FOR THE YEAR ENDED 31 DECEMBER 2024
NAED REPIP (HOLDINGS) LIMITED
COMPANY INFORMATION
NAED REPIP (HOLDINGS) LIMITED
CONTENTS
NAED REPIP (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Naed Repip (Holdings) Limited present their accounts for the year ended 31 December 2024.
The results for the year reflect a strong performance in a competitive market. Turnover for the year was £19.80 million (2023: £18.89 million), with a gross profit margin of 21.8% (2023: 22.7%). Net profit before tax and depreciation was £3.45 million, representing 17% of turnover.
The company maintained strong control over direct and overhead costs, despite continued inflationary pressures on materials and labour. The balance sheet remains strong, with net assets increasing to £9.52 million (2023: £8.49 million).
During the year, the company invested in plant, equipment, and vehicles to support operational capacity and efficiency. The level of work in progress at the year-end was £3.25 million (2023: £3.68 million), reflecting the scale of ongoing projects for key clients.
The company maintained strong control over direct and overhead costs, despite continued inflationary pressures on materials and labour. The balance sheet remains strong, with net assets increasing to £9.52 million (2023: £8.49 million).
During the year, the company invested in plant, equipment, and vehicles to support operational capacity and efficiency. The level of work in progress at the year-end was £3.25 million (2023: £3.68 million), reflecting the scale of ongoing projects for key clients.
Market and Client Concentration
A significant proportion of turnover is generated from a small number of large supermarket customers. Any reduction in demand or change in procurement policy could materially impact revenues. The company mitigates this by maintaining excellent client relationships, consistently delivering on quality and timescales, and exploring opportunities in adjacent markets, including recycling to support our customers’ sustainability initiatives.
Cash Flow Management
The sector has fixed payment terms which results in regular cash inflows which the company can forecast with reasonable certainty once an invoice is raised. The company closely monitors debtor days and undertakes proactive invoicing which contributes to maintaining sufficient working capital reserves.
Cost Inflation
Rising costs for materials and subcontract labour remain a risk. The company mitigates this by maintaining strong relationships with suppliers and using framework subcontractors.
Labour Availability
The company mitigates any labour skill shortages through employing our own bank of key personnel and maintaining strong long-term relationships with specialist subcontractors.
Health and Safety
Construction sites carry inherent health and safety risks. The company operates robust safety management systems, provides ongoing staff training, and conducts regular compliance audits.
A significant proportion of turnover is generated from a small number of large supermarket customers. Any reduction in demand or change in procurement policy could materially impact revenues. The company mitigates this by maintaining excellent client relationships, consistently delivering on quality and timescales, and exploring opportunities in adjacent markets, including recycling to support our customers’ sustainability initiatives.
Cash Flow Management
The sector has fixed payment terms which results in regular cash inflows which the company can forecast with reasonable certainty once an invoice is raised. The company closely monitors debtor days and undertakes proactive invoicing which contributes to maintaining sufficient working capital reserves.
Cost Inflation
Rising costs for materials and subcontract labour remain a risk. The company mitigates this by maintaining strong relationships with suppliers and using framework subcontractors.
Labour Availability
The company mitigates any labour skill shortages through employing our own bank of key personnel and maintaining strong long-term relationships with specialist subcontractors.
Health and Safety
Construction sites carry inherent health and safety risks. The company operates robust safety management systems, provides ongoing staff training, and conducts regular compliance audits.
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NAED REPIP (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The financial key performance indicators that the Directors monitor through the management accounts are:
The directors have acted in a way they consider, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, having regard to the matters set out in section 172(1) of the Companies Act 2006.
This includes:
This includes:
∙Fostering long-term relationships with major supermarket clients.
∙Considering the interests of employees through engagement, training, and health & safety measures.
∙Maintaining high standards of business conduct and compliance with regulatory requirements.
∙Managing the impact of operations on the community and the environment, including efforts to reduce waste and energy consumption on projects.
This report was approved by the board and signed on its behalf.
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NAED REPIP (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation and minority interests, amounted to £2,460,126 (2023: £2,749,858).
