Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
COMPANY INFORMATION
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NASMYTH ENTERPRISES LIMITED
CONTENTS
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NASMYTH ENTERPRISES 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.
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
The directors who served during the year were:
Since the year end the following directors have been appointed: J Rooney (appointed 16 September 2024) J A Storer (appointed 16 September 2024)
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NASMYTH ENTERPRISES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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.
Details of post balance sheet events affecting the Company have been disclosed in note 17.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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.
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NASMYTH ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES LIMITED
We have audited the financial statements of Nasmyth Enterprises 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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NASMYTH ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
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.
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.
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NASMYTH ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES LIMITED (CONTINUED)
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; and
∙Tax 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 focused 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;
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NASMYTH ENTERPRISES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES 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 investment properties and the recoverability of amounts owed by group undertakings.
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.
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 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.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall Street
West Midlands
B3 2DX
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NASMYTH ENTERPRISES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
REGISTERED NUMBER: 08527785
BALANCE SHEET
AS AT 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
REGISTERED NUMBER: 08527785
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 20 form part of these financial statements.
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NASMYTH ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Nasmyth Enterprises Limited is a private company, limited by shares, registered in England, United Kingdom. The company's registration number is 08527785 and its registered office address is Nasmyth House, Coventry Road, Exhall, Coventry, CV7 9FT.
2.Accounting policies
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:
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. Rental income is invoiced monthly in advance.
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Tangible fixed assets relate to freehold properties which are investment properties that are held either to earn rental income or for capital appreciation or both. The company has applied the option available in section 16 of FRS102 in relation to investment properties rented to group entities and is recognising such investment properties as property, plant and equipment. The Company has adopted the revaluation model under section 17 of FRS102 and is carrying these properties at valuation less accumulated depreciation.
Freehold properties are depreciated on a straight line basis over a 50 year useful economic life. Land is not depreciated.
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
(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 (if materially different to the historic cost basis) 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.
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Amounts owed from group undertakings includes a loan balance due from the Company's parent undertaking. This loan balance was transferred from the Company's previous parent undertaking following the restructure of the Company's group. Following this restructure the directors consider that this loan balance is fully recoverable and it is expected to be recovered within the next 2 to 4 years and this amount has been presented as an amount due after 1 year accordingly. The directors have made this assessment on the basis of the financial position of the Company's group and of its trading prospects post restructure.
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £8,245,000 (2023 - £8,495,000)
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Revaluation reserve
Profit and loss account
Guarantees
The Company has given cross guarantees in respect of bank loans of group companies amounting to £13,284,000 (2023: £10,813,000).
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NASMYTH ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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.
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