Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302023-05-312024-04-3043false2023-05-01falsePrecision engineering technologys, including welding of, macheing and manufacture of metal fabrications.44falsefalse 06453721 2023-05-01 2024-04-30 06453721 2022-05-01 2023-04-30 06453721 2024-04-30 06453721 2023-04-30 06453721 2022-05-01 06453721 1 2023-05-01 2024-04-30 06453721 d:CompanySecretary1 2023-05-01 2024-04-30 06453721 d:Director1 2023-05-01 2024-04-30 06453721 d:Director1 2024-04-30 06453721 d:Director2 2023-05-01 2024-04-30 06453721 d:Director3 2023-05-01 2024-04-30 06453721 d:Director3 2024-04-30 06453721 d:Director4 2023-05-01 2024-04-30 06453721 d:Director4 2024-04-30 06453721 d:Director5 2023-05-01 2024-04-30 06453721 d:Director5 2024-04-30 06453721 d:Director6 2023-05-01 2024-04-30 06453721 d:Director7 2023-05-01 2024-04-30 06453721 d:RegisteredOffice 2023-05-01 2024-04-30 06453721 c:PlantMachinery 2023-05-01 2024-04-30 06453721 c:PlantMachinery 2024-04-30 06453721 c:PlantMachinery 2023-04-30 06453721 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06453721 c:FurnitureFittings 2023-05-01 2024-04-30 06453721 c:FurnitureFittings 2024-04-30 06453721 c:FurnitureFittings 2023-04-30 06453721 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06453721 c:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06453721 c:CurrentFinancialInstruments 2024-04-30 06453721 c:CurrentFinancialInstruments 2023-04-30 06453721 c:Non-currentFinancialInstruments 2024-04-30 06453721 c:Non-currentFinancialInstruments 2023-04-30 06453721 c:CurrentFinancialInstruments c:WithinOneYear 2024-04-30 06453721 c:CurrentFinancialInstruments c:WithinOneYear 2023-04-30 06453721 c:Non-currentFinancialInstruments c:AfterOneYear 2024-04-30 06453721 c:Non-currentFinancialInstruments c:AfterOneYear 2023-04-30 06453721 c:ShareCapital 2024-04-30 06453721 c:ShareCapital 2023-04-30 06453721 c:ShareCapital 2022-05-01 06453721 c:SharePremium 2023-05-01 2024-04-30 06453721 c:SharePremium 2024-04-30 06453721 c:SharePremium 2023-04-30 06453721 c:SharePremium 2022-05-01 06453721 c:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 06453721 c:RetainedEarningsAccumulatedLosses 2024-04-30 06453721 c:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06453721 c:RetainedEarningsAccumulatedLosses 2023-04-30 06453721 c:RetainedEarningsAccumulatedLosses 2022-05-01 06453721 d:OrdinaryShareClass1 2023-05-01 2024-04-30 06453721 d:OrdinaryShareClass1 2024-04-30 06453721 d:OrdinaryShareClass1 2023-04-30 06453721 d:FRS102 2023-05-01 2024-04-30 06453721 d:Audited 2023-05-01 2024-04-30 06453721 d:FullAccounts 2023-05-01 2024-04-30 06453721 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06453721 c:WithinOneYear 2024-04-30 06453721 c:WithinOneYear 2023-04-30 06453721 c:BetweenOneFiveYears 2024-04-30 06453721 c:BetweenOneFiveYears 2023-04-30 06453721 c:HirePurchaseContracts c:WithinOneYear 2024-04-30 06453721 c:HirePurchaseContracts c:WithinOneYear 2023-04-30 06453721 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-04-30 06453721 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-04-30 06453721 2 2023-05-01 2024-04-30 06453721 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06453721









NASMYTH HENTON LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
NASMYTH HENTON LIMITED
 
 
COMPANY INFORMATION


Directors
W1S Directors Limited 
J Rooney 
J A Storer 




Company secretary
Cossey Cosec Services Limited



Registered number
06453721



Registered office
Nasmyth Building
Coventry Road

Exhall

Coventry

CV7 9FT




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Cornerblock

2 Cornwall Street

Birmingham

West Midlands

B3 2DX





 
NASMYTH HENTON LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19


 
NASMYTH HENTON LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

A J Upton (resigned 6 September 2024)
W1S Directors Limited 
J D Larner (appointed 26 October 2023, resigned 16 October 2024)
N C Robins (resigned 30 June 2023)
S W Beech (resigned 31 May 2023)

