Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302024-06-30false2023-07-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetruefalse 01875194 2023-07-01 2024-06-30 01875194 2022-07-01 2023-06-30 01875194 2024-06-30 01875194 2023-06-30 01875194 c:CompanySecretary1 2023-07-01 2024-06-30 01875194 c:Director1 2023-07-01 2024-06-30 01875194 c:Director2 2023-07-01 2024-06-30 01875194 c:Director3 2023-07-01 2024-06-30 01875194 c:Director4 2023-07-01 2024-06-30 01875194 c:Director6 2023-07-01 2024-06-30 01875194 c:Director6 2024-06-30 01875194 c:RegisteredOffice 2023-07-01 2024-06-30 01875194 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 01875194 d:Buildings d:LongLeaseholdAssets 2024-06-30 01875194 d:Buildings d:LongLeaseholdAssets 2023-06-30 01875194 d:PlantMachinery 2023-07-01 2024-06-30 01875194 d:PlantMachinery 2024-06-30 01875194 d:PlantMachinery 2023-06-30 01875194 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01875194 d:ComputerEquipment 2023-07-01 2024-06-30 01875194 d:ComputerEquipment 2024-06-30 01875194 d:ComputerEquipment 2023-06-30 01875194 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01875194 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01875194 d:CurrentFinancialInstruments 2024-06-30 01875194 d:CurrentFinancialInstruments 2023-06-30 01875194 d:Non-currentFinancialInstruments 2024-06-30 01875194 d:Non-currentFinancialInstruments 2023-06-30 01875194 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01875194 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01875194 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01875194 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01875194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 01875194 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 01875194 d:ShareCapital 2024-06-30 01875194 d:ShareCapital 2023-06-30 01875194 d:SharePremium 2024-06-30 01875194 d:SharePremium 2023-06-30 01875194 d:CapitalRedemptionReserve 2024-06-30 01875194 d:CapitalRedemptionReserve 2023-06-30 01875194 d:RetainedEarningsAccumulatedLosses 2024-06-30 01875194 d:RetainedEarningsAccumulatedLosses 2023-06-30 01875194 d:RetainedEarningsAccumulatedLosses 2022-07-01 01875194 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01875194 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01875194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-01 2024-06-30 01875194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-06-30 01875194 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-06-30 01875194 c:OrdinaryShareClass1 2023-07-01 2024-06-30 01875194 c:OrdinaryShareClass1 2024-06-30 01875194 c:OrdinaryShareClass1 2023-06-30 01875194 c:FRS102 2023-07-01 2024-06-30 01875194 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 01875194 c:FullAccounts 2023-07-01 2024-06-30 01875194 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01875194 d:Subsidiary1 2023-07-01 2024-06-30 01875194 d:Subsidiary1 1 2023-07-01 2024-06-30 01875194 d:Subsidiary2 2023-07-01 2024-06-30 01875194 d:Subsidiary2 1 2023-07-01 2024-06-30 01875194 d:Subsidiary3 2023-07-01 2024-06-30 01875194 d:Subsidiary3 1 2023-07-01 2024-06-30 01875194 d:WithinOneYear 2024-06-30 01875194 d:WithinOneYear 2023-06-30 01875194 d:BetweenOneFiveYears 2024-06-30 01875194 d:BetweenOneFiveYears 2023-06-30 01875194 d:MoreThanFiveYears 2024-06-30 01875194 d:MoreThanFiveYears 2023-06-30 01875194 c:Consolidated 2024-06-30 01875194 c:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 01875194 6 2023-07-01 2024-06-30 01875194 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01875194
















NHBS LTD.


UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

































NHBS LTD.

 
COMPANY INFORMATION


DIRECTORS
Claire Binyon 
Peter McAughey 
Bernard Mercer 
David Robins 
Isobel Mercer (resigned 29 November 2023)




COMPANY SECRETARY
Sarah White



REGISTERED NUMBER
01875194



REGISTERED OFFICE
1-6 The Stables
Ford Road

Totnes

Devon

TQ9 5LE




ACCOUNTANTS
Bishop Fleming LLP
Chartered Accountants

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS






NHBS LTD.


