 13,011
Europe 10 2
9,962 13,013

5. Employees and directors
2024 2023
£'000 £'000
Wages and salaries 2,086 2,539
Social security costs 224 288
Other pension costs 72 67
2,382 2,894

The average number of employees during the year was as follows:
2024 2023

Directors and sales 21 21
Admin and technical 25 26
46 47

The average number of employees by undertakings that were proportionately consolidated during the year was 46 (2023 - 47 ) .

2024 2023
£    £   
Directors' remuneration 603,200 1,041,800
Directors' pension contributions to money purchase schemes 14,724 15,405

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 328,000 667,000

6. Operating (loss)/profit

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£'000 £'000
Depreciation - owned assets 55 63
Depreciation - assets on hire purchase contracts or finance leases 11 11
Profit on disposal of fixed assets (2 ) -
Computer software amortisation 2 3
Auditors' remuneration 26 26
Foreign exchange differences 14 119

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


7. Interest payable and similar expenses
2024 2023
£'000 £'000
Bank interest - 6
Interest on late paid tax 23 -
Hire purchase - 1
23 7

8. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the loss for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 7 (50 )
Tax - prior year 293 -
Total current tax 300 (50 )

Deferred tax (12 ) (7 )
Tax on (loss)/profit 288 (57 )

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

2024 2023
£'000 £'000
(Loss)/profit before tax (58 ) 312
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(15

)

59

Effects of:
Expenses not deductible for tax purposes 4 2
Income not taxable for tax purposes - (19 )
Depreciation in excess of capital allowances 2 8
Utilisation of tax losses 17 (44 )
Adjustments to tax charge in respect of previous periods 293 -
Other timing differences (15 ) 11
Loss carried back - (74 )
Total tax charge/(credit) 286 (57 )

9. Individual statement of comprehensive income

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


NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


10. Dividends

2024 2023
£'000 £'000

Interim - 645

11. Intangible fixed assets

Group
Computer
Goodwill software Totals
£'000 £'000 £'000
Cost
At 1 April 2023
and 31 March 2024 214 24 238
Amortisation
At 1 April 2023 214 21 235
Amortisation for year - 2 2
At 31 March 2024 214 23 237
Net book value
At 31 March 2024 - 1 1
At 31 March 2023 - 3 3

12. Tangible fixed assets

Group
Improvements
Freehold to Plant and
property property machinery
£'000 £'000 £'000
Cost or valuation
At 1 April 2023 542 57 20
Additions - - -
Disposals - (20 ) (1 )
At 31 March 2024 542 37 19
Depreciation
At 1 April 2023 52 57 20
Charge for year 8 - -
Eliminated on disposal - (20 ) (1 )
At 31 March 2024 60 37 19
Net book value
At 31 March 2024 482 - -
At 31 March 2023 490 - -

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


12. Tangible fixed assets - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£'000 £'000 £'000 £'000
Cost or valuation
At 1 April 2023 90 183 130 1,022
Additions 5 37 9 51
Disposals (6 ) (21 ) (10 ) (58 )
At 31 March 2024 89 199 129 1,015
Depreciation
At 1 April 2023 75 136 92 432
Charge for year 6 37 15 66
Eliminated on disposal (6 ) (21 ) (10 ) (58 )
At 31 March 2024 75 152 97 440
Net book value
At 31 March 2024 14 47 32 575
At 31 March 2023 15 47 38 590

Included in cost or valuation of land and buildings is freehold land of £310,600 (2023 - £310,600) which is not depreciated.

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£'000 £'000 £'000
Valuation in 2017 75 - -
Cost 467 37 19
542 37 19

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£'000 £'000 £'000 £'000
Valuation in 2017 - - - 75
Cost 89 199 129 940
89 199 129 1,015

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


12. Tangible fixed assets - continued

Group

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

2024 2023
£'000 £'000
Cost 536 536
Aggregate depreciation 75 75

Value of land in freehold land and buildings 311 311

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£'000
Cost or valuation
At 1 April 2023
and 31 March 2024 44
Depreciation
At 1 April 2023 33
Charge for year 11
At 31 March 2024 44
Net book value
At 31 March 2024 -
At 31 March 2023 11

13. Fixed asset investments

Group
Unlisted
investments
£'000
Cost
At 1 April 2023
and 31 March 2024 10
Net book value
At 31 March 2024 10
At 31 March 2023 10

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


13. Fixed asset investments - continued

Company
Shares in
group
undertakings
£'000
Cost
At 1 April 2023
and 31 March 2024 417
Net book value
At 31 March 2024 417
At 31 March 2023 417

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Manhattan TV Limited
Registered office: UK
Nature of business: Development and supply of satellite TV equipment
%
Class of shares: holding
Ordinary 100.00

Eurosat Distribution Limited
Registered office: UK
Nature of business: Distribution of satellite TV equipment
%
Class of shares: holding
Ordinary 100.00

Eurosat Distribution (Midlands) Limited
Registered office: UK
Nature of business: Distribution of satellite TV equipment
%
Class of shares: holding
Ordinary 50.50

National Broadband Limited (T/A 4G Internet)
Registered office: UK
Nature of business: Reseller of Broadband Services
%
Class of shares: holding
Ordinary 75.01


14. Stocks

Group
2024 2023
£'000 £'000
Finished goods 2,475 1,028

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


15. Debtors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade debtors 1,246 2,427 - -
Other debtors 4 5 - -
Directors' loan accounts 505 104 - -
Tax - 101 - 26
Prepayments and accrued income 76 68 - -
1,831 2,705 - 26

16. Creditors: amounts falling due within one year

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Trade creditors 864 726 - -
Tax 426 24 5 -
Social security and other taxes 46 47 - -
VAT 279 333 - -
Other creditors 11 11 - -
Credit card 2 1 - -
Accrued expenses 152 174 - -
1,780 1,316 5 -

17. Leasing agreements

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£'000 £'000
Within one year 103 116
Between one and five years 16 103
119 219

18. Secured debts

A fixed charge has been granted to HSBC over the property and assets of the group. A floating charge is
also in existence over all assets.

19. Provisions for liabilities

Group
2024 2023
£'000 £'000
Deferred tax 6 18

NEEM HOLDINGS LIMITED (REGISTERED NUMBER: 04061616)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 March 2024


19. Provisions for liabilities - continued

Group
Deferred
tax
£'000
Balance at 1 April 2023 18
Utilised during year (12 )
Balance at 31 March 2024 6

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,577 Ordinary A shares 10p 558 558
4,048 Ordinary B shares 10p 405 405
963 963

21. Non-controlling interests

Group Group
31.3.24 31.3.23
£'000 £'000
At beginning of year 726 715
Share of profits for year 24 11
Dividends paid to NCI in year - -
At end of year
750 726

22. Pension commitments

Pension contributions payable during the year amounted to £71,277 (2023: £67,661). There was £4,524
outstanding at the year end (2023: £5,146).

23. Directors' advances, credits and guarantees

Included within other debtors due within one year is an amount of £505,147 (2023 - £103,607) due from the director, Mr Abbas Arbab-Zaeh.

24. Ultimate controlling party

The ultimate controlling party is Mr A Arbab-Zadeh.