Company registration number: 09949620
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their Group strategic report for Whatmore Holdings Limited (the Company) and its subsidiaries (the Group) with the audited financial statements for the year ended 31 May 2025.
Whatmore Holdings Ltd is the holding company of the trading business Bryan W Nash & Sons Ltd whose principal strategic focus remains the supply of high-quality ingredients to the global food & beverage industries.
The year was characterised by falling grain prices and rising beverage prices, which created mixed pressures on margins and volumes. Thanks to our strong, long-standing relationships with trusted suppliers and customers, we’ve been able to navigate these challenges effectively.
The business has continued to address these market challenges with ongoing investment in people, IT & sustainability.
The year was characterised by falling grain prices and rising beverage prices, which created mixed pressures on margins and volumes. Thanks to our strong, long-standing relationships with trusted suppliers and customers, we’ve been able to navigate these challenges effectively.
The business has continued to address these market challenges with ongoing investment in people, IT & sustainability.
Key areas of business risk include supply chain management and service delivery, product quality and compliance to BRC standards, working capital management and currency exposure risk.
Management is focused on nurturing strong relationships with current customers and suppliers, while also developing new customers and markets to foster growth.
Continual investment in resources across all business functions has ensured that service levels remain high.
The business retains a prudent and measured approach to working capital management and currency hedging to mitigate any FX risks. The Group manages credit risk through robust credit control procedures & regular customer reviews. Concentration risk is limited due to a diversified customer base.
Management is focused on nurturing strong relationships with current customers and suppliers, while also developing new customers and markets to foster growth.
Continual investment in resources across all business functions has ensured that service levels remain high.
The business retains a prudent and measured approach to working capital management and currency hedging to mitigate any FX risks. The Group manages credit risk through robust credit control procedures & regular customer reviews. Concentration risk is limited due to a diversified customer base.
The consolidated accounts have been prepared to include Ashtree Commodities Ltd (non-trading) and Bryan Nash & Sons Ltd and its subsidiary companies Nash Beverages Ingredients Ltd. Group turnover of £ 49,233,581 for the year represented a 8.4% decrease over the prior year and operating profit after tax was £ 2,109,345 for 2025 versus £ 3,378,407 for 2024. As at 31 May 2025 net current assets amounted to £ 17,431,836 in year compared to £ 15,741,885 as at 31 May 2024.
The Directors are optimistic about the future of the business and are committed to investing in people, systems, sustainability, processes to enhance customer service levels and uphold corporate compliance in an increasingly complex market environment.
In performing their duties, the Directors of Whatmore Holdings Limited, are required to act in a way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its shareholders, and in so doing have regard (amongst other matters) to:
Maintaining a robust code of conduct & ensuring that all employees understand and adhere to established business practices, including measures to prevent corruption, fraud, and other activities that could harm the group's reputation. Group policies and procedures are documented in the staff handbook which is required reading for all employees. Quarterly senior management meetings take place to ensure that business updates are shared across all functions.
Maintaining a robust code of conduct & ensuring that all employees understand and adhere to established business practices, including measures to prevent corruption, fraud, and other activities that could harm the group's reputation. Group policies and procedures are documented in the staff handbook which is required reading for all employees. Quarterly senior management meetings take place to ensure that business updates are shared across all functions.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Maintaining the group's business relationships with suppliers, customers, and others. In supplier and customer relationships, the group prioritises transparency, best trade practice and ethical conduct. It actively seeks to build long-term, mutually beneficial partnerships. The commercial team regularly meets with customers and suppliers either through in-person visits or via online conferencing platforms to foster and maintain strong business relationships.
Considering the likely consequences of any decision in the long term. Before making a major investment decision, the Board thoroughly assesses the potential long-term consequences, considering not only immediate financial gains but also the sustainability and resilience of the investment over time.
Considering the interests of the group's employees. The group actively engages with employees through regular communication channels, implements policies that support employee well-being and encourages professional development. Regular performance reviews are conducted during which matters of staff development and training are determined. Quarterly senior management meetings are conducted at which commercial and group policy matters are communicated for onward cascading to all staff. Additionally, there are opportunities for one-on-one sessions with the HR Manager to address any individual employee concerns.
Considering the impact of the group's operations on the community and the environment. Whatmore Holdings Ltd looks to secure employees and service providers from within the immediate local community wherever feasible to do so. The business complies with the packaging regulations as per the Extended Producer Responsibility (EPR) legislation, which is carefully monitored by the Quality department.
The directors also consider the group's responsibilities to promote the success of the group while having regard to the need to act fairly between members of the group. When making decisions that may affect different classes of shareholders, the Board considers their different interests and strives to achieve fairness, possibly through consultation of all shareholder groups. Board minutes are maintained accordingly.
Considering the likely consequences of any decision in the long term. Before making a major investment decision, the Board thoroughly assesses the potential long-term consequences, considering not only immediate financial gains but also the sustainability and resilience of the investment over time.
Considering the interests of the group's employees. The group actively engages with employees through regular communication channels, implements policies that support employee well-being and encourages professional development. Regular performance reviews are conducted during which matters of staff development and training are determined. Quarterly senior management meetings are conducted at which commercial and group policy matters are communicated for onward cascading to all staff. Additionally, there are opportunities for one-on-one sessions with the HR Manager to address any individual employee concerns.
Considering the impact of the group's operations on the community and the environment. Whatmore Holdings Ltd looks to secure employees and service providers from within the immediate local community wherever feasible to do so. The business complies with the packaging regulations as per the Extended Producer Responsibility (EPR) legislation, which is carefully monitored by the Quality department.
