Company Registration No. 06818723 (England and Wales)
NATIONWIDE GROUP (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
NATIONWIDE GROUP (UK) LIMITED
COMPANY INFORMATION
Director
Mr A Birch
Company number
06818723
Registered office
Agusta House
Commerce Way
Edenbridge
Kent
TN8 6ED
Auditor
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
NATIONWIDE GROUP (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
NATIONWIDE GROUP (UK) LIMITED
CONTENTS
Notes to the financial statements
16 - 32
NATIONWIDE GROUP (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The director presents the strategic report for the year ended 31 March 2025.

Business Model

The Groups trading subsidiary, Nationwide Air Conditioning Limited, is in its twenty-fourth year of trading and its fourth as an Employee Ownership Trust (EOT). The company provides heating, ventilation, and air conditioning (HVAC) services across the UK, working directly with commercial end-user clients in sectors such as leisure, retail, hospitality, healthcare, and industrial.

Our core business model remains unchanged:

•Focus on national commercial clients rather than domestic work.

•Maintain a 70:30 split between recurring service (maintenance, callouts, remedial) and project work.

•Self-deliver service and design, while subcontracting installation elements of project delivery.

Business Performance

The company achieved modest revenue growth in the year, supported by a strong performance in project delivery. Service performance was below budget, with challenges in some regions impacting overall gross profit. Despite this, improvements in operational leadership and workforce planning were introduced during the year, setting a foundation for future recovery and growth.

Projects delivered record turnover, although gross margin was affected by early-year underperformance. This recovered strongly in the final quarter, supported by successful delivery of major contracts.

Continued investment in business systems, particularly the ERP platform and data reporting tools, has significantly improved visibility of performance metrics and financial control. Enhanced dashboards and financial processes now enable more timely and informed decision-making across the business

Prospects for the next Financial Year

Nationwide enters the new financial year with a stable platform of recurring business and a healthy pipeline of opportunities. The company remains focused on delivering high-quality service to its clients while continuing to strengthen operational capability across the organisation.

Improving gross profit performance will be a key priority, supported by ongoing investment in people, systems, and process improvement. Enhancements in financial visibility and management oversight are expected to support better decision-making and performance at all levels of the business.

Nationwide will continue to operate with a clear focus on long-term, sustainable growth under its Employee Ownership Trust model, balancing commercial performance with employee engagement and client satisfaction

NATIONWIDE GROUP (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Principle Risks and Uncertainties

Key risks remain consistent with prior years, including:

•Labour availability and retention in a competitive market.

•Increasing operational complexity as the business scales.

•Margin erosion linked to rising input costs and changing client expectations.

Notable progress has been made in addressing people-related risks through the formation of a dedicated People Department and refined recruitment and retention practices. Ongoing focus will be placed on developing management capability and embedding a consistent performance culture.

The company also prioritised rebuilding cash reserves during the year, following a period of constrained liquidity. Target cash levels were exceeded by the end of the financial year, reflecting improved financial discipline.

Looking ahead, the company recognises the need to continue strengthening its management processes and tools to sustain gross profit performance and meet the expectations of its clients and employee-owners.

On behalf of the board

Mr A Birch
Director
17 August 2025
NATIONWIDE GROUP (UK) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr A Birch
Auditor

TC Group Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A Birch
Director
17 August 2025
NATIONWIDE GROUP (UK) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NATIONWIDE GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NATIONWIDE GROUP (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Nationwide Group (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 the parent company's affairs as at 31 March 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

NATIONWIDE GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE GROUP (UK) LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report 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 identifie d material misstatements in the strategic report and the director's r eport.

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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

NATIONWIDE GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE GROUP (UK) LIMITED
- 7 -
Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

NATIONWIDE GROUP (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NATIONWIDE GROUP (UK) LIMITED
- 8 -

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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Meah FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
29 August 2025
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
NATIONWIDE GROUP (UK) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
22,337,195
21,320,410
Cost of sales
(17,993,668)
(15,345,948)
Gross profit
4,343,527
5,974,462
Administrative expenses
(3,927,115)
(4,512,663)
Other operating income
8,255
3,670
Operating profit
424,667
1,465,469
Interest receivable and similar income
7
8,679
4,261
Profit before taxation
433,346
1,469,730
Tax on profit
8
(78,682)
(217,667)
Profit for the financial year
18
354,664
1,252,063
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NATIONWIDE GROUP (UK) LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
116,642
203,671
Current assets
Stocks
12
109,744
526,767
Debtors
13
4,305,124
4,085,566
Cash at bank and in hand
2,528,635
95,345
6,943,503
4,707,678
Creditors: amounts falling due within one year
14
(5,780,422)
(3,964,570)
Net current assets
1,163,081
743,108
Total assets less current liabilities
1,279,723
946,779
Provisions for liabilities
Deferred tax liability
15
28,572
50,292
(28,572)
(50,292)
Net assets
1,251,151
896,487
Capital and reserves
Called up share capital
17
10
10
Profit and loss reserves
18
1,251,141
896,477
Total equity
1,251,151
896,487
The financial statements were approved and signed by the director and authorised for issue on 17 August 2025
17 August 2025
Mr A Birch
Director
NATIONWIDE GROUP (UK) LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
10
15,000
15,000
Current assets
Debtors
13
99,443
101,915
Creditors: amounts falling due within one year
14
(7,872)
(7,596)
Net current assets
91,571
94,319
Net assets
106,571
109,319
Capital and reserves
Called up share capital
17
10
10
Profit and loss reserves
18
106,561
109,309
Total equity
106,571
109,319

