IRIS Accounts Production v25.1.4.42 04298953 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false true false Ordinary A 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh042989532022-12-31042989532023-12-31042989532023-01-012023-12-31042989532021-12-31042989532022-01-012022-12-31042989532022-12-3104298953ns15:EnglandWales2023-01-012023-12-3104298953ns14:PoundSterling2023-01-012023-12-3104298953ns10:Director12023-01-012023-12-3104298953ns10:Consolidated2023-12-3104298953ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3104298953ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104298953ns10:Consolidatedns10:MediumEntities2023-01-012023-12-3104298953ns10:Consolidatedns10:Audited2023-01-012023-12-3104298953ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104298953ns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3104298953ns10:Consolidated2023-01-012023-12-3104298953ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3104298953ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3104298953ns10:FullAccounts2023-01-012023-12-3104298953ns5:Subsidiary12023-01-012023-12-3104298953ns10:OrdinaryShareClass12023-01-012023-12-3104298953ns10:Director22023-01-012023-12-3104298953ns10:CompanySecretary12023-01-012023-12-3104298953ns10:RegisteredOffice2023-01-012023-12-3104298953ns10:Consolidated2022-01-012022-12-3104298953ns5:CurrentFinancialInstruments2023-12-3104298953ns5:CurrentFinancialInstruments2022-12-3104298953ns5:ShareCapital2023-12-3104298953ns5:ShareCapital2022-12-3104298953ns5:ShareCapital2021-12-3104298953ns5:SharePremium2023-12-3104298953ns5:SharePremium2022-12-3104298953ns5:SharePremium2021-12-3104298953ns5:CapitalRedemptionReserve2023-12-3104298953ns5:CapitalRedemptionReserve2022-12-3104298953ns5:CapitalRedemptionReserve2021-12-3104298953ns5:RetainedEarningsAccumulatedLosses2023-12-3104298953ns5:RetainedEarningsAccumulatedLosses2022-12-3104298953ns5:RetainedEarningsAccumulatedLosses2021-12-3104298953ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104298953ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3104298953ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-01-012023-12-3104298953ns5:LeaseholdImprovements2023-01-012023-12-3104298953ns5:PlantMachinery2023-01-012023-12-3104298953ns5:FurnitureFittings2023-01-012023-12-3104298953ns5:MotorVehicles2023-01-012023-12-3104298953ns5:ComputerEquipment2023-01-012023-12-3104298953ns5:LandBuildings2022-12-3104298953ns5:LandBuildings2023-01-012023-12-3104298953ns5:LandBuildings2023-12-3104298953ns5:LandBuildings2022-12-3104298953ns5:CostValuation2022-12-31042989531ns5:Subsidiary12023-01-012023-12-3104298953ns5:Subsidiary12023-12-3104298953ns5:Subsidiary12022-12-3104298953ns5:Subsidiary12022-01-012022-12-3104298953ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3104298953ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3104298953ns10:OrdinaryShareClass12023-12-3104298953ns5:RetainedEarningsAccumulatedLossesns5:PreviouslyStatedAmount2022-12-3104298953ns5:SharePremium2022-12-3104298953ns5:CapitalRedemptionReserve2022-12-3104298953ns5:PreviouslyStatedAmount2022-12-3104298953ns5:RetainedEarningsAccumulatedLossesns5:PriorPeriodIncreaseDecrease2023-01-012023-12-3104298953ns5:PriorPeriodIncreaseDecrease2023-01-012023-12-3104298953ns5:RetainedEarningsAccumulatedLosses2022-12-3104298953ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 04298953 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NAPIER HOLDINGS LTD
TRADING AS
THE PLASTICA GROUP

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


NAPIER HOLDINGS LTD
TRADING AS THE PLASTICA GROUP

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E H Campbell-Salmon
A P Adlington





SECRETARY: E H Campbell-Salmon





REGISTERED OFFICE: c/o Plastica Limited
Perimeter House
Napier Road
St Leonards on Sea
East Sussex
TN38 9NY





REGISTERED NUMBER: 04298953 (England and Wales)





AUDITORS: Ashdown Hurrey
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
2023 saw the return of Perimeter House (the freehold property from which Plastica Limited trades) into the group's ownership. This has resulted in prior year adjustments to the figures as a result of a court judgement which was passed in respect of this.