Since the year end the following directors have been appointed:
J Rooney (appointed 16 September 2024)
J A Storer (appointed 16 September 2024)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
NASMYTH HENTON LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Going concern

As at 30 April 2024, the Company was a subsidiary of Nasmyth Group Limited. As a consequence of the impacts of COVID 19 on the aerospace market, Nasmyth Group Limited and its subsidiary companies experienced a significant reduction in sales, profits and cashflow from operating activities and its directors identified that this would create financial difficulties that would affect the ability of Nasmyth Group Limited to continue as a going concern, with knock on effects to its subsidiary companies. On 5th May 2023 the Group was restructured and companies that were previously subsidiaries of Nasmyth Group Limited (together the “Group”) became subsidiaries of W5SD Limited (now renamed as Nasmyth Group Limited). Additional working capital facilities were subsequently provided to the Group and the repayment terms on facilities already in place were extended to support its working capital requirements.
The Board of Directors of the Company and the Group have undertaken an assessment of the ability of the Company and the Group to continue in operation and to meet their liabilities as they fall due. In making this assessment, the Directors have considered trading and cashflow forecasts which reflect the latest market intelligence and customer long term supply agreements, supply schedules and order books.
The directors have concluded that the new working capital facilities, which include undrawn headroom, will provide the Company and the Group with sufficient funds to enable them to meet their obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements, and have accordingly concluded that it is appropriate to prepare these financial statements on a going concern basis.

Post balance sheet events

Details of post balance sheet events affecting the Company have been disclosed in note 19.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.
 





J Rooney
Director

Date: 29 April 2025

Page 2

 
NASMYTH HENTON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH HENTON LIMITED
 

Opinion


We have audited the financial statements of Nasmyth Henton Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 3

 
NASMYTH HENTON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH HENTON LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 
NASMYTH HENTON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH HENTON LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


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


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.

Based on our understanding of the Company and industry, key laws and regulations that we identified included:

Companies Act;
Tax legislation; and
Health and safety and employment legislation.
 
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;



Page 5

 
NASMYTH HENTON LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH HENTON LIMITED (CONTINUED)


Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular the valuation of stock.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

 
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 Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Stephen Newman (Senior statutory auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
Cornerblock
2 Cornwall Street
Birmingham
West Midlands
B3 2DX

29 April 2025
Page 6

 
NASMYTH HENTON LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£000
£000

  

Turnover
  
6,951
4,636

Cost of sales
  
(6,140)
(4,122)

Gross profit
  
811
514

Administrative expenses
  
(665)
(654)

Operating profit/(loss)
  
146
(140)

Interest receivable and similar income
  
-
15

Interest payable and similar expenses
  
(196)
(91)

Loss before tax
  
(50)
(216)

Tax on loss
  
(73)
28

Loss for the financial year
  
(123)
(188)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 19 form part of these financial statements.

Page 7

 
NASMYTH HENTON LIMITED
REGISTERED NUMBER: 06453721

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets

 5 

686
854

Current assets
  

Stocks
 6 
1,019
1,172

Debtors: amounts falling due within one year
 7 
2,306
1,871

Cash at bank and in hand
 8 
-
74

  
3,325
3,117

Creditors: amounts falling due within one year
 9 
(2,315)
(2,115)

Net current assets
  
 
 
1,010
 
 
1,002

Total assets less current liabilities
  
1,696
1,856

Creditors: amounts falling due after more than one year
 10 
(1,162)
(1,199)

  

Net assets
  
534
657


Capital and reserves
  

Called up share capital 
 13 
500
500

Share premium account
 14 
917
917

Profit and loss account
 14 
(883)
(760)

  
534
657


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: 




J Rooney
Director

Date: 29 April 2025

The notes on pages 10 to 19 form part of these financial statements.

Page 8

 
NASMYTH HENTON LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 May 2022
500
917
(572)
845


Comprehensive income for the year

Loss for the year
-
-
(188)
(188)



At 1 May 2023
500
917
(760)
657


Comprehensive income for the year

Loss for the year
-
-
(123)
(123)


At 30 April 2024
500
917
(883)
534


The notes on pages 10 to 19 form part of these financial statements.

