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Registered number:
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
COMPANY INFORMATION
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NASHIRA TOPCO LIMITED
CONTENTS
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NASHIRA TOPCO LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
The Directors present their Strategic Report and financial statements for the period from incorporation on 16 March 2023 to 30 April 2024.
Nashira Topco Limited is a leading specialist provider of planned, emergency plumbing and drain repair services from routine maintenance and CCTV surveys to complex repairs and installations within the UK
Health & Safety: The work carried out by the group often poses health and safety hazards to both its employees and members of the public. The directors take these risks very seriously and have implemented an accredited management complaint system, along with a formal review of health and safety at each SLT and Board Meeting.
Recruitment: The success of the group is dependent on the recruitment and retention of a high-quality engineering workforce, plus management and support staff. The Group has hired an internal recruiter and put in place a rigorous recruitment, induction, and retention programme to ensure success. Financial: The primary risk involves credit and liquidity. All new clients or customers undergo credit checks upon sign-up, with monthly reviews conducted thereafter. The Group has maintained a historically low rate of bad debts. Rigorous cash flow forecasts and strategic planning help to keep long-term liquidity risks at a low level.
The Group considers its financial Key Performance Indicators to be Revenue growth, gross profit growth, and earnings before interest, tax, depreciation, and amortisation (EBITDA). The Directors monitor these measures on a monthly and annual basis. The Directors feel that in the year in review, they are satisfied with the performance of the Group but see an opportunity to improve on year-on-year results.
The Group considers customer satisfaction scores and percentages, recall percentages, engineer audit scores, and employee satisfaction survey scores and employee retention to be its non-financial key performance indicators.
This report was approved by the board and signed on its behalf.
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NASHIRA TOPCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
The Directors present their report and the financial statements for the period from incorporation on 16 March 2023 to 30 April 2024.
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the period, after taxation, amounted to £1,060,231.
There were no dividends declared nor paid during the financial year. The Directors have not recommended a final dividend for the year.
The Directors who served during the period were:
The Directors of the business see the growth of the business growing organically with strategic acquisitions to enhance geographic reach or complementary service offerings. The business continues to monitor Revenue, G.P.%, and EBITDA as its key KPIs. The business continues to recruit engineers and invest in vehicles and equipment to facilitate growth.
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NASHIRA TOPCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
On 28 June 2024 750 C Ordinary shares and 2,074 D ordinary shares were cancelled and on the same date a further 1,000 C Ordinary shares and 3,706 D Ordinary shares were issued.
On 28 April 2025, the Group acquired the entire share capital of BlockBusters Contractors Limited, which provides draining and plumbing services across London and South East England. The total consideration was £1,716,439. £1,466,439 was paid immediately in cash, with deferred consideration of £250,000.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NASHIRA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NASHIRA TOPCO LIMITED
We have audited the financial statements of Nashira Topco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the 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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NASHIRA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NASHIRA TOPCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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 Group strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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NASHIRA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NASHIRA TOPCO 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 Auditor's 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 Group 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:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of staff to identify any instances of non-compliance with laws and regulations;
∙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 for reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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 Auditor's report.
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NASHIRA TOPCO LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NASHIRA TOPCO LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Maidenhead, United Kingdom
16 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number (OC455542).
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NASHIRA TOPCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
REGISTERED NUMBER: 14734511
CONSOLIDATED BALANCE SHEET
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 16 to 36 form part of these financial statements.
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NASHIRA TOPCO LIMITED
REGISTERED NUMBER: 14734511
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and
has not presented its own Statement of Profit or Loss and Other Comprehensive Income in these financial statements. The loss for the period from 16 March 2023 to 30 April 2024 of the parent Company was £(1,071,260). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 36 form part of these financial statements.
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NASHIRA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Nashira Topco Limited is a private company, limited by shares, incorporated in England and Wales,on 16 March 2023 registered number 14734511. The registered office is 11-12a Hallsford Bridge Industrial Estate, Stanton Road, Ongar, Essex, CM5 9RB.
The financial statements are rounded to the nearest pound sterling. The significant accounting policies applied in the presentation of these financial statements are set out below.
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
This is the first period of results for Nashira Topco Limited and the financial period ended 30 April 2024 is greater than 12 months to align with the subsidiary. As this is the first period of results, there are no comparatives.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, over the following basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
2.Accounting policies (continued)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Analysis of turnover by country of destination:
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
There were no factors that may affect future tax charges.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
Page 29
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
The assets of the Group, both present and future, are subject to a fixed charge dated 18 April 2023 in
favour of YFM Private Equity Limited as Loan Note Security Agent for the Noteholders, being YFM Equity Partners Buyout II LLP and Palmer Nominees Limited (the A Noteholders), Daniel Anthony Fuller and Lucie Fuller (the B Noteholders), and Adrian Ringrose (the C Noteholder).
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
22.Share capital (continued)
On incorporation on 14 March 2023 1 share was issued for £1 each. This class of share was amended to A Shares on 18 April 2023.
On 18 April 2023 a further 39,999 A Shares, 40,000 B Shares, 750 C Shares and 2,074 D Shares were issued for £1 each. On 26 January 2024 a further 2,824 D Shares were issued for £1 each.
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £74,942. Contributions totalling £16,789 were payable to the fund at the balance sheet date and are included in creditors.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
On 28 April 2025, the Group acquired the entire share capital of BlockBusters Contractors Limited, which provides draining and plumbing services across London and South East England. The total consideration was £1,716,439. £1,466,439 was paid immediately in cash, with deferred consideration of £250,000.
On 18 April 2023, the Group acquired control of London Drainage Facilities Limited through the purchase of 100% of the share capital for total consideration of £8,724,354.
London Drainage Facilities Limited operates across London and South East of England. As a result of the acquisition, the Group expects to increase its sales to customers in these areas. The goodwill of £5,236,667 arising from the acquisition is attributable to the acquired customer base. Management have estimated the useful life of the goodwill to be 10 years. The acquired company is established in its local markets and have a long track record of stable revenue. The following table summarises the consideration paid by the group, the fair value of assets acquired, liabilities assumed and the non-controlling interest at the acquisition date.
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
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NASHIRA TOPCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
The adjustment to cash is in respect of an amount paid by London Drainage Facilities Limited to the seller. Contingent consideration is payable based on the successful collection of trade debtors and retentions. The amount recognised in the business combination is based on management’s expectation for the recovery of these balances. The revenue from London Drainage Facilities Limited included in the consolidated income statement for 2024 was £8,126,651. London Drainage Facilities Limited also contributed a loss of £163,954 over the same period.
YFM Equity Partners Buyout II (GP) LLP is the controlling party by virtue of their shareholdings in Nashira Topco Limited. There is no ultimate controlling person.
YFM Equity Partners Buyout II (GP) LLP is a limited liability partnership, incorporated in England and Wales. Its registered office is 4th Floor, 2 Bond Court, Leeds, LS1 2JZ.
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