2023 was a difficult year for the trading arm of the group - Plastica Limited. The energy cost crisis has had an impact on Plastica's above ground pool and spa market. This has also been the case across the whole wet leisure market and as a result we have found our customers carrying large stock reserves and not wanting or needing to replenish their stock holding. This has also had a negative impact on our Water Treatment products turnover.

On a more positive note, Plastica's Commercial Foam Covers offering has had an exceptional year. The increase in energy costs has increased demand for cost savings in large public swimming pools and Plastica is in a position to offer customers bespoke products to meet their needs.

Plastica achieved ISO 14001 and ISO 45001 during 2023 further enhancing our Environmental and Health and Safety credentials.

The group made a small loss during the year, predominantly due to legal fees incurred in respect of returning Perimeter House into its ownership. However the group maintains a healthy balance sheet and a significant share of the market.


Key Performance Indicators

Turnover Gross margin Pre tax profit

2023 £8,061,558 £3,026,797 £296,496

2022 £8,952,980 £3,425,218 £649,953


PRINCIPAL RISKS AND UNCERTAINTIES
Although the cost-of-living crisis is now easing and inflation is reducing, we still envisage that the near future will provide be a difficult trading environment.

The market place is still very competitive and we are looking at pricing regimes moving forward that will ensure we can maintain a suitable margin but remain competitive.

We are monitoring the issues in the Middle East closely as any increase in shipping costs may have an impact on our margins.


NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

FUTURE DEVELOPMENTS
Plastica invested heavily in 2023 in new machinery and is looking to continue this trend moving forward.

Plastica is also looking for new retail opportunities for its range of non-swimming pool related products. The aim is to reduce the affects of the seasonality of the business and diversify into new market places.

Plastica is also looking to further streamline the business to allow for growth but without having to increase its non-direct workforce.

Plastica is cash positive and therefore its borrowing needs are minimal and the business is well placed to move into a growth phase.

ON BEHALF OF THE BOARD:





E H Campbell-Salmon - Director


9 July 2025

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and distribution of swimming pools and related products.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 was nil (2022: £200,000).

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

E H Campbell-Salmon
A P Adlington

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a healthy bank balance.

The company's trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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.

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Ashdown Hurrey, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





E H Campbell-Salmon - Director


9 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NAPIER HOLDINGS LTD

Opinion
We have audited the financial statements of Napier Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, 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 31 December 2023 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NAPIER HOLDINGS LTD


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.

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.

During the planning stage of this audit we considered the laws and regulations relevant to the company, including enquiry of management, those charged with governance and a review of the prior year file. This review did not identify any "show stopper" laws or regulations which were applicable although there were a number of other more general laws and regulations which were identified as applicable. These were discussed during the audit planning meeting held by the team.

During the course of this audit the team discussed this area with senior members of staff and also carried out a review of legal expenses for any evidence of such. Minutes of Management and Board meetings were further reviewed.

We are therefore of the opinion that given the risk level identified, our procedures planned and undertaken, are adequate for detecting irregularities.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NAPIER HOLDINGS LTD


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.




Daniel Oliver FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

9 July 2025

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   

TURNOVER 3 8,061,558 8,952,980

Cost of sales (5,034,761 ) (5,527,762 )
GROSS PROFIT 3,026,797 3,425,218

Administrative expenses (2,769,642 ) (2,771,324 )
257,155 653,894

Other operating income 35 -
OPERATING PROFIT 5 257,190 653,894

Interest receivable and similar income 43,929 17
301,119 653,911

Interest payable and similar expenses 6 (4,623 ) (3,958 )
PROFIT BEFORE TAXATION 296,496 649,953

Tax on profit 7 (109,395 ) (53,365 )
PROFIT FOR THE FINANCIAL YEAR 187,101 596,588

Retained earnings at beginning of year as
previously reported

6,057,154

5,837,160

Dividends 9 - (200,000 )
Prior year adjustment - corrections of
material errors

10

3,631,010

-

RETAINED EARNINGS FOR THE GROUP
AT END OF YEAR

9,875,265

6,233,748

Profit attributable to:
Owners of the parent 187,101 596,588

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22 1.1.22
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 2,738,539 2,621,156 903,647
Investments 12 - - -
2,738,539 2,621,156 903,647

CURRENT ASSETS
Stocks 13 3,456,885 4,330,237 3,595,234
Debtors 14 650,466 3,309,225 1,655,935
Cash at bank and in hand 3,980,883 1,587,614 1,896,611
8,088,234 9,227,076 7,147,780
CREDITORS
Amounts falling due within one year 15 (712,559 ) (1,988,995 ) (1,989,456 )
NET CURRENT ASSETS 7,375,675 7,238,081 5,158,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,114,214