Page 9

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Nasmyth Henton Limited is a private company, limited by shares, registered in England, United Kingdom. The Company's registration number is 06453721 and it's registered office address is Nasmyth Building, Coventry Road, Exhall, Coventry, CV7 9FT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The 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 presentation currency of the financial statements is Pound Sterling and amounts have been presented in round thousands (£'000).

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 30 April 2024, the Company was a subsidiary of Nasmyth Group Limited. As a consequence of the impacts of COVID 19 on the aerospace market, Nasmyth Group Limited and its subsidiary companies experienced a significant reduction in sales, profits and cashflow from operating activities and its directors identified that this would create financial difficulties that would affect the ability of Nasmyth Group Limited to continue as a going concern, with knock on effects to its subsidiary companies. On 5th May 2023 the Group was restructured and companies that were previously subsidiaries of Nasmyth Group Limited (together the “Group”) became subsidiaries of W5SD Limited (now renamed as Nasmyth Group Limited). Additional working capital facilities were subsequently provided to the Group and the repayment terms on facilities already in place were extended to support its working capital requirements.
The Board of Directors of the Company and the Group have undertaken an assessment of the ability of the Company and the Group to continue in operation and to meet their liabilities as they fall due. In making this assessment, the Directors have considered trading and cashflow forecasts which reflect the latest market intelligence and customer long term supply agreements, supply schedules and order books.
The directors have concluded that the new working capital facilities, which include undrawn headroom, will provide the Company and the Group with sufficient funds to enable them to meet their obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements, and have accordingly concluded that it is appropriate to prepare these financial statements on a going concern basis.

Page 10

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at the balance sheet date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at dates the fair value was determined. Foreign currency differences arising on translation are recognised in the Statement of Comprehensive Income.

 
2.4

Turnover

Turnover is measured at the fair value of the consideration receivable which generally equates to the invoiced amount, excluding sales tax. The company has one principal revenue stream:

Sales of product

Turnover for sales of goods is recognised when the risk and rewards of ownership have passed which, dependant upon the contractual terms, may be at the point of despatch, acceptance by the customer or certification by the customer.

 
2.5

Operating lease

Payments (excluding costs for services and insurance) made under operating leases are recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation, in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in the Statement of Comprehensive Income over the term of the lease as an integral part of the total lease.

 
2.6

Finance Lease

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability using the rate implicit in the lease. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred.

  
2.7

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Statement of Comprehensive Income in the periods during which services are rendered by employees.

 
2.8

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Page 11

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Taxation

Tax is recognised in the Statement of Comprehensive Income 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use.
Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets.
Leases in which the Company assumes substantially all of the risks and rewards of ownership, the leased assets are classified as finance leases. All other assets are classified as operating leases. Leased assets acquired by way of finance lease are stated on initial recognition at an amount equal to the lower of their fair value and the present value of the minimum lease payments at the inception of the lease. At initial recognition a finance lease liability is recognised equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. All other leases are regarded as operating leases and payments made under them are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
The Company assesses at each reporting date whether tangible fixed assets (including those leased under finance leases) are impaired.

Page 12

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged to the Statement of Comprehensive Income on a straight line basis over the estimated useful economic lives of each part of an item of tangible fixed assets. 

The estimated useful lives are as follows:

Plant and machinery
-
7 - 12 years
Fixtures and fittings
-
3 - 5 years

Depreciation methods, useful economic lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Company expects to consume an asset's future economic benefits.


  
2.12

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate  share of overheads based on normal operating capacity.

 
2.13

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

 
2.14

Basic Financial instruments

(i) Trade and other debtors and creditors
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at the transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if the payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
(ii) Interest-bearing borrowings classified as basic financial instruments
Interest-bearing borrowings are recognised initially at the present value of future payments, discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Page 13

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The following are the critical judgements and key sources of estimation that the Directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised.

Stocks 

In determining the cost of stocks, the Directors have to make judgements to arrive at cost and net realisable value. Determining cost requires judgement as to the value of labour and overheads applied to stocks. Determining the net realisable value of the products held requires judgement to be applied to determine the likely salability of the product and the potential price that can be achieved. In arriving at any provisions for net realisable value the Directors take into account the age, condition and quality of the product stocked and the recent trend in sales.

With the exception of the critical judgements and key sources of estimation described above, the Directors consider that there are no other significant judgements or estimates in the preparation of these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 44 (2023 - 43).

