Registration number:
Nationwide Holdings Ltd
for the Year Ended 30 June 2025
Nationwide Holdings Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Nationwide Holdings Ltd
Company Information
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Directors |
Mr M Jennings Mrs L Jennings Mr S Surmont |
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Registered office |
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Auditors |
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Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
The directors present their strategic report for the year ended 30 June 2025.
Principal activity
The principal activity of Nationwide Holdings Limited continues to be a holding company for the NWVA Group, holding shares in its subsidiary undertakings.
The principal activity of the overall group is that of the provision of motor vehicle recovery services. This includes the repair, recovery and storage management services for insurance companies, motor manufacturers and collision after-care companies.
Overview of the business
Over the last year the number of roadside collisions has reduced to one of the lowest on record. This has been due to several factors such as safer modern cars, driver aids such as automatic braking (ADAS), better road design and lower speed limits.
The effect of this has been a challenging market in roadside recovery for the Nationwide Group.
Despite this the group remains profitable and plans further growth in the future.
The Group’s activities can be broadly divided into the following divisions:
LJ Transportation
Our internal recovery and rescue fleet now comprises over 250 rolling assets, consisting of service vans, light recovery trucks and heavy recovery trucks.
During 2025, we successfully integrated the London-based recovery company, Eastern General Recovery Services Ltd, into the Group. Eastern General has been trading since 1978 and fits perfectly into our group to cover the uniquely challenging area of London. In Suffolk we have also fully integrated DJ Spall into our LJ Transportation division. DJ Spall has been active in the recovery industry for over 60 years.
Overall, LJ Transportation is the largest recovery agent within the NWVA Group. Significant investments have been made to expand and modernise our towing and service fleet.
Additionally, our heavy fleet has been converted from traditional diesel to HVO (hydrotreated vegetable oil), reinforcing our commitment to reducing the group's environmental impact.
Blue Lights Department
Our long-standing collaboration with emergency services has been reaffirmed through renewed agreements with Essex and Suffolk Police, the British Transport Police, the Highway Agency, and the Metropolitan Police Service.
On Site
Our HGV roadside division has been equipped with new service vans added to the fleet and several major fleet operators joining as clients.
The market demand for roadside truck and trailer repairs is ever growing and our mobile technicians are specialised in repairing on the spot.
Windscreen Division
In September 2024, we launched our Windscreen Division, focusing on mobile windscreen repair and replacement, including mobile ADAS calibration. This service has been rolled out nationally and is currently operated with in-house technicians mainly in the South East.
Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
Mobile EV Charging
To meet growing roadside demand for EV charging, several of our vans have been equipped with certified mobile EV charging systems. We supply out-of-range electric vehicles with charge to get to the nearest fast charger location.
SVR - Stolen Vehicle Recovery
At the start of 2025, we introduced a new SVR division in close collaboration with our NWVA control rooms and LJ Transportation recovery unit.
This specialist team consists of several highly experienced former police officers and provides rapid deployment support to insurers, rental companies, and private customers, assisting in the swift tracing and recovery of stolen vehicles.
The number of stolen vehicles in the UK remains high at approximately 130,000 per annum and this service will in turn release police involvement, if deployed, to deal with other demands upon their limited resources.
Each successful recovery is a win for the community, a restored sense of security, and a reminder that doing the right thing matters.
NWVA UK
Our nationwide coverage in the UK continues to expand. The Network Management team actively oversees our subcontracted towing and repair partners on a daily basis, including our in-house recovery division LJ Transportation.
Our control rooms have been upgraded with state-of-the-art telephony and case-handling software, while team members are continually trained and upskilled to maintain best-in-class service levels.
NWVA Europe
Our European operations have grown through the expansion of our Dutch subsidiary, now supported by a 24/7 multilingual control room based in Alicante, Spain. A team of 16 control room operators manages our cross-border and international recovery and repair operations. In early 2025, we successfully launched assistance services in France and Spain for several leading EV manufacturers.
Future
We are engaged in driving growth, integration, and innovation across all divisions.
Looking ahead to the next financial year, we are focused on:
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Further expanding our customer portfolio while strengthening existing relationships. |
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Increasing integration between customer and provider systems to enhance operational efficiency. |
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Continuing to invest in the development of our workforce across all levels - drivers, mechanics, and control room operators. |
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Creating diversity in our teams and further increasing our ESG footprint. |
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Developing our NWVA Academy to continue to upskill our drivers, mechanics and control room staff and also facilitating our training schemes to third parties. |
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Further developing our accident and warranty aftercare services for the OEM market, with our first, second, and third-level team members, providing all services related to vehicle standstill, remote diagnosis, connected vehicles and related recovery and repair. |
Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
ESG
We consider ESG related risks in planning the future strategy of the group.
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Environmental |
Part of our recovery fleet have been converted to run on HVO fuel (Hydrotreated Vegetable Oil). This fossil-free alternative reduces greenhouse gas emissions by up to 90%.