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £2,748 (2024 - £2,476 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 17 August 2025
17 August 2025
Mr A Birch
Director
Company Registration No. 06818723
NATIONWIDE GROUP (UK) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
10
1,494,414
1,494,424
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,252,063
1,252,063
Other movements
-
(1,850,000)
(1,850,000)
Balance at 31 March 2024
10
896,477
896,487
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
354,664
354,664
Balance at 31 March 2025
10
1,251,141
1,251,151
NATIONWIDE GROUP (UK) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2023
10
111,785
111,795
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(2,476)
(2,476)
Balance at 31 March 2024
10
109,309
109,319
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
(2,748)
(2,748)
Balance at 31 March 2025
10
106,561
106,571
NATIONWIDE GROUP (UK) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,547,459
510,060
Income taxes (paid)/refunded
(191,656)
83,844
Net cash inflow from operating activities
2,355,803
593,904
Investing activities
Proceeds on disposal of tangible fixed assets
68,808
168,562
Interest received
8,679
4,261
Net cash generated from investing activities
77,487
172,823
Financing activities
EOT payment
-
(1,850,000)
Net cash used in financing activities
-
(1,850,000)
Net increase/(decrease) in cash and cash equivalents
2,433,290
(1,083,273)
Cash and cash equivalents at beginning of year
95,345
1,178,618
Cash and cash equivalents at end of year
2,528,635
95,345
NATIONWIDE GROUP (UK) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
1
Accounting policies
Company information

Nationwide Group (UK) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Agusta House, Commerce Way, Edenbridge, Kent, TN8 6ED.

The group consists of Nationwide Group (UK) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Nationwide Group (UK) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over life of lease
Motor vehicles
25% reducing balance
Office equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -
1.12
Intermediate payment arrangements

Company shares held by an Employment Share Ownership Trust (ESOT) are held for the future benefit of the employees. The consideration paid for the shares is deducted from equity until the shares vest unconditionally with the employees. The administrative costs relating to the ESOT are charged to the income statement.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

Judgements

Critical judgments , apart from those involving estimates that are applied in the preparation of the financial statements are discussed below;

Leases

Management exercises judgement in determining the classification of leases as finance or operating lease at the inception of the lease. Management considers the Likelihood of exercising the break clauses or extension options in determining the lease term. Where the lease term constitutes substantially all of the economic life of the asset, or where the present value of minimum lease payments amounts to substantially all of the fair value of the property, the lease is classified as a finance lease. All other leases are classified as operating leases.

Estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Depreciation of property, plant and equipment

Tangible fixed assets, are depreciated over their useful 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. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Impairment of assets

Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Work in progress

K ey assumptions have been made regarding the stage of completion, of future costs to complete and collectability of billings of some contracts.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,039
2,400
Audit of the financial statements of the company's subsidiaries
13,010
12,390
15,049
14,790
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
3
4
1
1
Management
21
20
-
-
Office
30
28
-
-
Engineers
77
84
-
-
Total
131
136
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,087,074
5,508,749
-
0
-
0
Social security costs
632,099
639,690
-
-
Pension costs
233,165
263,663
-
0
-
0
6,952,338
6,412,102
-
0
-
0
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
12,000
17,676
Company pension contributions to defined contribution schemes
-
60,000
12,000
77,676
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
8,679
3,733
Other interest income
-
528
Total income
8,679
4,261

