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COMPANY REGISTRATION NUMBER: 11934442
Natick Holdings Limited and its subsidiaries
Consolidated Financial Statements
For the year ended
30 April 2024
Natick Holdings Limited and its subsidiaries
Consolidated Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the consolidated financial statements
15
Natick Holdings Limited and its subsidiaries
Officers and Professional Advisers
The board of directors
Mr A Dhala
Mrs J Dhala
Registered office
46 Syon Lane
Isleworth
England
TW7 5NQ
Auditor
Chowdhary & Co
Chartered accountants & statutory auditor
46 Syon Lane
Isleworth
Middlesex
TW7 5NQ
Natick Holdings Limited and its subsidiaries
Strategic Report
Year ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024. The financial statements consolidate the accounts of Natick Holdings Limited and all its subsidiary undertakings up to 30 April 2024. The subsidiary of Natick Holdings Limited during this year was Alpencare Limited. PRINCIPAL RISKS & UNCERTAINTIES The directors have considered the exposure of the risks. The main risks and uncertainties experienced by the group are largely to be exposure to market interest rates as well as fluctuations in property market. The bank facilities are only entered into where attractive rates and facility terms can be secured. FINANCIAL KEY PERFORMANCE INDICATORS (KPI) The directors consider the following KPIs in evaluating the performance of the business: - Working capital; and - Average rental per square feet
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr A Dhala
Mrs J Dhala
Director
Director
Registered office:
46 Syon Lane
Isleworth
England
TW7 5NQ
Natick Holdings Limited and its subsidiaries
Directors' Report
Year ended 30 April 2024
The directors present their report and the Consolidated financial statements of the group for the year ended 30 April 2024 .
Principal activities
The principal activity of the company during the year was that of rental of properties.
Directors
The directors who served the company during the year were as follows:
Mr A Dhala
Mrs J Dhala
Dividends
Results and dividends The profit for the year, after taxation and minority interest, amounted to £45,456 (2023 - Profit of £1,910,351) During the year dividends paid were £ 60,000 (2023 - £196,000).
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Consolidated financial statements for each financial year. Under that law the directors have elected to prepare the Consolidated 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 Consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period.
In preparing these Consolidated financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the Consolidated 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 Consolidated 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 31 October 2024 and signed on behalf of the board by:
Mr A Dhala
Mrs J Dhala
Director
Director
Registered office:
46 Syon Lane
Isleworth
England
TW7 5NQ
Natick Holdings Limited and its subsidiaries
Independent Auditor's Report to the Members of Natick Holdings Limited and its subsidiaries
Year ended 30 April 2024
Opinion
We have audited the Consolidated financial statements of Natick Holdings Limited and its subsidiaries (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 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 the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the Consolidated financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 April 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's responsibilities for the audit of the consolidated 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 Consolidated 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 Consolidated financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Consolidated 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Consolidated 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 Consolidated financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the Consolidated 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 Consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated 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 Consolidated 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. 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 strategic report and the directors' report for the financial year for which the Consolidated financial statements are prepared is consistent with the Consolidated financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 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: - 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 Consolidated 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 directors' responsibilities statement, the directors are responsible for the preparation of the Consolidated 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 Consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated 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.