The directors also consider the group's responsibilities to promote the success of the group while having regard to the need to act fairly between members of the group. When making decisions that may affect different classes of shareholders, the Board considers their different interests and strives to achieve fairness, possibly through consultation of all shareholder groups. Board minutes are maintained accordingly.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the audited financial statements for the year ended 31 May 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated audited financial statements in accordance with applicable law and regulations.
In preparing these audited 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; and
∙prepare the audited 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 audited 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.
The profit for the year, after taxation and minority interests, amounted to £1,807,435 (2024 - £3,156,139).
The directors have declared a dividend of £489,096 (2024 - £1,305,796) in the year.
The directors who served during the year were:
The Directors have assessed electricity consumption reports provided by British Gas relating to Whatmore House, 136 South Street, Dorking, Surrey, England, RH4 2EU for the reporting period. These show a consumption of 22,774 kWh (2024: 14,706 kWh).
The Directors considered all significant energy sources and have concluded that the group is exempt from reporting under the current regulations.
The Directors considered all significant energy sources and have concluded that the group is exempt from reporting under the current regulations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Strategic report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008. Certain matters which are required to be disclosed in the Directors’ report have been omitted as they are included in the Strategic Report on page 1. These matters relate to future developments.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHATMORE HOLDINGS LIMITED
We have audited the financial statements of Whatmore Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, 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).
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 Director 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 Auditor's report thereon. The Director 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHATMORE 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHATMORE 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 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 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:
∙The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
−The Companies Act 2006;
−Financial Reporting Standard 102;
−UK Employment Legislation;
−General Data Protection Regulations;
−British Retail Consortium Global Standards;
−UK Tax Legislation; and
−UK Health and Safety legislation.
∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the parent Company and the Group is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the Group secretary. We corroborated our inquiries through our review of board minutes.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Group engagement team and component auditors/engagement team included:
−Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
−Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
−Challenging assumptions and judgements made by management in it's significant accounting estimates; and
−Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas;
−Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
−Timing of revenue recognition.
−The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in it's best interests.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHATMORE HOLDINGS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Whatmore Holdings Limited is a private Group limited by shares and incorporated in England and Wales. The address of the registered office and principal place of business is disclosed on the Company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
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.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
Computer software assets represent the capitalised costs incurred by the Group in implementing its finance system. Computer software is amortised over a period of 3 years as this is the directors' best estimate of the period for which the software will be utilised before a replacement or upgrade is required.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All amortisation expenses are presented within administrative expenses in the financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Determining the fair value of FX contracts is an area of significant judgement. The directors review the FX contracts
and make a judgement based on the valuation provided by the bank of the profit/loss on each contract at the
year end.
Determining the provision for slow moving or obsolete stock is an area of significant judgement. The directors review
the slow moving stock items and make a judgement on a case by case basis. A stock provision of £14,437 has been made for the year ending 31 May 2025 (2024 - £Nil).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
21.Deferred taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Called up share capital
Non controlling interest
Profit and loss account
During the year it was identified that a reclassification of foreign exchange between losses from changes in fair value forward contracts and administrative expenditure was required in the year ended 31 May 2024 to more fairly reflect the nature of these expenses. This reclassification totalled £618,006. There is no profit or tax effect to these adjustments.
At the year end, the subsidiary company, Bryan W. Nash & Sons Limited, had an outstanding letter of credit with a maximum potential liability of $1,123,200 as at 31 May 2025 and of this, $565,608 was drawn down at the year end. This instrument has been issued through NatWest bank in favour of a supplier to guarantee payments for the purchase of goods.
The Group operates a defined contributions pension scheme. Contributions totaling £5,587 (2024 - £4,933) were payable to the fund at the reporting date and are included in creditors. The Company had £Nil (2024 - £Nil) pension contributions outstanding at the year end.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market conditions.
During the year, a subsidiary within the Group entered into transactions with a director of another subsidiary within the Group. As at the year end, the net amount payable from the director totalled £Nil (2024: £31,220). This balance is included within other debtors, is unsecured, and is repayable on demand.
During the year there were transactions with Nash Beverage Ingredients Limited, which the Group own 75% of the shareholding. Total business development services costs amounted to £2,569,271 (2024: £1,949,528) whilst management and other recharges amounted to £1,056,406 (2024: £894,177). At the year end, a Company within the Group owed another subsidiary within the Group £1,027,168 (2024: £642,498) which is eliminated on consolidation and so not included within these financial statements.
A director of a company within the Group owed Bryan W. Nash & Sons Limited £Nil (2024: £31,220) which was included in other debtors.
During the year, a subsidiary within the Group entered into transactions with a director of another subsidiary within the Group. As at the year end, the net amount payable from the director totalled £Nil (2024: £31,220). This balance is included within other debtors, is unsecured, and is repayable on demand.
During the year there were transactions with Nash Beverage Ingredients Limited, which the Group own 75% of the shareholding. Total business development services costs amounted to £2,569,271 (2024: £1,949,528) whilst management and other recharges amounted to £1,056,406 (2024: £894,177). At the year end, a Company within the Group owed another subsidiary within the Group £1,027,168 (2024: £642,498) which is eliminated on consolidation and so not included within these financial statements.
A director of a company within the Group owed Bryan W. Nash & Sons Limited £Nil (2024: £31,220) which was included in other debtors.
The ultimate controlling party is M F Nash by virtue of his shareholding.
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