| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| 20 Havelock Road |
| Hastings |
| East Sussex |
| TN34 1BP |
| 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 |
| 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 |
| Investments | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Capital redemption reserve | 21 |
| Retained earnings | 21 | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 |
| ................................................................. |
| 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 |
| 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. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 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 |
| Registered office: England & Wales |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 |
| Other debtors | 68,916 | 2,351,321 |
| VAT | - | - |
| Prepayments | 119,174 | 93,185 |
| 650,466 | 3,309,225 |
| 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 | - | - |
| Tax | 186,671 | 277,441 |
| Social security and other taxes | 974 | - |
| VAT | 170,744 | 45,254 | - | - |
| Other creditors | 86,724 | 213,419 |
| Accrued expenses | 68,278 | 1,191,842 |
| 712,559 | 1,988,995 |
| 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 |
| £ | £ |
| 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 | ( |
) | ( |
) |
| Prior year adjustment |
| 3,630,398 |
| Profit for the year |
| At 31 December 2023 | 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 |