We have an ambition to be carbon neutral within 10 years.
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Social |
NWVA sponsors several charity & awareness initiatives:
o Hidden Disabilities Sunflower project, which helps people with hidden disabilities navigate and find help in public places.
o Rainbow Trust, which provides emotional and practical support to families who have a child with a life-threatening or terminal illness.
o DEBRA, which is an international medical research charity dedicated to finding effective drug treatments and cures for the epidermolysis bullosa (EB) disease, more commonly known as butterfly skin.
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Governance |
NWVA has defined policies for: Anti Bribery & Corruption policy, Conflicts of Interest policy, Corporate Social Responsibility, Data Protection policy, Public Interest Disclosure (Whistleblowing) policy and Modern Slavery policy.
Our mission remains clear: to remain the best-in-class recovery and assistance partner in both the UK and Europe, delivering operational excellence with our own dedicated infrastructure and a steadfast commitment to customer satisfaction, whilst further continuing to improve the quality of our service delivery and consolidate our market leading position.
Financial performance
Fair review of the business
The directors are satisfied with the Group’s performance during the year given the market conditions and investment to expand the Group; as a result, turnover decreased by 7.7% to £42.1m.
Revenue is recognised upon completion of the service using market rates.
The Group continues to focus on the needs of the customers in the market and aims to deliver excellent tailor-made services. It works closely with customers to understand any leakage they may have on their vehicles and processes, allowing quick action, delivering an immediate solution.
The Group has continued its policy of good cost review and management, especially considering such a large increase in volumes, fleet and operating sites.
Margins have been harder to maintain leading to a substantial decrease of profit before tax to £116k (2024: £3.35m).
Our partnership with Premier League Team, West Ham United both in Men’s and Women’s football, has given us the awareness we needed to compete with well-known brands.
Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
Financial performance
The Group's financial performance is presented in the Consolidated Profit and Loss Account on page 14.
Revenue decreased by £3.2m to £42.4m (2024: £45.6m) during the year ending 30 June 2025, with the year-on-year decrease due principally to a key customer pulling out of the insurance market.
Cost of sales decreased by £2.0m to £29.8m (2024: £31.8m).
This was largely in line with the drop in revenues although there were additional costs from staffing and repairs and maintenance.
As a result, gross profit margins decreased slightly to 29.6% compared with 30.3% in 2024.
Operating expenses increased by £1.9m to £11.9m (2024: £10.0m) as the business invested in the infrastructure to support greater activity.
This investment included an increase in establishment costs and new sites, an increase in staff costs and marketing expenditure.
Due to the increase in the cost base the operating profit decreased by £3.2m to £613k (2024: £3.8m) representing an operating net margin of 1.5% (2024: 8.4%).
Profit before tax also decreased by £3.2m to £116k (2024: £3.4m) which represents a net profit before tax of 0.27% (2024: 7.4%).
At the end of the year, the consolidated balance sheet reflected net assets of £4.1m (2024: £5.7m).
The group has continued to expand and invest in infrastructure to support the needs of its customers.
This includes the expansion of the fleet of service vehicles which increased during the year. The net addition of £2.0m in motor vehicles in the year includes both new vehicles and the replacement of existing fleet.
For the next year the company will continue to invest and expand the service offering across the Group including:
· expansion of the European arm in Spain
· continuing to upgrade and expand the fleet of service vehicles
· expansion of operating facilities in Maldon Accident Repair Centre Ltd
· investment in ERP systems to help manage growth and profitability
· investment in new sites to maximise operational efficiencies
· investment in staff
Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
Principal risks and uncertainties
Details of risks arising from prices, credit, liquidity and cash flows are given in the Directors' report. The company is also exposed to the following risks:
Regulations
The group needs to ensure it complies with current and future industry regulations. The directors and management seek to identify, monitor and comply with regulations to avoid fines and penalties, negative publicity or suspension of operations. Staff are given regular training and briefings to ensure they remain up to date with current rules and that a culture of compliance exists within the company.
Presentation of financial statements
The primary financial statements are presented in accordance with Company law requirements, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Principles).
Section 172(1) statement
The directors aim to act in a way that promotes the long-term success of the business, for the benefit of all its stakeholders. Section 172 matters are considered in our strategy development and significant decisions across all aspects of our business.
Section 172 requires directors to have regard to, the
• The likely consequences of any decision in the long term
• The interests of the employees
• The need to foster business relationships with suppliers, customers and others
• The impact of the operations on the community and the environment
• The desirability of maintaining a reputation for high standards of business conduct, and
• The need to act fairly as between members of the group.
The directors are aware of their responsibilities to ensure the group acts fairly in all its dealings and communications with key stakeholder groups and to consider the impact of the group’s operations on the wider community and the environment. They take consideration of a range of factors including the section 172 duties as above in making decisions and the group’s activities.
Engagement with suppliers, customers and other relationships
We communicate with customers and suppliers to create long-term value for our stakeholders by providing industry leading expertise, solutions and through the efficient use of resources.
