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Registered number: 08527785









NASMYTH ENTERPRISES LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
NASMYTH ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Directors
J A Storer 
J Rooney 
W1S Directors Limited 




Company secretary
Cossey Cosec Services Limited



Registered number
08527785



Registered office
Nasmyth House
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 ENTERPRISES LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Balance Sheet
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 20


 
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.

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:

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

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 ENTERPRISES 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 17.

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

Opinion


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 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 ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES 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 ENTERPRISES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NASMYTH ENTERPRISES 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; 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;

 
Page 5

 
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.

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

2024
2023
Note
£000
£000

  

Turnover
  
806
831

Gross profit
  
806
831

Administrative expenses
  
(822)
(811)

Exceptional items
  
(88)
(628)

Operating loss
  
(104)
(608)

Interest receivable and similar income
  
1,288
517

Interest payable and similar expenses
  
(2,892)
(1,034)

Loss before tax
  
(1,708)
(1,125)

Tax on loss
  
-
-

Loss for the financial year
  
(1,708)
(1,125)

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

The notes on pages 11 to 20 form part of these financial statements.

Page 7

 
NASMYTH ENTERPRISES LIMITED
REGISTERED NUMBER: 08527785

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 6 
8,245
8,495

Investment property
 7 
441
441

  
8,686
8,936

Current assets
  

Debtors: amounts falling due after more than one year
 8 
13,051
11,770

Debtors: amounts falling due within one year
 8 
5,751
335

Cash at bank and in hand
 9 
18
6

  
18,820
12,111

Creditors: amounts falling due within one year
 10 
(6,416)
(8,645)

Net current assets
  
 
 
12,404
 
 
3,466

Total assets less current liabilities
  
21,090
12,402

Creditors: amounts falling due after more than one year
 11 
(14,896)
(4,500)

  

Net assets
  
6,194
7,902


Capital and reserves
  

Called up share capital 
 13 
-
-

Revaluation reserve
 14 
4,023
4,184

Profit and loss account
 14 
2,171
3,718

  
6,194
7,902


Page 8

 
NASMYTH ENTERPRISES LIMITED
REGISTERED NUMBER: 08527785
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

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 11 to 20 form part of these financial statements.

Page 9

 
NASMYTH ENTERPRISES LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 May 2022
-
5,130
3,897
9,027



Loss for the period
-
-
(1,125)
(1,125)

Realised gain on disposal of freehold properties
-
(785)
785
-

Transfer to profit and loss account
-
(161)
161
-



At 30 April 2023
-
4,184
3,718
7,902



Loss for the year
-
-
(1,708)
(1,708)

Transfer to profit and loss account
-
(161)
161
-


At 30 April 2024
-
4,023
2,171
6,194


The notes on pages 11 to 20 form part of these financial statements.

Page 10

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

1.


General information

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

 
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.

 
2.3

Turnover

Turnover is measured at the fair value of the consideration received or receivable from rental income generated from the lease of the company's properties excluding rebates, discounts, value added tax and other sales tax. 
Rental income is invoiced monthly in advance.

Page 11

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

2.Accounting policies (continued)

  
2.4

Tangible fixed assets

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Current and deferred 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.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 12

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

2.Accounting policies (continued)

 
2.9

Revaluation of tangible fixed assets

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors, supported by external valuations as appropriate. Valuation is derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.11

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

 
2.12

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 (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.

Page 13

 
NASMYTH ENTERPRISES 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

Recoverability of amounts owed from group undertakings
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.


4.


Employees

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).


5.


Exceptional items

2024
2023
£000
£000


Impairment and write offs of intercompany debtors
-
21

Reorganisation costs
88
607

88
628

Page 14

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

6.


Tangible fixed assets







Freehold properties

£000



Valuation


At 1 May 2023
8,745



At 30 April 2024

8,745



Depreciation


At 1 May 2023
250


Charge for the year
250



At 30 April 2024

500



Net book value



At 30 April 2024
8,245



At 30 April 2023
8,495

Freehold properties are part of the security given in respect of the Secured Trust Bank plc facility.
Freehold properties have been previously revalued by £5,130,000 with all revaluation gains being recognised in the revaluation reserve. The revaluation of properties took place on 7 December 2021 and the valuation was performed by an independent, professionally qualified valuer. The valuation report provided a range of market values which varied depending upon the intended use of each property. The directors have selected the valuation from this range which accurately reflects their future intentions for each property.