Page 14

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£000
£000
£000



Cost


At 1 May 2023
3,265
485
3,750


Additions
16
15
31



At 30 April 2024

3,281
500
3,781



Depreciation


At 1 May 2023
2,463
433
2,896


Charge for the year
168
31
199



At 30 April 2024

2,631
464
3,095



Net book value



At 30 April 2024
650
36
686



At 30 April 2023
802
52
854

Included in the total net book value of plant and machinery is £113,000 (2023: £265,000) and in fixtures and fittings £5,000 (2023: £9,000) in respect of assets held under finance leases and hire purchase contracts. Depreciation for the year on these assets was £23,000 (2023: £52,000).


6.


Stocks

2024
2023
£000
£000

Raw materials and consumables
94
93

Work in progress
925
1,079

1,019
1,172


The carrying value of stocks are stated net of impairment losses totaling £201,000 (2023: £199,000).
Page 15

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£000
£000


Trade debtors
1,739
1,250

Amounts owed by group undertakings
465
452

Other debtors
6
98

Prepayments
96
71

2,306
1,871


Trade debtors are part of the secured gross collateral of the Secure Trust Bank plc facility.


8.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
-
74

Less: bank overdrafts
(2)
-

(2)
74



9.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Bank overdrafts
2
-

Bank loans
896
1,013

Trade creditors
816
610

Amounts owed to group undertakings
106
68

Other taxation and social security
326
310

Obligations under finance lease and hire purchase contracts
37
64

Other creditors
12
9

Accruals and deferred income
120
41

2,315
2,115


Included in bank loans is the Company's invoice financing facility provided by Secure Trust Bank plc which is secured by a fixed and floating charge over the assets of the Company. 
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 16

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Obligations under finance leases and hire purchase contracts
6
43

Amounts owed to group undertakings
1,156
1,156

1,162
1,199


Amounts owed to group undertakings included above are not subject to formal loan agreements, but the companies to whom these amounts are due have confirmed that they will not request repayment unless the Company is in a position to make a repayment without prejudice to its working capital requirements, which is not expected to be within a period of less than 12 months from the balance sheet date. As at 29 April 2025 these amounts remain due, and accordingly have been presented as amounts falling due after more than one year as at 30 April 2024.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£000
£000

Amounts falling due within one year

Bank loans
896
1,013






12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£000
£000


Within one year
37
64

Between 1-5 years
6
43

43
107

Page 17

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Share capital

2024
2023
£000
£000
Authorised, allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares of £1.00 each
500
500



14.


Reserves

Share premium account

This reserve records amounts paid for shares in excess of their nominal value.

Profit and loss account

This reserve records all current and prior period retained profits and losses.


15.


Contingencies and commitments

Guarantees

The Company has given cross guarantees in respect of bank loans and overdrafts of Group companies amounting to £16,887,000 (2023: £14,300,000).
The Company has given a guarantee in respect of other loans of a fellow subsidiary undertaking amounting to £14,896,000 (
2023: £7,500,000).


16.


Pension commitments

The Company operates a defined contribution pension. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £56,000 (2023: £37,000).
There were outstanding contributions of £12,000 (
2023: £9,000) at the end of the financial year. These are included in creditors and have been settled since the year end.

Page 18

 
NASMYTH HENTON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Commitments under operating leases

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

2024
2023
£000
£000


Not later than 1 year
11
91

Later than 1 year and not later than 5 years
7
12

18
103


18.


Related party transactions

The Company has taken advantage of the exemption, as permitted by section 33.1A of the 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.


19.


Post balance sheet events

In November 2024 a Commercial Agreement was signed with a major Customer which provided the Group with a prepayment on future parts to the value of £5.7m. Ten high-volume part numbers will be sold to the customer at a discount over 24 months (commencing December 2024) in reduction of the prepayment. The Company is party to a guarantee which has been given to this customer under the terms of this agreement.


20.


Controlling party

The ultimate parent company and controlling party is Nasmyth Group Limited (formerly W5SD Limited). The registered office address is 4th Floor, 24 Old Bond Street, London, W1S 4AW.
The smallest and largest group, in which the results of the Company are consolidated, is that headed by Nasmyth Group Limited (formerly W5SD Limited), a company incorporated in England, United Kingdom. The consolidated financial statements may be obtained from its registered office address, 4th Floor, 24 Old Bond Street, London, W1S 4AW.

 
Page 19