Auditor's responsibilities for the audit of the consolidated financial statements
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Consolidated 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. 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 of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the Consolidated financial statements, including the disclosures, and whether the Consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is located on the Financial Reporting Council's website at: https:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Given 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. This risk increases not only by the requirement to law compliance, but also with irregularities occurring because of fraud as this involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Bhupindar Chowdhary FCA
(Senior Statutory Auditor)
For and on behalf of
Chowdhary & Co
Chartered accountants & statutory auditor
46 Syon Lane
Isleworth
Middlesex
TW7 5NQ
31 October 2024
Natick Holdings Limited and its subsidiaries
Consolidated Statement of Comprehensive Income
Year ended 30 April 2024
2024
2023
Continuing operations
Discont'd operations
Total
Continuing operations
Discont'd operations
Total
Note
£
£
£
£
£
£
Turnover
4
38,373
38,373
10,907,117
10,907,117
--------
----
--------
----
-------------
-------------
Gross profit
38,373
38,373
10,907,117
10,907,117
Administrative expenses
( 113,621)
( 113,621)
( 44,945)
( 11,114,874)
( 11,159,819)
Other operating income
5
288,143
81,662
369,805
---------
----
---------
---------
-------------
-------------
Operating (loss)/profit
6
( 75,248)
( 75,248)
243,198
( 126,095)
117,103
Income from shares in group undertakings
10
225,000
225,000
Exceptional items
11
1,647,367
1,647,367
Other interest receivable and similar income
12
125,555
125,555
4,032
4,032
Interest payable and similar expenses
13
( 5,744)
( 11,134)
( 16,878)
---------
----
---------
------------
-------------
-------------
Profit before taxation
50,307
50,307
2,113,853
( 137,229)
1,976,624
Tax on profit
14
( 4,851)
( 4,851)
( 66,273)
( 66,273)
--------
----
--------
------------
---------
------------
Profit for the financial year and total comprehensive income
45,456
45,456
2,047,580
( 137,229)
1,910,351
--------
----
--------
------------
---------
------------
Profit for the financial year attributable to:
The owners of the parent company
45,456
1,944,658
Non-controlling interests
( 34,307)
--------
------------
45,456
1,910,351
--------
------------
Natick Holdings Limited and its subsidiaries
Consolidated Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
16
550,000
550,000
Current assets
Debtors
17
10,000
50,500
Cash at bank and in hand
3,712,654
3,630,124
------------
------------
3,722,654
3,680,624
Creditors: amounts falling due within one year
18
93,245
36,671
------------
------------
Net current assets
3,629,409
3,643,953
------------
------------
Total assets less current liabilities
4,179,409
4,193,953
Provisions
19
66,273
66,273
------------
------------
Net assets
4,113,136
4,127,680
------------
------------
Capital and reserves
Called up share capital
23
117
117
Other reserves
24
198,817
198,817
Profit and loss account
24
3,914,202
3,928,746
------------
------------
Shareholders funds
4,113,136
4,127,680
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in the financial statements.
These Consolidated financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr A Dhala
Mrs J Dhala
Director
Director
Company registration number: 11934442
Natick Holdings Limited and its subsidiaries
Company Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Investments
16
100
100
Current assets
Debtors
17
258,578
298,578
Cash at bank and in hand
3,677,527
3,616,367
------------
------------
3,936,105
3,914,945
Creditors: amounts falling due within one year
18
77,578
23,702
------------
------------
Net current assets
3,858,527
3,891,243
------------
------------
Total assets less current liabilities
3,858,627
3,891,343
------------
------------
Net assets
3,858,627
3,891,343
------------
------------
Capital and reserves
Called up share capital
23
117
117
Profit and loss account
24
3,858,510
3,891,226
------------
------------
Shareholders funds
3,858,627
3,891,343
------------
------------
The profit for the financial year of the parent company was £ 27,284 (2023: £ 1,853,381 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of income and retained earnings in the financial statements.
