REGISTERED NUMBER: 05833667 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
NT HOLDINGS LIMITED |
REGISTERED NUMBER: 05833667 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
NT HOLDINGS LIMITED |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 15 |
NT HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
The group has continued its bounce back after a difficult financial year in 2021 brought on by the tough trading environment. The group has worked hard to ensure it remains competitive to maintain their market share. During the recovering current environment the company has seen a slight increase in gross profitability in percentage terms from 16.48% in 2023 to 17.95% in 2024. Turnover has increased by 0.88% (2023: 8.09%). |
The directors are confident for the future and feel that the group can build further on its strong financial base and reputation. The group has invested significantly in its fixed assets in previous years and the directors believe that this will ensure the company remains competitive and adaptable in the future. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's major customers are large, multinational companies trading on a global basis and as a result the company is indirectly exposed to fluctuations in the global economy. Despite the current recovery in world activity, further fluctuations in the world economy remain the principal risk and uncertainty that the group faces in future. |
DEVELOPMENT AND PERFORMANCE |
The group has continued trading well after the year end with turnover and net profit margin staying relatively consistent. The group continues to have a strong balance sheet and low gearing enabling the entity to continue operating throughout the current global strains. |
ON BEHALF OF THE BOARD: |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 September 2024 will be £297,100. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NT HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of NT Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NT HOLDINGS LIMITED |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have 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 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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements. |
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determine that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the |
manipulation of exceptional items and management bias in accounting estimates. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NT HOLDINGS LIMITED |
Audit procedures performed by the engagement team included: |
- enquiries with management, including consideration of known or suspected instances of fraud and |
non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws; |
- understanding and evaluating the design and implementation of management’s controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account |
combinations and postings by unusual users. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
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 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 a Report of the Auditors 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 Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 11,852,334 | 11,749,055 |
Cost of sales | 9,724,850 | 9,812,529 |
GROSS PROFIT | 2,127,484 | 1,936,526 |
Administrative expenses | 1,547,583 | 1,459,632 |
579,901 | 476,894 |
Interest receivable and similar income | 315 | 109 |
580,216 | 477,003 |
Interest payable and similar expenses | 5 | - | 200 |
PROFIT BEFORE TAXATION | 6 | 580,216 | 476,803 |
Tax on profit | 7 | 145,523 | 104,097 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
434,693 |
372,706 |
Profit attributable to: |
Owners of the parent | 434,693 | 372,706 |
Total comprehensive income attributable to: |
Owners of the parent | 434,693 | 372,706 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
CONSOLIDATED BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 329,954 | 249,036 |
Investments | 12 | - | - |
329,954 | 249,036 |
CURRENT ASSETS |
Stocks | 13 | 2,219,539 | 3,847,322 |
Debtors | 14 | 2,084,110 | 2,355,758 |
Cash at bank and in hand | 1,446,094 | 385,860 |
5,749,743 | 6,588,940 |
CREDITORS |
Amounts falling due within one year | 15 | (1,152,147 | ) | (2,072,088 | ) |
NET CURRENT ASSETS | 4,597,596 | 4,516,852 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,927,550 |
4,765,888 |
PROVISIONS FOR LIABILITIES | 17 | (62,395 | ) | (38,328 | ) |
NET ASSETS | 4,865,155 | 4,727,560 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 21,000 | 21,000 |
Retained earnings | 19 | 4,844,155 | 4,706,560 |
SHAREHOLDERS' FUNDS | 4,865,155 | 4,727,560 |
The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by: |
N E F Wilson - Director |
T J Wilson - Director |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
COMPANY BALANCE SHEET |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 130,097 | 177,386 |
The financial statements were approved by the Board of Directors and authorised for issue on |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 | 21,000 | 4,391,454 | 4,412,454 |
Changes in equity |
Dividends | - | (57,600 | ) | (57,600 | ) |
Total comprehensive income | - | 372,706 | 372,706 |
Balance at 30 September 2023 | 21,000 | 4,706,560 | 4,727,560 |