CONTENTS



Page
Directors' report
 
 
1 - 4
Accountants' report
 
 
5
Consolidated statement of income and retained earnings
 
 
6
Consolidated statement of financial position
 
 
7 - 8
Company statement of financial position
 
 
9 - 10
Notes to the financial statements
 
 
11 - 23



NHBS LTD.

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of wildlife, ecology and conservation activities, as a seller of books and equipment and as an equipment manufacturer (including research and development on new products) and publisher of magazines.

Page 1


NHBS LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
BUSINESS REVIEW

At the heart of everything is the core purpose of NHBS, which is to support those who are passionate about wildlife, and those who work to understand, protect, and conserve the natural environment. We do this by offering the largest range of wildlife, ecology and conservation books and equipment in the world, along with our magazines, and by providing expert advice and support.
The NHBS Group performed solidly in 2023-24 despite a slight fall in turnover of 3.1% compared to the prior year.   NHBS GmbH, a wholly owned subsidiary company, contributed 18.8% of Group turnover (2022-23: 17.8%).  Given the very low economic growth across the UK and wider markets, and the impact of high inflation on the consumer market in particular, the Board consider that the turnover achieved was satisfactory in the circumstances.
Despite this tough trading environment, the Board were pleased that group’s gross profit margin only fell slightly to 39.3% (2022-23: 40.2%), mainly reflecting the increase in the lower margin equipment sector as a percentage of overall trading, and that overheads reduced with several cost containment measures introduced to good effect.  
On 1 July 2023 the company commenced a new long-term lease on the larger of its two sites in Totnes, Devon.  The lease commitment is shown in note 18.   No new borrowing was taken out in the financial year and the CBILS loan has reduced to £129,166 by the year end as shown in note 13.  Group cash net of borrowings at the year end was £900,468 (2023: £747,891).
The company continued to undertake research and development, partly on developing new products in-house but also on modifications to improve existing products.
At the year end excluding Directors there were 46 Full Time Equivalent employees (2023: 50). As disclosed in note 5 the average number of employees including Directors was 57 (2022-23 financial year: 62).
During the year the Board of Directors continued to meet on a regular basis with a blend of in person and video conferencing meetings.  Isobel Mercer resigned as a Director on 29 November 2023.

DIRECTORS

The directors who served during the year were:

Claire Binyon 
Peter McAughey 
Bernard Mercer 
David Robins 
Isobel Mercer (resigned 29 November 2023)

Page 2


NHBS LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Environmental, Social and Governance Report

Environmental
As a conservation business, NHBS is particularly aware of its impact on the environment. Our manufactured products use responsibly sourced wood and netting where possible, whilst at least 90% of our packaging is recyclable. All packaging material received from suppliers is re-used where possible, particularly plastic, while biodegradable plastic is utilised where appropriate. Our magazines are mailed in potato starch biodegradable wrapping. 
All wastepaper, plastic and cardboard is recycled through a specialist, licensed contractor, as are redundant electrical products. Waste metal from our workshop is also separated and collected by a specialist recycling company. The waste management company utilised by NHBS to dispose of non-recyclable waste ensures that there is zero waste sent to landfill. 
All employees are entitled to up to three paid days per year of conservation volunteering. There is a cycle to work scheme and all employees are encouraged to use public transport, not only for getting to and from the company’s premises, but also for marketing trips and conferences, with an interest free loan for season tickets available.  

Social
NHBS has a diverse workforce which represents the local area.  One sixth of our colleagues have been with the company for five or more years.  We empower and promote the social and economic inclusion of all and have worked hard to create a balanced workforce. A clear indicator of this is the equality in age and sex of our employees.
In terms of remuneration, our main focus is on ensuring that colleagues in lower paid roles are paid a living wage and we have continued to maintain pay at the level of at least the Real Living Wage.
The company continues to operate a generous pension policy whereby the company pays 6% of remuneration into the company pension scheme compared with the employer’s statutory minimum of 3%, meaning employees need only contribute 2% (rather than 5%) to reach the 8% stakeholder pension level. 
We recognise that a high level of commitment to the health, safety and welfare of those people that could be affected by our operations has significant benefits and makes good business sense. We employ the services of a local Health and Safety specialist and have appointed a Health and Safety committee. An annual health check has been instituted for the workshop employees and an Occupational Health Nurse is available for all employees. We provide access for all employees to an assistance programme providing access to mental health support and we also have a trained mental health advisor available for our colleagues.
The company takes the training of its employees extremely seriously.  Job-related training is made available to staff at all levels of the company (including mandatory companywide manual handling training). We also run a regular development group for existing managers to develop both their commercial awareness and their management skills.