These Consolidated financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr A Dhala
Mrs J Dhala
Director
Director
Company registration number: 11934442
Natick Holdings Limited and its subsidiaries
Consolidated Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 May 2022 (as previously reported)
117
2,603,905
2,604,022
Effects of changes in accounting policies
198,817
(198,817)
----
---------
------------
------------
At 1 May 2022 (restated)
117
198,817
2,405,088
2,604,022
----
---------
------------
------------
Profit for the year
1,944,658
1,944,658
----
---------
------------
------------
Total comprehensive income for the year
1,944,658
1,944,658
Dividends paid and payable
15
( 421,000)
( 421,000)
----
---------
------------
------------
Total investments by and distributions to owners
( 421,000)
( 421,000)
At 30 April 2023 (as previously reported)
117
198,817
3,729,929
3,928,863
Effects of changes in accounting policies
198,817
198,817
----
---------
------------
------------
At 30 April 2023 (restated)
117
198,817
3,928,746
4,127,680
----
---------
------------
------------
Profit for the year
45,456
45,456
----
---------
------------
------------
Total comprehensive income for the year
45,456
45,456
Dividends paid and payable
15
( 60,000)
( 60,000)
----
----
--------
--------
Total investments by and distributions to owners
( 60,000)
( 60,000)
----
---------
------------
------------
At 30 April 2024
117
198,817
3,914,202
4,113,136
----
---------
------------
------------
Natick Holdings Limited and its subsidiaries
Company Statement of Changes in Equity
Year ended 30 April 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 May 2022
117
2,233,845
2,233,962
Profit for the year
1,853,381
1,853,381
----
------------
------------
Total comprehensive income for the year
1,853,381
1,853,381
Dividends paid and payable
15
( 196,000)
( 196,000)
----
------------
------------
Total investments by and distributions to owners
( 196,000)
( 196,000)
At 30 April 2023
117
3,891,226
3,891,343
Profit for the year
27,284
27,284
----
------------
------------
Total comprehensive income for the year
27,284
27,284
Dividends paid and payable
15
( 60,000)
( 60,000)
----
--------
--------
Total investments by and distributions to owners
( 60,000)
( 60,000)
----
------------
------------
At 30 April 2024
117
3,858,510
3,858,627
----
------------
------------
Natick Holdings Limited and its subsidiaries
Consolidated Statement of Cash Flows
Year ended 30 April 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
45,456
1,910,351
Adjustments for:
Depreciation of tangible assets
12,058
Fair value adjustment of investment property
(265,089)
Government grant income
( 81,662)
Income from shares in group undertakings
( 225,000)
Exceptional items
( 1,647,367)
Other interest receivable and similar income
( 125,555)
( 4,032)
Interest payable and similar expenses
16,878
Tax on profit
4,851
66,273
Accrued income
( 13,200)
( 512,906)
Changes in:
Trade and other debtors
40,500
1,812,033
Trade and other creditors
64,923
( 111,486)
---------
------------
Cash generated from operations
16,975
970,051
Interest paid
( 16,878)
Interest received
125,555
4,032
Tax paid
( 267,080)
---------
---------
Net cash from operating activities
142,530
690,125
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 2,760)
Proceeds from sale of tangible assets
73,857
Proceeds from sale of other investments
145,196
Dividends received
225,000
---------
---------
Net cash from investing activities
441,293
---------
---------
Cash flows from financing activities
Proceeds from borrowings
( 82,006)
Government grant income
81,662
Dividends paid
( 60,000)
( 196,000)
---------
---------
Net cash used in financing activities
( 60,000)
( 196,344)
---------
---------
Net increase in cash and cash equivalents
82,530
935,074
Cash and cash equivalents at beginning of year
3,630,124
2,695,050
------------
------------
Cash and cash equivalents at end of year
3,712,654
3,630,124
------------
------------
Natick Holdings Limited and its subsidiaries
Notes to the Consolidated Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 46 Syon Lane, Isleworth, TW7 5NQ, England.