Dividends paid during the year amounted to £1,425,000.
The directors who served during the year were:
The directors expect demand in the supermarket construction and refurbishment sector to remain stable in 2025, supported by ongoing store modernisation programmes, sustainability upgrades, and regulatory compliance requirements.
The company plans to:
The company plans to:
∙Strengthen cash flow management by ensuring completed contracts are invoiced as promptly as possible.
∙Expand its service offering to include sustainable building solutions, fire separation protection, and safety shutter equipment.
∙Continue to build on strong supplier relationships.
∙Ensure we maintain a fresh approach to deliverables.
There have been no significant events affecting the Group since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NAED REPIP (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Group's financial statements and then apply them consistently;
∙make judgments 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 will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
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NAED REPIP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAED REPIP (HOLDINGS) LIMITED
We have audited the financial statements of Naed Repip (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are 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.
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NAED REPIP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAED REPIP (HOLDINGS) LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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NAED REPIP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAED REPIP (HOLDINGS) LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙the nature of the sector, control environment and the Group’s performance;
∙results of our enquiries of management and the Directors, about his own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
∙identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance;
∙detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud;
∙the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off and occurrence.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, FRS 102 and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, and employment legislation.
Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙enquiring of the Directors and management concerning actual and potential litigation and claims;
∙performing procedures to confirm material compliance with the requirements of the above regulations;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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NAED REPIP (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NAED REPIP (HOLDINGS) LIMITED (CONTINUED)
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' report.
The financial statements of Naed Repip (Holdings) Limited present comparatives which are unaudited and relate to the year ended 31 December 2023.
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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NAED REPIP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
REGISTERED NUMBER:10673500
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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NAED REPIP (HOLDINGS) LIMITED
REGISTERED NUMBER:10673500
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 36 form part of these financial statements.
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NAED REPIP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NAED REPIP (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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NAED REPIP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Naed Repip (Holdings) Limited (Company number: 10673500) is a private company limited by shares, incorporated in England & Wales. The address of the registered office is Unit 10 Strashleigh View, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9UH.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors confirm their assumption that the company is a going concern and no significant uncertainty exists in this respect. This assumption is based on both the forecasts for 2025/26 as further supported by post-year end results.
Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which the time spent on site to date bears to the total expected time required to complete the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Turnover is calculated as that proportion of total contract value which the time spent on site to date bears to the total expected time required to complete the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
During the year, Naed Repip Ytreporp Limited, a member of the Group, changed its accounting policy for certain properties previously classified as investment properties. Previously, the Company accounted for a warehouse as an investment property, however, in the current year, the property has been reclassified to freehold property on the basis that it is occupied by a fellow Group company for use in its operations. This change was made to better reflect the nature and use of the assets in line with FRS102.
The change in accounting policy has been applied retrospectively, and comparative figures have been restated accordingly.
Under the previous policy, investment properties were measured at fair value with changes recognised in profit or loss. Under the new policy, the properties are measured at cost less accumulated depreciation and impairment.
The effect of the adjustment on the current and prior year is as follows:
Investment properties have decreased by £777,000 (2023: £777,000).
Freehold property cost within property, plant and equipment has increased by £777,000 (2023: £777,000).
Accumulated depreciation has increased by £33,670 (2023: £18,130).
Profit and loss reserves brought forward have reduced by £33,670 (2023: £18,130).
A depreciation charge of £15,540 has been recognised in the current year (2023: £15,540).
The change in accounting policy has been applied retrospectively, and comparative figures have been restated accordingly.
Under the previous policy, investment properties were measured at fair value with changes recognised in profit or loss. Under the new policy, the properties are measured at cost less accumulated depreciation and impairment.
The effect of the adjustment on the current and prior year is as follows:
Investment properties have decreased by £777,000 (2023: £777,000).
Freehold property cost within property, plant and equipment has increased by £777,000 (2023: £777,000).
Accumulated depreciation has increased by £33,670 (2023: £18,130).
Profit and loss reserves brought forward have reduced by £33,670 (2023: £18,130).