Governance   
In the spring of 2024, the Executive Chairman and founder, Bernard Mercer, indicated his desire to step back into a non-executive director role and to give up the Chairmanship. The Board agreed that Claire Binyon, a non-executive director since late 2019, should take over as non-executive Chair with effect from 1 April 2024.  
Separately, the board also reviewed the appropriate organisation and governance structure for NHBS and the role of General Manager was, following a consultation process concluded during the financial year, made redundant effective after the end of the financial year.  A new role of Managing Director was created, with an appointment made late in 2024 following a search conducted by an external recruitment consultant. 
Communication continued to be a focus during 2024 with regular meetings between managers and colleagues throughout the business. Our Colleague Council meets every six weeks and includes a broad representation of employees. 
 
Page 3


NHBS LTD.
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The Risk Register remains in place and is reviewed by the Board on a semi-annual basis. Compliance across the whole company has been delegated to the specific areas of management responsibility and a compliance report is reviewed at each board meeting.
NHBS is currently of an insufficient size to be required by law to have a written policy on Modern Slavery. However, we take this issue along with Anti-Bribery extremely seriously. We ensure that our team are aware of the risks and warning signs and NHBS (as a small company) makes as many checks as we can, to ensure that Modern Slavery and Bribery have no place in our supply chain.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Claire Binyon
Director

Date: 24 February 2025

1-6 The Stables
Ford Road
Totnes
Devon
TQ9 5LE

Page 4


NHBS LTD.

 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NHBS LTD.
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NHBS Ltd. for the year ended 30 June 2024 which comprise the Consolidated statement of income and retained earnings, the Consolidated statement of financial position, the Company statement of financial position and the related notes from the Group's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of NHBS Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of NHBS Ltd. and state those matters that we have agreed to state to the Board of directors of NHBS Ltd., as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NHBS Ltd. and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that NHBS Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NHBS Ltd.. You consider that NHBS Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of NHBS Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  




Bishop Fleming LLP
Chartered Accountants
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
24 February 2025
Page 5


NHBS LTD.

 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
7,470,381
7,693,034

Cost of sales
  
(4,521,358)
(4,614,058)

Gross profit
  
2,949,023
3,078,976

Distribution costs
  
(464,254)
(580,828)

Administrative expenses
  
(2,395,066)
(2,407,859)

Other operating income
  
-
1,058

Operating profit
 4 
89,703
91,347

Interest receivable and similar income
  
14,081
5,662

Interest payable and similar expenses
  
(12,279)
(11,480)

Profit before tax
  
91,505
85,529

Tax on profit
  
(24,118)
(16,572)

Profit after tax
  
67,387
68,957

  

  

Retained earnings at the beginning of the year
  
920,338
851,381

  
920,338
851,381

Profit for the year attributable to the owners of the parent
  
67,387
68,957

Retained earnings at the end of the year
  
987,725
920,338

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 11 to 23 form part of these financial statements.

Page 6


NHBS LTD.
REGISTERED NUMBER:01875194

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
146,009
83,923

Tangible assets
 7 
123,999
145,043

Investments
 8 
3
3

  
270,011
228,969

Current assets
  

Stocks
 9 
944,242
821,109

Debtors: amounts falling due within one year
 10 
442,576
408,716

Cash at bank and in hand
  
1,029,634
927,057

  
2,416,452
2,156,882

Creditors: amounts falling due within one year
 11 
(1,258,708)
(1,008,209)

Net current assets
  
 
 
1,157,744
 
 
1,148,673

Total assets less current liabilities
  
1,427,755
1,377,642

Creditors: amounts falling due after more than one year
 12 
(79,166)
(129,166)

Provisions for liabilities
  

Deferred Taxation
 14 
(19,170)
(22,996)

Other provisions
 15 
(154,862)
(118,310)

  
 
 
(174,032)
 
 
(141,306)

Net assets excluding pension asset
  
1,174,557
1,107,170

Net assets
  
1,174,557
1,107,170


Capital and reserves
  

Called up share capital 
 16 
41,520
41,520

Share premium account
  
134,460
134,460

Capital redemption reserve
  
10,852
10,852

Profit and loss account
  
987,725
920,338

Equity attributable to owners of the parent Company
  
1,174,557
1,107,170

  
1,174,557
1,107,170


Page 7


NHBS LTD.
REGISTERED NUMBER:01875194
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Claire Binyon
Director

Date: 24 February 2025

The notes on pages 11 to 23 form part of these financial statements.