Changes in equity |
Dividends | - | (297,100 | ) | (297,100 | ) |
Total comprehensive income | - | 434,693 | 434,693 |
Balance at 30 September 2024 | 21,000 | 4,844,153 | 4,865,153 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2024 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,780,541 | 93,626 |
Interest paid | - | (200 | ) |
Tax paid | (111,112 | ) | (63,863 | ) |
Net cash from operating activities | 1,669,429 | 29,563 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (160,788 | ) | (10,227 | ) |
Sale of tangible fixed assets | 273 | - |
Interest received | 315 | 109 |
Net cash from investing activities | (160,200 | ) | (10,118 | ) |
Cash flows from financing activities |
Amount introduced by directors | 91,117 | 89,077 |
Amount withdrawn by directors | (430,906 | ) | (222,857 | ) |
Equity dividends paid | (57,600 | ) | (57,600 | ) |
Net cash from financing activities | (397,389 | ) | (191,380 | ) |
Increase/(decrease) in cash and cash equivalents | 1,111,840 | (171,935 | ) |
Cash and cash equivalents at beginning of year |
2 |
334,251 |
506,188 |
Cash and cash equivalents at end of year |
2 |
1,446,094 |
334,251 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 580,216 | 476,803 |
Depreciation charges | 77,772 | 54,446 |
Loss on disposal of fixed assets | 1,825 | - |
Finance costs | - | 200 |
Finance income | (315 | ) | (109 | ) |
659,498 | 531,340 |
Decrease in stocks | 1,627,784 | 570,739 |
Decrease/(increase) in trade and other debtors | 271,648 | (74,334 | ) |
Decrease in trade and other creditors | (778,389 | ) | (934,119 | ) |
Cash generated from operations | 1,780,541 | 93,626 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 1,446,094 | 385,860 |
Bank overdrafts | - | (51,609 | ) |
1,446,094 | 334,251 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 385,860 | 506,188 |
Bank overdrafts | (51,609 | ) | - |
334,251 | 506,188 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 385,860 | 1,060,234 | 1,446,094 |
Bank overdrafts | (51,609 | ) | 51,609 | - |
334,251 | 1,111,843 | 1,446,094 |
Total | 334,251 | 1,111,843 | 1,446,094 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
ERROR MESSAGES FROM THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
** | CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT |
= |
1,111,840 |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS LESS BANK OVERDRAFTS |
1,060,234 | - | (51,609 | ) | = | 1,111,843 |
** | LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS |
AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT |
DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET |
COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT |
= |
(171,935 |
) |
TO | MOVEMENT PER BALANCE SHEET |
CASH AND CASH EQUIVALENTS LESS BANK OVERDRAFTS |
(120,328 | ) | - | 51,609 | = | (171,937 | ) |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
NT Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiary ("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 income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Work in progress |
The group exercises judgement to determine the value of work in progress at the year-end. Work in progress comprises unbilled amounts for customer work, measured at fair value less provisions for foreseeable losses. |
Stock provision |
The group exercises judgement to determine the value of stock that is impaired at the year-end. The impairment consists of goods not sold for a defined length of time. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; and when it is probable that future economic benefits will flow to the entity. |
In respect of the rendering of services, turnover represents revenue measured by reference to the stage of the service transaction at the end of the reporting period. |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Computer software |
Computer software is amortised over 3 years on a straight line basis. |
Tangible fixed assets |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold property - not provided |
Improvements to property - 10% straight line |
Plant and machinery - 20% reducing balance |
Fixtures and fittings - 33% on cost and 20% on reducing balance |
Motor vehicles - 25% reducing balance |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Net realisable value is based on estimated selling price less costs to complete and sell. |
At the end of each reporting period stocks and work in progress are assessed for impairment. If any stock or work in progress is impaired, it is reduced to its net realisable value and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement. |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,472,282 | 2,172,821 |
Social security costs | 153,948 | 125,112 |
Other pension costs | 62,597 | 58,511 |
2,688,827 | 2,356,444 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct production | 42 | 43 |
Indirect production | 9 | 8 |
Administration | 6 | 6 |
The aggregate remuneration of key management personnel is considered to be that of the directors. |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 258,726 | 171,568 |
Directors' pension contributions to money purchase schemes | 1,931 | 1,960 |
Information regarding the highest paid director for the year ended 30 September 2024 is as follows: |
2024 |
£ |
