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REGISTERED NUMBER: 00398662 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

E.V. NAISH LIMITED

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

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 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


E.V. NAISH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: G D Naish
Mrs P J Chamberlain
E A Naish
J C Naish





SECRETARY: G D Naish





REGISTERED OFFICE: Crow Lane
Wilton
Salisbury
SP2 0HD





REGISTERED NUMBER: 00398662 (England and Wales)





AUDITORS: Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

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 results for the year and financial position of the company and the group are as shown in the annexed financial statements.

The company continued to supply plant, equipment and vehicles for hire, rent property and support the activities of its wholly owned subsidiaries during the year under review. The activities of all subsidiaries remained unchanged during the year.

The key financial highlights of the group are as follows:

2024 2023
Consolidated turnover £17.0m £18.1m
Gross profit margin 23.4% 28.6%
Consolidated net assets £17.8m £16.5m
Capital expenditure £500k £778k

The directors consider the profit achieved on ordinary activities before taxation and the state of the group's affairs to be satisfactory. The group continued to strategically invest in the appropriate resources in order to maximise the commercial opportunities available.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks,
especially in the current economic and political climate.

During the year, there has been pressure on labour costs with the increase in the minimum wage in April 2024 of virtually 10%, and this has been followed in April 2025 with a further 6.7% increase, plus the added costs to employers of the changes in National Insurance. Regarding energy, the unit and infrastructure costs combined were relatively stable during the year.

As the holding company's activities are supported wholly by its own subsidiaries it is essential that its subsidiaries
remain as going concerns.

Each subsidiary recognises that in order to minimise the financial economical risk to its trading activities and, ultimately, its profitability, it must ensure it has a diverse number of products for a variety of geographical areas which meet the needs of a wide range of customers.

RESEARCH AND DEVELOPMENT
The group's research and development activities are focussed on the design and development of new products and existing product improvement.













E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


FUTURE DEVELOPMENTS
The directors will continue to look for opportunities where the group can support and develop its subsidiaries in their activities of light engineering and felt conversion and distribution.

ON BEHALF OF THE BOARD:





G D Naish - Director


25 June 2025

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

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.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of felt conversion and distribution, and the manufacture, sale, and service of handwashing and hand drying machines and solid surface sanitary ware.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 25,523 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

G D Naish
Mrs P J Chamberlain

Other changes in directors holding office are as follows:

E A Naish and J C Naish were appointed as directors after 30 September 2024 but prior to the date of this report.

DISCLOSURE IN THE GROUP STRATEGIC REPORT
Information relating to research and development and future developments has been disclosed within the Group Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

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). 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Fawcetts LLP, will be proposed for re-appointment at the Annual General Meeting.

ON BEHALF OF THE BOARD:





G D Naish - Director


25 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E.V. NAISH LIMITED


Opinion
We have audited the financial statements of E.V. Naish Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other 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
E.V. NAISH 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 four, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E.V. NAISH LIMITED


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:

Identifying and assessing potential risks related to irregularities including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following:

- the nature of the industry/sector, control environment and financial performance;
- results of our enquiries of management about their own identification and assessment of the risk of
irregularities;
- any matters we identified having obtained and reviewed the group and parent company's documentation of
their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected
or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the
financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We have also obtained an understanding of the legal and regulatory frameworks that the group and parent company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

Audit response to risk identified
As a result of performing the above, we identified revenue and profit recognition, stock valuation, estimation techniques and management override of controls as key matters related to the potential risk of fraud or material misstatement. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- performing substantive procedures to ascertain the completeness, existence, valuation, and rights and
obligations of stocks as at the year-end;
- understanding the group and parent company's revenue recognition policies and how they are applied,
including the relevant controls and processes and performing a walk-through to validate our understanding;
- performing analytical procedures to compare revenue recognised against expectations, past results, and
management forecasts, and investigated material divergences by obtaining corroborative evidence;
- reading minutes of meetings of those charged with governance and reviewing any correspondence with HMRC;
and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
E.V. NAISH LIMITED

- in addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions
that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.