Page 8


NHBS LTD.
REGISTERED NUMBER:01875194

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
146,009
83,923

Tangible assets
 7 
123,999
145,043

Investments
 8 
22,830
22,830

  
292,838
251,796

Current assets
  

Stocks
 9 
944,546
821,109

Debtors: amounts falling due within one year
 10 
366,262
384,975

Cash at bank and in hand
  
967,974
889,089

  
2,278,782
2,095,173

Creditors: amounts falling due within one year
 11 
(1,216,018)
(1,006,712)

Net current assets
  
 
 
1,062,764
 
 
1,088,461

Total assets less current liabilities
  
1,355,602
1,340,257

  

Creditors: amounts falling due after more than one year
 12 
(79,166)
(129,166)

Provisions for liabilities
  

Deferred Taxation
 14 
(19,170)
(22,996)

Other provisions
 15 
(149,586)
(118,310)

  
 
 
(168,756)
 
 
(141,306)

Net assets
  
1,107,680
1,069,785


Capital and reserves
  

Called up share capital 
 16 
41,520
41,520

Share premium account
  
134,460
134,460

Capital redemption reserve
  
10,852
10,852

Profit and loss account brought forward
  
882,953
822,295

Profit for the year
  
37,895
60,658

Profit and loss account carried forward
  
920,848
882,953

  
1,107,680
1,069,785


Page 9


NHBS LTD.
REGISTERED NUMBER:01875194
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Claire Binyon
Director

Date: 24 February 2025

The notes on pages 11 to 23 form part of these financial statements.

Page 10


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

NHBS Ltd. is a private company limited by shares, incorporated in England and Wales, registered number 01875194. The registered office is 1-6 The Stables, Ford Road, Totnes, Devon, TQ9 5LE.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2016.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 11


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 12


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

CURRENT AND DEFERRED TAXATION

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.10

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its estimated useful economic life of 4 years.
DEVELOPMENT EXPENDITURE
Development expenditure represents costs relating to an asset in development that will become comercially viable. Development expenditure is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its estimated useful economic life of 10 years.
COMPUTER SOFTWARE
Computer software that will be used over the long term and is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its useful economic life of 4 years.

Page 13


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
over the lease term
Plant and machinery
-
over 5 years
Computer equipment
-
over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (continued)

 
PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


TURNOVER BY GEOGRAPHIC ANALYSIS

Group turnover derived from markets outside the United Kingdom:

2024
2023
£
£
Europe

1,491,238

1,411,576
 
North America

115,711

220,121
 
Asia

212,780

331,918
 
Rest of the world

104,373

149,510
 


4.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Bad debts
2,047
8,323

Exchange differences
5,615
10,867

Depreciation on tangible fixed assets
138,469
68,756

Amortisation on intangible fixed assets
56,626
13,239


5.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 57 (2023:62).

Page 15


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


INTANGIBLE ASSETS

Group and Company





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



COST


At 1 July 2023
22,162
75,000
501,458
598,620


Additions
21,540
97,172
-
118,712



At 30 June 2024

43,702
172,172
501,458
717,332



AMORTISATION


At 1 July 2023
739
12,500
501,458
514,697


Charge for the year on owned assets
3,205
53,421
-
56,626



At 30 June 2024

3,944
65,921
501,458
571,323



NET BOOK VALUE



At 30 June 2024
39,758
106,251
-
146,009



At 30 June 2023
21,423
62,500
-
83,923



Page 16


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 July 2023
321,006
142,450
109,069
572,525


Additions
-
9,290
7,883
17,173


Disposals
-
-
(62,478)
(62,478)



At 30 June 2024

321,006
151,740
54,474
527,220



DEPRECIATION


At 1 July 2023
224,855
110,015
92,612
427,482


Charge for the year on owned assets
16,021
12,520
9,676
38,217


Disposals
-
-
(62,478)
(62,478)