Emoluments etc | 63,176 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
HMRC CT Interest Paid | - | 200 |
6. | PROFIT BEFORE TAXATION |
The profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases | 100,140 | 100,140 |
Depreciation - owned assets | 77,771 | 54,446 |
Loss on disposal of fixed assets | 1,825 | - |
Auditors' remuneration | 30,180 | 16,620 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 121,456 | 111,112 |
Deferred tax | 24,067 | (7,015 | ) |
Tax on profit | 145,523 | 104,097 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 580,216 | 476,805 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.008 %) |
145,054 |
104,935 |
Effects of: |
Depreciation | 19,444 | 11,984 |
Capital allowances | (43,498 | ) | (5,807 | ) |
Profit on disposal of assets | 456 | - |
Deferred Tax | 24,067 | (7,015 | ) |
Total tax charge | 145,523 | 104,097 |
** | PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF | 476,805 |
DOES NOT AGREE TO AMOUNT ON STATEMENT OF COMPREHENSIVE INCOME OF | 476,803 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary 'A' shares of £1 each |
Interim | 297,100 | 57,600 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 85,435 |
AMORTISATION |
At 1 October 2023 |
and 30 September 2024 | 85,435 |
NET BOOK VALUE |
At 30 September 2024 | - |
At 30 September 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 October 2023 | 22,108 | 39,765 | 2,465,599 |
Additions | - | - | 160,788 |
Disposals | - | - | (93,164 | ) |
At 30 September 2024 | 22,108 | 39,765 | 2,533,223 |
DEPRECIATION |
At 1 October 2023 | - | 39,765 | 2,247,447 |
Charge for year | - | - | 75,780 |
Eliminated on disposal | - | - | (91,066 | ) |
At 30 September 2024 | - | 39,765 | 2,232,161 |
NET BOOK VALUE |
At 30 September 2024 | 22,108 | - | 301,062 |
At 30 September 2023 | 22,108 | - | 218,152 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 595,799 | 39,830 | 3,163,101 |
Additions | - | - | 160,788 |
Disposals | - | - | (93,164 | ) |
At 30 September 2024 | 595,799 | 39,830 | 3,230,725 |
DEPRECIATION |
At 1 October 2023 | 591,735 | 35,119 | 2,914,066 |
Charge for year | 784 | 1,207 | 77,771 |
Eliminated on disposal | - | - | (91,066 | ) |
At 30 September 2024 | 592,519 | 36,326 | 2,900,771 |
NET BOOK VALUE |
At 30 September 2024 | 3,280 | 3,504 | 329,954 |
At 30 September 2023 | 4,064 | 4,711 | 249,035 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 9 Waterworks Road. Hastings, East Sussex, TN34 1RT |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 1,933,331 | 3,392,394 |
Work-in-progress | 286,208 | 454,928 |
2,219,539 | 3,847,322 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,851,776 | 2,119,347 |
Amounts owed by group undertakings | - | - |
Other debtors | 170,389 | 170,156 |
Prepayments | 61,945 | 66,255 |
2,084,110 | 2,355,758 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | - | 51,609 |
Trade creditors | 717,975 | 1,319,294 |
Tax | 121,456 | 111,112 |
Social security and other taxes | 52,870 | 51,981 |
VAT | 149,057 | 167,449 | - | - |
Other creditors | - | 200,000 |
Directors' current accounts | 342 | 100,631 | 342 | 100,631 |
Accrued expenses | 110,447 | 70,012 |
1,152,147 | 2,072,088 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 51,609 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 62,395 | 38,328 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 38,328 |
Movement in the year | 24,067 |
Balance at 30 September 2024 | 62,395 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary 'A' | £1 | 20,000 | 20,000 |
Ordinary 'B' | £1 | 500 | 500 |
Ordinary 'C' | £1 | 500 | 500 |
21,000 | 21,000 |
19. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 4,706,562 |
Profit for the year | 434,693 |
Dividends | (297,100 | ) |
At 30 September 2024 | 4,844,155 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 September 2024 |
NT HOLDINGS LIMITED (REGISTERED NUMBER: 05833667) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
20. | RELATED PARTY DISCLOSURES |
During the year the group made purchases of £942,587 (2023: £863,249) from Wilson Special Products Limited, a company registered in England & Wales. These purchases were made at arm's length. NEF Wilson is a director of Wilson Special Products Limited. At the year end there was an outstanding balance of £55,558 (2023: £422,613) owed by the group to Wilson Special Products Limited, which is held in trade creditors. |
During the year the group made purchases of £30,304 (2023: £63,574) from Goldvelvet Import/Export Limited, a company registered in England & Wales. These purchases were made at arm's length. NEF Wilson is a director of Goldvelvet Import/Export Limited. At the year end there was an outstanding balance of £Nil (2023: £7,044) owed by the group to Goldvelvet Import/Export Limited, which is held in trade creditors. At the year end there was an outstanding balance of £Nil (2023: £200,000) owed by the company to Goldvelvet Import/Export Limited, which is held in other creditors. |
During the year the group paid rent of £80,000 (2023: £80,000) to the directors for use of the property at Waterworks Road. There were no amounts outstanding at the year end. |
During the year the company paid rent of £17,500 (2023: £17,500) to the group's pension scheme for use of the property at Fir Tree Road. There were no amounts outstanding at the year end. |