Nicholas Jones FCCA (Senior Statutory Auditor)
for and on behalf of Fawcetts LLP
Chartered Accountants
and Statutory Auditors
Windover House
St. Ann Street
Salisbury
SP1 2DR

26 June 2025

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 16,960,031 18,085,108

Cost of sales 12,996,969 12,917,317
GROSS PROFIT 3,963,062 5,167,791

Administrative expenses 2,778,804 3,080,050
1,184,258 2,087,741

Other operating income 250 4,054
1,184,508 2,091,795

Interest receivable and similar income 367,018 153,691
PROFIT BEFORE TAXATION 4 1,551,526 2,245,486

Tax on profit 5 322,223 455,518
PROFIT FOR THE FINANCIAL YEAR 1,229,303 1,789,968
Profit attributable to:
Owners of the parent 1,229,303 1,789,968

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,229,303 1,789,968


OTHER COMPREHENSIVE INCOME
Exchange adjustment on consolidation 153,025 (20,295 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

153,025

(20,295

)
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,382,328

1,769,673

Total comprehensive income attributable to:
Owners of the parent 1,382,328 1,769,673

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 242,227 181,671
Tangible assets 9 4,043,377 4,194,234
Investments 10 - -
4,285,604 4,375,905

CURRENT ASSETS
Stocks 11 2,155,704 2,079,476
Debtors 12 2,799,701 3,905,258
Cash at bank and in hand 11,852,891 9,822,047
16,808,296 15,806,781
CREDITORS
Amounts falling due within one year 13 3,009,997 3,427,793
NET CURRENT ASSETS 13,798,299 12,378,988
TOTAL ASSETS LESS CURRENT LIABILITIES 18,083,903 16,754,893

PROVISIONS FOR LIABILITIES 15 253,332 281,127
NET ASSETS 17,830,571 16,473,766

CAPITAL AND RESERVES
Called up share capital 16 7,976 7,976
Capital redemption reserve 17 117,024 117,024
Retained earnings 17 17,705,571 16,348,766
SHAREHOLDERS' FUNDS 17,830,571 16,473,766

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





G D Naish - Director


E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 2,965,029 3,047,105
Investments 10 92,134 92,134
3,057,163 3,139,239

CURRENT ASSETS
Debtors 12 4,167,233 4,090,984
Cash at bank 6,967,178 5,716,890
11,134,411 9,807,874
CREDITORS
Amounts falling due within one year 13 308,932 163,239
NET CURRENT ASSETS 10,825,479 9,644,635
TOTAL ASSETS LESS CURRENT LIABILITIES 13,882,642 12,783,874

PROVISIONS FOR LIABILITIES 15 21,363 37,723
NET ASSETS 13,861,279 12,746,151

CAPITAL AND RESERVES
Called up share capital 16 7,976 7,976
Capital redemption reserve 17 117,024 117,024
Retained earnings 17 13,736,279 12,621,151
SHAREHOLDERS' FUNDS 13,861,279 12,746,151

Company's profit for the financial year 1,140,651 1,140,873

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





G D Naish - Director


E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 7,976 14,604,616 117,024 14,729,616

Changes in equity
Dividends - (25,523 ) - (25,523 )
Total comprehensive income - 1,769,673 - 1,769,673
Balance at 30 September 2023 7,976 16,348,766 117,024 16,473,766

Changes in equity
Dividends - (25,523 ) - (25,523 )
Total comprehensive income - 1,382,328 - 1,382,328
Balance at 30 September 2024 7,976 17,705,571 117,024 17,830,571

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 7,976 11,505,801 117,024 11,630,801

Changes in equity
Dividends - (25,523 ) - (25,523 )
Total comprehensive income - 1,140,873 - 1,140,873
Balance at 30 September 2023 7,976 12,621,151 117,024 12,746,151

Changes in equity
Dividends - (25,523 ) - (25,523 )
Total comprehensive income - 1,140,651 - 1,140,651
Balance at 30 September 2024 7,976 13,736,279 117,024 13,861,279