A depreciation charge of £15,540 has been recognised in the current year (2023: £15,540).
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.TAXATION (CONTINUED)
There are no factors which may affect future tax charges.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SUBSIDIARY UNDERTAKINGS (CONTINUED)
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The 2024 valuations were made by the Directors, using observable market prices.
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The 2024 valuations were made by the Directors, using observable market prices.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the current financial year, an error in the prior year’s financial statements of a company in the Group relating to intercompany rent income was identified. Rent income of £24,000 had been incorrectly accrued in the period ending 31 December 2022, resulting in an overstatement of reserves and receivables in the prior period.
This error has been corrected by restating comparative figures for the year ended 31 December 2023. The adjustment reduces profit and loss reserves brought forward by £24,000 and reduces the related intercompany receivable.
In the prior year, staff bonuses had originally been allocated to administrative wages while the final allocation between staff was determined. During the current financial year, the bonus has since been assigned to specific staff resulting in £163,264 needing to be reclassified as cost of sales instead of administrative expenses.
This reclassification has been corrected by restating the comparative figures for the year ended 31 December 2023. The adjustment has no impact on the reported profit or net assets for the prior period, but affects the presentation of expenses within the statement of income and retained earnings.
During the current financial year, a company in the Group completed a comprehensive review of its long-term contracts. This review identified that certain income and expenditure relating to these contracts had been misstated in prior periods due to incorrect recognition of contract assets and liabilities.
The financial statements have been restated to correct these material prior period errors. The adjustments have been applied retrospectively, and comparative figures have been restated accordingly. This has resulted in a reduction to turnover of £218,713 and a reduction to cost of sales of £379,314. The associated contract asset and accrued liability have been adjusted in line with the turnover and cost of sales.
During the current financial year, it was identified that certain balances previously classified as prepayments should have been recognised as long term contract assets, as they represented costs incurred on contracts not yet recognised as revenue.
This misclassification did not affect the total assets or profit reported, but it did impact the presentation of the statement of financial position and related disclosures. The financial statements have been restated to reflect the correct classification, and comparative figures have been adjusted accordingly. This has resulted in a decrease in prepayments of £108,765 and an increase in stock of £108,675.
This error has been corrected by restating comparative figures for the year ended 31 December 2023. The adjustment reduces profit and loss reserves brought forward by £24,000 and reduces the related intercompany receivable.
In the prior year, staff bonuses had originally been allocated to administrative wages while the final allocation between staff was determined. During the current financial year, the bonus has since been assigned to specific staff resulting in £163,264 needing to be reclassified as cost of sales instead of administrative expenses.
This reclassification has been corrected by restating the comparative figures for the year ended 31 December 2023. The adjustment has no impact on the reported profit or net assets for the prior period, but affects the presentation of expenses within the statement of income and retained earnings.
During the current financial year, a company in the Group completed a comprehensive review of its long-term contracts. This review identified that certain income and expenditure relating to these contracts had been misstated in prior periods due to incorrect recognition of contract assets and liabilities.
The financial statements have been restated to correct these material prior period errors. The adjustments have been applied retrospectively, and comparative figures have been restated accordingly. This has resulted in a reduction to turnover of £218,713 and a reduction to cost of sales of £379,314. The associated contract asset and accrued liability have been adjusted in line with the turnover and cost of sales.
During the current financial year, it was identified that certain balances previously classified as prepayments should have been recognised as long term contract assets, as they represented costs incurred on contracts not yet recognised as revenue.
This misclassification did not affect the total assets or profit reported, but it did impact the presentation of the statement of financial position and related disclosures. The financial statements have been restated to reflect the correct classification, and comparative figures have been adjusted accordingly. This has resulted in a decrease in prepayments of £108,765 and an increase in stock of £108,675.
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NAED REPIP (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £82,769 (2023: £39,336). Contributions totalling £11,190 (2023: £810) were payable to the fund at the reporting date and are included in creditors.
The company’s ultimate controlling party is D A Piper, by virtue of his ownership of the entire issued share capital of Naed Repip (Holdings) Limited.
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