If freehold properties had not been included at valuation they would have been included under the historical cost convention as follows:


2024
2023
£000
£000



Cost
6,337
6,337

Accumulated depreciation
(1,806)
(1,651)

4,531
4,686

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)

Page 15

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

7.


Investment property





Freehold investment property

£000



Valuation


At 1 May 2023
441



At 30 April 2024
441







8.


Debtors

2024
2023
£000
£000

Due after more than one year

Amounts owed by group undertakings
13,051
11,770


2024
2023
£000
£000

Due within one year

Trade debtors
8
4

Amounts owed by group undertakings
5,656
304

Other debtors
86
-

Prepayments and accrued income
1
27

5,751
335



9.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
18
6


Page 16

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

10.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Bank loans
4,500
-

Other loans
-
7,500

Trade creditors
818
543

Amounts owed to group undertakings
997
-

Other taxation and social security
-
360

Accruals and deferred income
101
242

6,416
8,645


Included in bank loans is a funding facility provided by Secure Trust Bank plc which is secured by a fixed charge over the Company's properties and a floating charge over all assets in the Company.
Included in other loans in the previous year was a secured working capital loan facility provided by a company related to the group which is secured by a fixed charge over the group's properties and a floating charge over all assets in the Company.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£000
£000

Bank loans
-
4,500

Other loans
14,896
-

14,896
4,500


Included in bank loans in the previous year was a long-term funding facility provided by Secure Trust Bank plc which is secured by a fixed charge over the Company's properties and a floating charge over all assets in the Company.
Included in other loans is a secured working capital loan facility provided by a company related to the group which is secured by a fixed charge over the group's properties and a floating charge over all assets in the Company.

Page 17

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

12.


Loans


Analysis of the maturity of loans is given below:


30 April
29 April
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
4,500
-

Other loans
-
7,500


4,500
7,500

Amounts falling due 1-2 years

Bank loans
-
4,500


-
4,500

Amounts falling due 2-5 years

Other loans
14,896
-


14,896
-


19,396
12,000



13.


Share capital

30 April
29 April
2024
2023
£000
£000
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
-
-


Page 18

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

14.


Reserves

Revaluation reserve

This reserve records the cumulative net gain recognised as other comprehensive income on the revaluation of freehold property, net of associated deferred tax.

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 of group companies amounting to £13,284,000 (2023: £10,813,000).

16.


Related party transactions

During the year, the Company drewdown a further £5,956,000 (2023: £2,000,000) of loan capital and interest totalling £1,440,000 was capitalised in respect of loans provided by a company under common control. The amount outstanding at year end totalled £14,896,000 (2023: £7,500,000) and is included in other loans. During the year, the Company paid interest charges totalling £613,000 (2023: £755,000) in respect of this loan. At the year end, the Company owed £311,000 (2023: £Nil) of unpaid interest to this company and these amounts are included in trade creditors.
During the year, the Company incurred management fees from a company under common control totalling £358,000 (2023: £nil). At the year end, the Company owed £336,000 (2023: £nil) to this company.
During the year, the Company incurred taxation compliance services from a company under common control totalling £8,000 (2023: £nil). At the year end, the Company owed £6,000 (2023: £nil) to this company.
During the year, the Company incurred company secretarial services from a company under common control totalling £10,000 (2023: £nil). At the year end, the Company owed £2,000 (2023: £nil) to this company.
During the year, the Company lent a further £1,281,000 (2023: £3,407,000) to its parent undertaking at an interest rate of base rate plus 2.5%. As detailed in note 3, the directors consider this to be a debtor which is likely to be repaid within 2 - 4 years and therefore have treated this as an amount due for repayment after more than 1 year.


17.


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.

Page 19

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

18.


Ultimate 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 20