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,586,036 1,306,634
Tax paid (422,352 ) (279,525 )
Net cash from operating activities 2,163,684 1,027,109

Cash flows from investing activities
Purchase of intangible fixed assets (106,983 ) (97,959 )
Purchase of tangible fixed assets (393,102 ) (680,403 )
Sale of tangible fixed assets 16,875 24,059
Exchange adjustments on consolidation 8,875 8,283
Interest received 367,018 153,691
Net cash from investing activities (107,317 ) (592,329 )

Cash flows from financing activities
Equity dividends paid (25,523 ) (19,940 )
Net cash from financing activities (25,523 ) (19,940 )

Increase in cash and cash equivalents 2,030,844 414,840
Cash and cash equivalents at beginning of
year

2

9,822,047

9,407,207

Cash and cash equivalents at end of year 2 11,852,891 9,822,047

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

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 1,551,526 2,245,486
Depreciation charges 581,509 538,467
Profit on disposal of fixed assets (16,875 ) (23,209 )
Exchange adjustment on consolidation 153,025 (20,295 )
Finance income (367,018 ) (153,691 )
1,902,167 2,586,758
Increase in stocks (76,228 ) (533,693 )
Decrease/(increase) in trade and other debtors 1,118,406 (802,133 )
(Decrease)/increase in trade and other creditors (358,309 ) 55,702
Cash generated from operations 2,586,036 1,306,634

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 11,852,891 9,822,047
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 9,822,047 9,407,207


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 9,822,047 2,030,844 11,852,891
9,822,047 2,030,844 11,852,891
Total 9,822,047 2,030,844 11,852,891

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

E.V. Naish Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The directors have considered the financial position of the company and the group and confirm that it remains a going concern. The financial statements are presented in Sterling (£) which is the functional currency of the group.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful life of tangible fixed assets
A reliable estimate is made of the useful life of tangible assets on acquisition. This estimate is based on a variety of factors such as expected use of the acquired asset and assumptions that market participants would consider in respect of a similar business.

Leases
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty:

Tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point of despatch.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

An analysis of turnover between classes of business and geographical markets has not been disclosed in accordance with SI 2008/410 Sch 1 68 (5).

Intangible assets
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised at the following annual rates:

Intellectual property- 20% on cost
Development costs- 10% and 20% on cost

The write-off period for development costs begins once the related product is brought into commercial use.

Tangible fixed assets
Expenditure on fixed assets is capitalised except for expenditure incurred on the replacement of assets of low value with a short life. The capitalisation threshold is £1,000. Repair, renovation and replacement expenditure is written off as expenditure in the profit and loss account. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition. Land is not depreciated.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Improvements to property - 33% on cost
Plant and machinery - 10% to 50% on cost
Fixtures and fittings - 10% to 50% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currency translation

Functional currency and presentational currency
The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£).

Transactions and balances
In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the rate of exchange ruling at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income and are not reclassified to profit or loss.

Translation of group companies
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to profit or loss.

Pension costs and other post-retirement benefits
The group contributes to the individual defined contribution pension schemes of employees. Contributions are charged to profit or loss in the period to which they relate.

Debtors
Debtors are measured at their recoverable amount.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Investments
Investments held as fixed assets are stated at cost less provision for any impairment.

Exceptional items
The group classifies one-off charges or credits that have a material impact on the company's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,350,642 2,994,651
Social security costs 351,835 326,203
Other pension costs 181,551 175,464
3,884,028 3,496,318

The average number of employees during the year was as follows:
2024 2023

Management and administration 12 16
Production 143 167
Manufacturing 27 18
Sales 13 14
Service 6 4
201 219

2024 2023
£    £   
Directors' remuneration 190,106 199,669
Directors' pension contributions to money purchase schemes 16,401 15,790

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 535,084 503,422
Profit on disposal of fixed assets (16,875 ) (23,209 )
Intellectual property amortisation 38,452 34,555
Development costs amortisation 7,975 490
Auditors' remuneration 41,298 39,250
Foreign exchange differences 52,017 3,694
Research and development expenditure 367,466 341,899