2. Statement of compliance
These Consolidated financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The Consolidated financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Consolidated financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Consolidated financial statements consolidate the Consolidated financial statements of Natick Holdings Limited and its subsidiaries and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered. Turnover comprises rental and other property related income exclusive of VAT and is recognised to the extent that is probable that the economic benefits will flow to the company and can be measured reliably. Income in respect of rental income, recharges of insurance premiums and other recharges of property related expenditure is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investment in property
Investment property is shown at the most recent valuation. No depreciation is provided. Any aggregation surplus or deficit arising from changes in fair value is recognised in statement of income and retained earnings.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
10,907,117
Rental income
38,373
--------
-------------
38,373
10,907,117
--------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Rental income
23,053
Government grant income
81,662
Gain/loss on revaluation of investment property
265,090
----
---------
369,805
----
---------
6. Operating loss
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
12,058
Impairment of trade debtors
2,325
----
--------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the consolidated financial statements
16,250
24,250
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Administrative staff
2
602
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
9,798,069
Social security costs
2,061
Other pension costs
545,556
-------
-------------
2,061
10,343,625
-------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
20,091
----
--------
10. Income from shares in group undertakings
2024
2023
£
£
Dividends from group undertakings
225,000
----
---------
11. Exceptional items
2024
2023
£
£
(Gain)/loss on disposal of other fixed asset investments
1,647,367
----
------------
In the year ended 30 April 2023, the group disposed of its entire operation relating to one of its subsidiaries. The profit on disposal of these assets has been recognised as an exceptional item.
12. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
125,555
4,032
---------
-------
13. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
16,878
----
--------
14. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
4,851
Deferred tax:
Origination and reversal of timing differences
66,273
-------
--------
Tax on profit
4,851
66,273
-------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
50,307
1,976,624
--------
------------
Profit on ordinary activities by rate of tax
12,577
360,543
Effect of capital allowances and depreciation
( 426)
Effect of revenue exempt from tax
( 386,617)
Effect of different UK tax rates on some earnings
(858)
Utilisation of tax losses
( 6,442)
Unused tax losses
26,074
Deferred tax provision
66,273
--------
------------
Tax on profit
4,851
66,273
--------
------------
Factors that may affect future tax expense
The revaluation of the investment property held in Alpencare Ltd may result in a deferred tax being recognised in future periods.
15. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Dividends on equity shares
60,000
421,000
--------
---------
16. Investments
Group
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
550,000
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 1 May 2023 and 30 April 2024
550,000
---------
At 30 April 2023
550,000
---------
Company
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
100
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 1 May 2023 and 30 April 2024
100
----
At 30 April 2023
100
----
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Alpencare Limited
Ordinary
100
Revaluation of property Revaluation was performed by the directors in the prior year. The directors had considered any further changes and believe that the property value remained consistent up to the balance sheet date.
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
500
Amounts owed by group undertakings
248,578
248,578
Other debtors
10,000
50,000
10,000
50,000
--------
--------
---------
---------
10,000
50,500
258,578
298,578
--------
--------
---------
---------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
17,000
30,200
12,000
23,700
Corporation tax
4,851
2,131
Social security and other taxes
622
605
Other creditors
70,772
5,866
63,447
2
--------
--------
--------
--------
93,245
36,671
77,578
23,702
--------
--------
--------
--------
19. Provisions
Group
Deferred tax (note 20)
£
At 1 May 2023 and 30 April 2024
66,273
--------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 19)
66,273
66,273
--------
--------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Other revaluations
66,273
66,273
66,273
--------
--------
--------
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £Nil (2023: £ 545,556 ).
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. At the Balance Sheet date contributions totalling £Nil were payable to the fund and are included in creditors.
22. Government grants
The amounts recognised in the Consolidated financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
81,662
----
--------
----
----
23. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
11,712
117
11,712
117
--------
----
--------
----
24. Reserves
Other reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
3,630,124
82,530
3,712,654
------------
--------
------------
26. Related party transactions
Company
Included in other Debtors is £10,000 (2023 - £50,000) owed from TNF (UK) Ltd. The company is related to Natick Holdings Limited by virtue of common directorship.
27. Subsidiary undertakings
The following were 100% subsidiary undertakings of the company:
Company
Principal activities
Registered office
Alpencare Limited
Property Investments
46 Syon Lane, Isleworth, TW7 5NQ
Natick Holdings Limited and its subsidiaries
Notes to the Consolidated Financial Statements (continued)
Year ended 30 April 2024
28. Ultimate controlling party
As at 30 April 2024 there was no single controlling party.