At 30 June 2024

240,876
122,535
39,810
403,221



NET BOOK VALUE



At 30 June 2024
80,130
29,205
14,664
123,999



At 30 June 2023
96,151
32,435
16,457
145,043

Page 17


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           7.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Long-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£

COST OR VALUATION


At 1 July 2023
321,006
142,450
109,069
572,525


Additions
-
9,290
7,883
17,173


Disposals
-
-
(62,478)
(62,478)



At 30 June 2024

321,006
151,740
54,474
527,220



DEPRECIATION


At 1 July 2023
224,855
110,015
92,612
427,482


Charge for the year on owned assets
16,021
12,520
9,676
38,217


Disposals
-
-
(62,478)
(62,478)



At 30 June 2024

240,876
122,535
39,810
403,221



NET BOOK VALUE



At 30 June 2024
80,130
29,205
14,664
123,999



At 30 June 2023
96,151
32,435
16,457
145,043






Page 18


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 July 2023
22,830



At 30 June 2024
22,830





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

NHBS GmbH
Siemensstr. 10, 53121 Bonn, Germany
Seller of books and equipment
100%
Natural History Book Service Ltd.
1-6 The Stables, Ford Road, Totnes, Devon, TQ9 5LE
Dormant
100%
Biodiversity Press Ltd
1-6 The Stables, Ford Road, Totnes, Devon, TQ9 5LE
Dormant
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

NHBS GmbH
89,704
29,492

Natural History Book Service Ltd.
2
-

Biodiversity Press Ltd
1
-

Page 19


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


STOCKS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
944,242
821,109
944,546
821,109

944,242
821,109
944,546
821,109



10.


DEBTORS

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
273,765
249,988
220,169
234,785

Amounts owed by group undertakings
-
-
6,138
27,683

Other debtors
46,110
55,189
17,254
18,968

Prepayments and accrued income
122,701
103,539
122,701
103,539

442,576
408,716
366,262
384,975



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
50,000
50,000
50,000
50,000

Trade creditors
699,748
654,128
695,613
652,328

Amounts owed to group undertakings
-
-
2,107
11,404

Corporation tax
24,240
23,458
9,342
23,458

Other taxation and social security
120,727
73,204
103,315
73,204

Other creditors
363,993
207,419
355,641
196,318

1,258,708
1,008,209
1,216,018
1,006,712



12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
79,166
129,166
79,166
129,166

79,166
129,166
79,166
129,166


Page 20


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
50,000
50,000
50,000
50,000


50,000
50,000
50,000
50,000


AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
79,166
129,166
79,166
129,166


79,166
129,166
79,166
129,166


129,166
179,166
129,166
179,166



14.


DEFERRED TAXATION


Group



2024


£






At beginning of year
22,996


Charged to profit or loss
(3,826)



AT END OF YEAR
19,170

Page 21


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
14.DEFERRED TAXATION (CONTINUED)

Company


2024


£






At beginning of year
22,996


Charged to profit or loss
(3,826)



AT END OF YEAR
19,170

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
19,170
22,996
19,170
22,996

19,170
22,996
19,170
22,996


15.


PROVISIONS


Group



Other provisions

£





At 1 July 2023
118,310


Charged to profit or loss
36,552



AT 30 JUNE 2024
154,862

Company


Other provisions
Total

£
£





At 1 July 2023
118,310
118,310


Charged to profit or loss
31,276
31,276



AT 30 JUNE 2024
149,586
149,586

Page 22


NHBS LTD.

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



41,520 (2023:41,520) Ordinary shares of £1.00 each
41,520
41,520



17.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £75,038. Contributions totalling £300 (2023 - £9,318) were payable to the fund at the reporting date and are included in creditors.


18.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
128,766
128,766
128,766
128,766

Later than 1 year and not later than 5 years
515,065
515,065
515,065
515,065

Later than 5 years
720,000
848,766
720,000
848,766

1,363,831
1,492,597
1,363,831
1,492,597


19.


TRANSACTIONS WITH DIRECTORS

Bernard Mercer, a director, provides a guarantee over the company's bank overdraft of £100,000. 

 
Page 23