9,859,237

6,061,971

CREDITORS
Amounts falling due after more than one
year

16

(19,682

)

(24,113

)

(47,628

)

PROVISIONS FOR LIABILITIES 19 (185,767 ) (113,460 ) (143,683 )
NET ASSETS 9,908,765 9,721,664 5,870,660

CAPITAL AND RESERVES
Called up share capital 20 25,000 25,000 25,000
Share premium 21 8,483 8,483 8,483
Capital redemption reserve 21 17 17 17
Retained earnings 21 9,875,265 9,688,164 5,837,160
SHAREHOLDERS' FUNDS 9,908,765 9,721,664 5,870,660

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:





E H Campbell-Salmon - Director


NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 1,871,805 1,901,805
Investments 12 25,000 25,000
1,896,805 1,926,805

CURRENT ASSETS
Debtors 14 8,070 2,210,615
Cash at bank 2,027,147 528
2,035,217 2,211,143
CREDITORS
Amounts falling due within one year 15 201,684 482,550
NET CURRENT ASSETS 1,833,533 1,728,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,730,338

3,655,398

CAPITAL AND RESERVES
Called up share capital 20 25,000 25,000 25,000
Share premium 21 8,483 8,483 8,483
Capital redemption reserve 21 17 17 17
Retained earnings 21 3,696,838 3,621,898 (9,112 )
SHAREHOLDERS' FUNDS 3,730,338 3,655,398 24,388

Company's profit for the financial year 74,940 376,594

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:




.................................................................
E H Campbell-Salmon - Director


NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,869,198 120,697
Interest element of hire purchase payments
paid

(4,623

)

(3,958

)
Tax paid (127,858 ) (83,385 )
Net cash from operating activities 2,736,717 33,354

Cash flows from investing activities
Purchase of tangible fixed assets (377,214 ) (152,820 )
Sale of tangible fixed assets 6,985 25,633
Interest received 43,929 17
Net cash from investing activities (326,300 ) (127,170 )

Cash flows from financing activities
Capital repayments in year (17,148 ) (15,181 )
Equity dividends paid - (200,000 )
Net cash from financing activities (17,148 ) (215,181 )

Increase/(decrease) in cash and cash equivalents 2,393,269 (308,997 )
Cash and cash equivalents at beginning
of year

2

1,587,614

1,896,611

Cash and cash equivalents at end of
year

2

3,980,883

1,587,614

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.23 31.12.22
as restated
£    £   
Profit before taxation 296,496 649,953
Depreciation charges 258,821 316,755
(Profit)/loss on disposal of fixed assets (5,973 ) 24,728
Finance costs 4,623 3,958
Finance income (43,929 ) (17 )
510,038 995,377
Decrease/(increase) in stocks 873,352 (970,767 )
Decrease in trade and other debtors 2,658,757 105,087
Decrease in trade and other creditors (1,172,949 ) (9,000 )
Cash generated from operations 2,869,198 120,697

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,980,883 1,587,614
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 1,587,614 1,896,611


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,587,614 2,393,269 3,980,883
1,587,614 2,393,269 3,980,883
Debt
Finance leases (67,241 ) 17,148 (50,093 )
(67,241 ) 17,148 (50,093 )
Total 1,520,373 2,410,417 3,930,790

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Napier Holdings Ltd 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
In preparing the financial statements, the directors are required to make an assessment of the ability of the company and group to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. They have paid particular attention to likely cashflow requirements and the availability of adequate cashflow to the group/company.

The group has substantial net current assets and net assets, the directors are confident that the group has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. The directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Basis of consolidation
The Group comprises just Napier Holdings Ltd and Plastica Ltd. These entities have been fully consolidated within these financial statements.

Changes in accounting policies
There have been no changes in accounting policies.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised upon dispatch of goods to the customer or in the case of Extreme pool installations, upon completion of the installation.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs have been fully amortised in the current year.

Tangible fixed assets
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 - 2% on cost
Improvements to property - 25% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 10% on cost

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

Stock is valued by the company using a Standard Costing method as is common with manufacturers. This standard cost is periodically reviewed to ensure that it also reflects actual cost.

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.