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. 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 374,314 354,691

Deferred tax (52,091 ) 100,827
Tax on profit 322,223 455,518

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,551,526 2,245,486
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

387,882

561,372

Effects of:
Expenses not deductible for tax purposes 397 285
Depreciation in excess of capital allowances 39,010 4,005
Research and development enhanced expenditure (79,005 ) (81,111 )
Patent Box adjustment (91,408 ) (102,963 )
Profit on disposal of fixed assets (4,219 ) (5,108 )
Overseas activities 126,345 85,595
Under provision in prior year (4,237 ) (2,907 )
Increase in corporation tax rate - (104,114 )
Movement in deferred tax on accelerated capital allowances (52,091 ) 100,827
Marginal relief (214 ) (363 )
Structures and buildings allowance (237 ) -
Total tax charge 322,223 455,518

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Exchange adjustment on consolidation 153,025 - 153,025


E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Exchange adjustment on consolidation (20,295 ) - (20,295 )

6. INDIVIDUAL INCOME STATEMENT

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.


7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 25,523 25,523

8. INTANGIBLE FIXED ASSETS

Group
Intellectual Development
property costs Totals
£    £    £   
COST
At 1 October 2023 476,148 408,539 884,687
Additions 36,860 70,123 106,983
At 30 September 2024 513,008 478,662 991,670
AMORTISATION
At 1 October 2023 365,885 337,131 703,016
Amortisation for year 38,452 7,975 46,427
At 30 September 2024 404,337 345,106 749,443
NET BOOK VALUE
At 30 September 2024 108,671 133,556 242,227
At 30 September 2023 110,263 71,408 181,671

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 October 2023 2,966,990 44,211 5,657,392
Additions 45,459 68,593 203,558
Disposals - - -
Exchange differences - - (28,569 )
At 30 September 2024 3,012,449 112,804 5,832,381
DEPRECIATION
At 1 October 2023 437,095 44,211 4,126,570
Charge for year 37,998 286 429,571
Eliminated on disposal - - -
Exchange differences - - (19,694 )
At 30 September 2024 475,093 44,497 4,536,447
NET BOOK VALUE
At 30 September 2024 2,537,356 68,307 1,295,934
At 30 September 2023 2,529,895 - 1,530,822

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 622,270 300,856 101,080 9,692,799
Additions 22,390 50,609 2,493 393,102
Disposals - (92,733 ) - (92,733 )
Exchange differences - - - (28,569 )
At 30 September 2024 644,660 258,732 103,573 9,964,599
DEPRECIATION
At 1 October 2023 603,440 186,169 101,080 5,498,565
Charge for year 13,943 52,895 391 535,084
Eliminated on disposal - (92,733 ) - (92,733 )
Exchange differences - - - (19,694 )
At 30 September 2024 617,383 146,331 101,471 5,921,222
NET BOOK VALUE
At 30 September 2024 27,277 112,401 2,102 4,043,377
At 30 September 2023 18,830 114,687 - 4,194,234

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 2,966,990 1,186,417 37,529 234,036 4,424,972
Additions 45,459 - 3,250 50,609 99,318
Disposals - - - (41,903 ) (41,903 )
At 30 September 2024 3,012,449 1,186,417 40,779 242,742 4,482,387
DEPRECIATION
At 1 October 2023 437,095 780,872 37,529 122,371 1,377,867
Charge for year 37,998 92,809 715 49,872 181,394
Eliminated on disposal - - - (41,903 ) (41,903 )
At 30 September 2024 475,093 873,681 38,244 130,340 1,517,358
NET BOOK VALUE
At 30 September 2024 2,537,356 312,736 2,535 112,402 2,965,029
At 30 September 2023 2,529,895 405,545 - 111,665 3,047,105

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 92,134
NET BOOK VALUE
At 30 September 2024 92,134
At 30 September 2023 92,134

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. 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:

Subsidiaries

Wallgate Limited
Registered office: Crow Lane, Salisbury, SP2 0HB
Nature of business: Light engineering
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 6,461,384 5,895,208
Profit for the year 1,466,176 1,801,930