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
8,679
3,733
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
135,737
210,000
Adjustments in respect of prior periods
(35,335)
52,562
Total current tax
100,402
262,562
Deferred tax
Origination and reversal of timing differences
(21,720)
(44,895)
Total tax charge
78,682
217,667
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
433,346
1,469,730
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
108,337
367,433
Tax effect of expenses that are not deductible in determining taxable profit
12,595
5,911
Unutilised tax losses carried forward
687
619
Adjustments in respect of prior years
(35,335)
52,562
Group relief
(3,046)
-
0
Permanent capital allowances in excess of depreciation
17,164
44,895
Research and development tax credit
-
0
(208,858)
Deferred tax charge
(21,720)
(44,895)
Taxation charge
78,682
217,667
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
9
Tangible fixed assets
Group
Leasehold improvements
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 April 2024
4,360
534,179
271
538,810
Disposals
-
0
(163,725)
-
0
(163,725)
At 31 March 2025
4,360
370,454
271
375,085
Depreciation and impairment
At 1 April 2024
4,360
330,508
271
335,139
Depreciation charged in the year
-
0
44,045
-
0
44,045
Eliminated in respect of disposals
-
0
(120,741)
-
0
(120,741)
At 31 March 2025
4,360
253,812
271
258,443
Carrying amount
At 31 March 2025
-
0
116,642
-
0
116,642
At 31 March 2024
-
0
203,671
-
0
203,671
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
10
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
15,000
15,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
15,000
Carrying amount
At 31 March 2025
15,000
At 31 March 2024
15,000
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nationwide Air Conditioning Limited
Agusta House, Commerce Way, Edenbridge, Kent, TN8 6ED
Ordinary
100.00
Nationwide Electrical Limited
As above
Ordinary
100.00

Nationwide Electrical Limited is excluded from consolidation as it is a dormant company.

12
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
105,670
522,878
-
-
Finished goods and goods for resale
4,074
3,889
-
0
-
0
109,744
526,767
-
-
13
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,543,977
3,218,238
-
0
-
0
Corporation tax recoverable
35,335
18,344
-
0
-
0
Amounts owed by group undertakings
-
-
99,433
101,905
Other debtors
(1,461)
12,630
10
10
Prepayments and accrued income
727,273
836,354
-
0
-
0
4,305,124
4,085,566
99,443
101,915
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
14
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Trade creditors
2,962,336
1,868,870
150
-
0
Amounts owed to group undertakings
-
0
-
0
5,000
5,000
Corporation tax payable
135,737
210,000
-
0
-
0
Other taxation and social security
992,750
831,657
-
-
Deferred income
704,164
625,330
-
0
-
0
Other creditors
(1,601)
21,296
-
0
-
0
Accruals and deferred income
987,036
407,417
2,722
2,596
5,780,422
3,964,570
7,872
7,596
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
28,572
50,292
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
50,292
-
Credit to profit or loss
(21,720)
-
Liability at 31 March 2025
28,572
-

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
233,165
263,663

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

17
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
10,000
10
10
10

On 24 February 2024, the company undertook a sub-division of its share capital, whereby each of the 10 ordinary shares of £1.00 each was sub-divided into 1,000 ordinary shares of £0.001 each. As a result, the number of issued ordinary shares increased from 10 to 10,000, with no change in the total nominal value of share capital.

18
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
896,477
1,494,414
109,309
111,785
Profit/(loss) for the year
354,664
1,252,063
(2,748)
(2,476)
Other movements
-
(1,850,000)
-
-
At the end of the year
1,251,141
896,477
106,561
109,309

Nationwide Group (UK) Limited established a trust, which is constituted as an employee-ownership trust and Nationwide Air Conditioning Trustees Limited acts as the first trustee of the Trust 'Nationwide Air Conditioning Employee Ownership Trust'.

The employee-ownership trust was created to hold shares in a company on behalf of its employees, so that they become the owners (indirectly).

During the year £Nil was paid to the previous owner in part settlement of the sale of shares. (202 4: £1,850,000 )

NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
19
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
201,846
161,380
-
-
Between two and five years
213,953
364,472
-
-
415,799
525,852
-
-
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
442,133
457,087
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
21
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
354,664
1,252,063
Adjustments for:
Taxation charged
78,682
217,667
Investment income
(8,679)
(4,261)
Gain on disposal of tangible fixed assets
(25,824)
(68,465)
Depreciation and impairment of tangible fixed assets
44,045
79,644
Movements in working capital:
Decrease/(increase) in stocks
417,023
(119,364)
Increase in debtors
(202,567)
(876,264)
Increase in creditors
1,811,281
590,922
Increase/(decrease) in deferred income
78,833
(561,882)
Cash generated from operations
2,547,458
510,060
Difference
1
-
Per cash flow statement page
2,547,459
510,060
22
Cash absorbed by operations - company
2025
2024
£
£
Loss for the year after tax
(2,748)
(2,476)
Movements in working capital:
Decrease in debtors
2,472
2,400
Increase in creditors
276
76
Cash absorbed by operations
-
-
NATIONWIDE GROUP (UK) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
23
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
95,345
2,433,290
2,528,635
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