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Liquid resources
The group treats cash, amounts held in current and instant access deposit accounts as liquid resources.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
as restated
£    £   
United Kingdom 7,477,694 8,220,218
Europe 583,864 732,762
8,061,558 8,952,980

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 2,029,483 2,048,752
Social security costs 190,791 196,925
Other pension costs 45,429 47,482
2,265,703 2,293,159

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.23 31.12.22
as restated

Management and administration 35 36
Production and sales 35 42
70 78

31.12.23 31.12.22
as restated
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
as restated
£    £   
Hire of plant and machinery - 2,322
Other operating leases 29,460 89,330
Depreciation - owned assets 237,143 387,970
Depreciation - assets on hire purchase contracts 21,676 21,980
(Profit)/loss on disposal of fixed assets (5,973 ) 24,728
Auditors' remuneration 29,500 24,500
Auditors' remuneration for non audit work 2,250 5,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
as restated
£    £   
Hire purchase 4,623 3,958

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
as restated
£    £   
Current tax:
UK corporation tax 37,088 158,585
Prior year taxation - (74,997 )
Total current tax 37,088 83,588

Deferred tax 72,307 (30,223 )
Tax on profit 109,395 53,365

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. TAXATION - continued

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:

31.12.23 31.12.22
as restated
£    £   
Profit before tax 296,496 649,953
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

74,124

123,491

Effects of:
Expenses not deductible for tax purposes 389 214
Capital allowances in excess of depreciation (31,575 ) -
Depreciation in excess of capital allowances - 34,880
Adjustments to tax charge in respect of previous periods 132 -
Tax refund relating to prior periods - (74,997 )
capital allowances
Marginal relief (2,382 ) -
periods
Effect of changes in tax rates (3,600 ) -
Movement in deferred taxation provision 72,307 (30,223 )
Total tax charge 109,395 53,365

8. 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.


9. DIVIDENDS
31.12.23 31.12.22
as restated
£    £   
Ordinary A shares of £1 each
Interim - 200,000

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. PRIOR YEAR ADJUSTMENT

In 2003 the company acquired a property from which the subsidiary company trades. In 2010 the property was transferred into a separate ownership vehicle. Unfortunately it was subsequently discovered that this vehicle was unable to effectively operate the property in the manner intended. On 05/07/2023 the High Court found that this was a case of mutual mistake, thus the property was deemed never to have left the ownership of Napier Holdings Ltd.

The property and cash associated with the income and costs related to this property have therefore been restored to the company and these financial statements.

The prior year adjustments involved covers a period of 13 years and so the adjustments needed in respect of the earlier periods have been adjusted straight to reserves. These amounted to £3,454,416.

The effects of the prior year adjustment on each line of the financial statements are as noted below:



Line item
Per original
accounts

As re-stated

Difference
£ £ £
Turnover 8,952,980 8,952,980 -
Cost of sales (5,527,762 ) (5,527,762 ) -
Gross profit 3,425,218 3,425,218 -
Administrative expenses (2,903,798 ) (2,771,324 ) 132,474
Operating profit 521,420 653,894 132,474
Interest receivable - 17 17
Interest payable (3,958 ) (3,958 ) -
Profit before tax 517,462 649,953 132,491
Tax on profit (97,468 ) (53,365 ) 44,103
Profit for the financial year 419,994 596,588 176,594

Tangible assets 719,349 2,621,156 1,901,807
Stock 4,330,237 4,330,237 -
Debtors 1,430,270 3,309,225 1,878,955
Cash at bank 1,587,614 1,587,614 -
7,348,121 9,227,076 1,878,955
Amounts falling due within 1 year (1,839,243 ) (1,988,995 ) (149,752 )
Amounts falling due in more than 1 year (24,113 ) (24,113 ) -
Provisions (113,460 ) (113,460 ) -
Net current assets 6,090,654 9,721,664 3,631,010


Shareholders funds 6,090,654 9,721,664 3,631,010


NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 2,500,000 322,790 2,280,631
Additions - 16,754 340,504
Disposals - - (93,923 )
At 31 December 2023 2,500,000 339,544 2,527,212
DEPRECIATION
At 1 January 2023 598,195 303,290 1,865,616
Charge for year 30,000 9,393 132,264
Eliminated on disposal - - (93,024 )
At 31 December 2023 628,195 312,683 1,904,856
NET BOOK VALUE
At 31 December 2023 1,871,805 26,861 622,356
At 31 December 2022 1,901,805 19,500 415,015