Naish Felts Limited
Registered office: Crow Lane, Salisbury, SP2 0HD
Nature of business: Felt conversion and distribution
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 537,026 533,466
Profit for the year 3,560 8,420

Naish Felts Bulgaria LLC
Registered office: Industrialna Zona Rakovski, Unit 6, 4142 Stryama, Bulgaria
Nature of business: Felt conversion and distribution
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (2,809,318 ) (2,456,889 )
Loss for the year (341,145 ) (533,887 )


E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


11. STOCKS

Group
2024 2023
£    £   
Raw materials 1,703,736 1,624,929
Finished goods 451,968 454,547
2,155,704 2,079,476

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,302,511 3,632,605 977 1,695
Amounts owed by group undertakings - - 1,550,385 1,499,430
Other debtors 143,142 65,481 - -
Corporation tax - 11,449 - -
Prepayments and accrued income 354,048 195,723 177,215 95,362
2,799,701 3,905,258 1,728,577 1,596,487

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 2,438,656 2,494,497

Aggregate amounts 2,799,701 3,905,258 4,167,233 4,090,984

A market rate of interest is charged on the amounts owed by group undertakings falling due after more than one year.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,448,973 1,479,935 16,522 13,518
Amounts owed to group undertakings - - 121,240 4,170
Corporation tax 174,273 233,760 108,189 85,682
Social security and other taxes 74,662 78,911 - -
VAT 205,267 415,075 10,309 6,152
Proposed dividends 25,523 25,523 25,523 25,523
Other creditors 255,253 233,436 - -
Accruals and deferred income 826,046 961,153 27,149 28,194
3,009,997 3,427,793 308,932 163,239

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 88,841 110,000
Between one and five years 92,205 71,382
181,046 181,382

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 253,332 281,127 21,363 37,723

Group
Deferred
tax
£   
Balance at 1 October 2023 281,127
Accelerated capital allowances (27,795 )
Balance at 30 September 2024 253,332

Company
Deferred
tax
£   
Balance at 1 October 2023 37,723
Credit to Statement of Comprehensive Income during year (16,360 )
Accelerated capital allowances
Balance at 30 September 2024 21,363

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
7,976 Ordinary £1 7,976 7,976

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


16. CALLED UP SHARE CAPITAL - continued

The ordinary shares rank equally in respect of voting rights and any dividend declared, and shall entitle the holder to full participation in respect of the entity and in the event of winding up the company.

17. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 16,348,766 117,024 16,465,790
Profit for the year 1,229,303 1,229,303
Dividends (25,523 ) (25,523 )
Exchange rate difference 153,025 - 153,025
At 30 September 2024 17,705,571 117,024 17,822,595

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 12,621,151 117,024 12,738,175
Profit for the year 1,140,651 1,140,651
Dividends (25,523 ) (25,523 )
At 30 September 2024 13,736,279 117,024 13,853,303

Retained earnings:
Includes all current and prior period retained profits and losses.

Capital redemption reserve:
This reserve represents the nominal value of shares repurchased by the company.

18. PENSION COMMITMENTS

The group contributes to the individual defined contribution schemes of employees. Contributions are charged to the profit and loss account as they fall due and amounted to £181,551 (2023: £175,464). At the year end outstanding contributions totalled £23,966 (2023: £22,122).

19. OTHER FINANCIAL COMMITMENTS

E V Naish Limited has provided a guarantee of up to €135,000 and Naish Felts Limited has provided a guarantee of up to €95,000 against supplier payments in respect of their fellow group company, Naish Felts Bulgaria LLC.

E.V. NAISH LIMITED (REGISTERED NUMBER: 00398662)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Key management personnel
All directors (of both the parent company and its subsidiaries) who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel (2024: seven directors; 2023: seven directors). Total remuneration in respect of these individuals is £746,308 (2023: £878,630).

21. ULTIMATE CONTROLLING PARTY

The group is under the control of G D Naish, a director of the company, who, together with family interests, controls 90.3% of the ordinary share capital.