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 605,072 162,721 1,160,394 7,031,608
Additions 1,984 - 17,972 377,214
Disposals (520 ) - (1,193 ) (95,636 )
At 31 December 2023 606,536 162,721 1,177,173 7,313,186
DEPRECIATION
At 1 January 2023 470,049 77,144 1,096,158 4,410,452
Charge for year 18,937 18,580 49,645 258,819
Eliminated on disposal (407 ) - (1,193 ) (94,624 )
At 31 December 2023 488,579 95,724 1,144,610 4,574,647
NET BOOK VALUE
At 31 December 2023 117,957 66,997 32,563 2,738,539
At 31 December 2022 135,023 85,577 64,236 2,621,156

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 145,106 24,999 170,105
DEPRECIATION
At 1 January 2023 64,071 3,124 67,195
Charge for year 16,207 5,469 21,676
At 31 December 2023 80,278 8,593 88,871
NET BOOK VALUE
At 31 December 2023 64,828 16,406 81,234
At 31 December 2022 81,035 21,875 102,910

Company
Freehold
property
£   
COST
At 1 January 2023
and 31 December 2023 2,500,000
DEPRECIATION
At 1 January 2023 598,195
Charge for year 30,000
At 31 December 2023 628,195
NET BOOK VALUE
At 31 December 2023 1,871,805
At 31 December 2022 1,901,805

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 25,000
NET BOOK VALUE
At 31 December 2023 25,000
At 31 December 2022 25,000

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Plastica Ltd
Registered office: England & Wales
Nature of business: Manufacture of swimming pool equipment
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 6,203,425 6,091,266
Profit for the year 112,159 419,994


13. STOCKS

Group
31.12.23 31.12.22
as restated
£    £   
Finished goods 3,456,885 4,330,237

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Trade debtors 462,376 864,719 - 250,000
Other debtors 68,916 2,351,321 7,470 1,960,615
VAT - - 600 -
Prepayments 119,174 93,185 - -
650,466 3,309,225 8,070 2,210,615

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Hire purchase contracts (see note 17) 30,411 43,128 - -
Trade creditors 168,757 217,911 - -
Amounts owed to group undertakings - - 13 332,800
Tax 186,671 277,441 182,007 149,750
Social security and other taxes 974 - - -
VAT 170,744 45,254 - -
Other creditors 86,724 213,419 - -
Accrued expenses 68,278 1,191,842 19,664 -
712,559 1,988,995 201,684 482,550

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
31.12.23 31.12.22
as restated
£    £   
Hire purchase contracts (see note 17) 19,682 24,113

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
as restated
£    £   
Gross obligations repayable:
Within one year 33,008 45,635
Between one and five years 20,561 24,753
53,569 70,388

Finance charges repayable:
Within one year 2,597 2,507
Between one and five years 879 640
3,476 3,147

Net obligations repayable:
Within one year 30,411 43,128
Between one and five years 19,682 24,113
50,093 67,241

Group
Non-cancellable operating leases
31.12.23 31.12.22
as restated
£    £   
Within one year 20,513 20,513

18. SECURED DEBTS

HSBC Bank plc hold a Fixed and Floating charge over all property and assets of the group, present and future in respect of the group's liabilities to the bank.

19. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
as restated
£    £   
Deferred tax
Accelerated capital allowances 185,767 113,460

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 113,460
Provided during year 72,307
Accelerated capital allowances
Balance at 31 December 2023 185,767

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
£    £   
25,000 Ordinary A £1 25,000 25,000

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 6,057,154 8,483 17 6,065,654
Prior year adjustment 3,631,010 3,631,010
9,688,164 9,696,664
Profit for the year 187,101 187,101
At 31 December 2023 9,875,265 8,483 17 9,883,765

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 (9,112 ) 8,483 17 (612 )
Prior year adjustment 3,631,010 3,631,010
3,621,898 3,630,398
Profit for the year 74,940 74,940
At 31 December 2023 3,696,838 8,483 17 3,705,338


22. CAPITAL COMMITMENTS
31.12.23 31.12.22
as restated
£    £   
Contracted but not provided for in the
financial statements - 86,190

NAPIER HOLDINGS LTD (REGISTERED NUMBER: 04298953)
TRADING AS THE PLASTICA GROUP

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
31.12.23 31.12.22
as restated
£    £   
Salaries 139,211 143,197