Non-financial and sustainability information
Energy and carbon report
The parent company is exempt from full disclosures under the Streamlined Energy and Carbon Reporting (SECR) regulations as none of its subsidiaries individually meet the qualification criteria. Therefore, the group has not provided detailed energy and carbon information in this report.
Nationwide Holdings Ltd
Strategic Report for the Year Ended 30 June 2025
Future developments
The directors do not foresee any material changes in the principal activities of the group.
Growth, both organically and by acquisition of other vehicle recovery companies has continued after the balance sheet date.
Acquisition strategies of the group are determined by the board of directors and the directors consider that the Group’s principal activities will continue unchanged for the foreseeable future.
For this purpose, the foreseeable future is taken to mean a period of at least twelve months from the date of signing of these financial statements.
Approved by the
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Nationwide Holdings Ltd
Directors' Report for the Year Ended 30 June 2025
The directors present their report and the for the year ended 30 June 2025.
Incorporation
The company was incorporated and commenced trading on
Directors of the group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Results and dividends
The results for the year are set out on page 11.
The directors consider these results satisfactory and consider the underlying financial position of the group and the company to be secure.
During the year, dividends of £1,500,000 (2024: £2,860,000) were declared.
The directors recommend a final dividend payment of £Nil be made in respect of the financial year ended 30 June 2025 (2024: £Nil).
Financial instruments
Objectives and policies
The group’s operations present several financial risks which include price risk, credit risk, liquidity risk and cash flow risk. The directors seek to limit the group's exposure to these risks in order to mitigate their adverse effects on its financial performance. The management policy for each risk is detailed below.
Nationwide Holdings Ltd
Directors' Report for the Year Ended 30 June 2025
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The group is exposed to normal industry pricing pressures of key supplies. Management continually monitor costs to ensure the group is receiving best value and seek to maintain the profitability of operations through the pricing of sales contracts.
The group has no exposure to equity securities price risks as it holds no listed or third party equity investments.
Credit risk
Management have implemented policies that require appropriate credit checks on potential customers. The credit given to customers is subject to limits which are determined and periodically reassessed to limit the group’s exposure to debts.
Liquidity and cash flow risk
Management seek to ensure adequate liquid resources are available to meet the group’s obligations as they fall due.
Future developments
The directors do not foresee any material changes in the principal activities of the group.
Growth, both organically and by acquisition of other vehicle recovery companies has continued after the balance sheet date.
Acquisition strategies of the group are determined by the board of directors and the directors consider that the Group’s principal activities will continue unchanged for the foreseeable future.
For this purpose, the foreseeable future is taken to mean a period of at least twelve months from the date of signing of these financial statements.
Branches outside the United Kingdom
The group has subsidiary entities incorporated in The Netherlands and Spain which operate throughout Europe.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Appointment of auditors
The auditors ML Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
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Nationwide Holdings Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Nationwide Holdings Ltd
Independent Auditor's Report to the Members of Nationwide Holdings Ltd
Opinion
We have audited the financial statements of Nationwide Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Nationwide Holdings Ltd
Independent Auditor's Report to the Members of Nationwide Holdings Ltd
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 10, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
Nationwide Holdings Ltd
Independent Auditor's Report to the Members of Nationwide Holdings Ltd
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. 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.
For and on behalf of
Work.Life
St Cross Street
7 St Cross St
EC1N 8UB
Nationwide Holdings Ltd
Consolidated Profit and Loss Account for the Year Ended 30 June 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
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|
(497,139) |
(478,463) |
||
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Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Profit/(loss) attributable to: |
|||
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Owners of the company |
( |
|
|
|
Minority interests |
( |
- |
|
|
( |
|
Profit for the financial year is all attributable to the owners of the parent company.
The above results were derived from the group's continuing operations.
Nationwide Holdings Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2025
|
2025 |
2024 |
|
|
(Loss)/profit for the year |
( |
|
|
Foreign currency translation gains/(losses) |
|
( |
|
Total comprehensive income for the year |
( |
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
|
|
Minority interests |
( |
- |
|
( |
|
Nationwide Holdings Ltd
(Registration number: 13340660)
Consolidated Balance Sheet as at 30 June 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
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Tangible assets |
|
|
|
|
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||
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Current assets |
|||
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Stocks |
|
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Debtors |
|
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Cash at bank and in hand |
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Other reserves |
( |
( |
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Profit and loss account |
|
|
|
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Equity attributable to owners of the company |
|
|
|
|
Minority interests |
( |
- |
|
|
Total equity |
|
|
Approved and authorised by the
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Nationwide Holdings Ltd
(Registration number: 13340660)
Balance Sheet as at 30 June 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
|
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Total equity |
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The company made a profit after tax for the financial year of £1,500,000 (2024 - profit of £2,860,000).
Approved and authorised by the
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Nationwide Holdings Ltd
Consolidated Statement of Changes in Equity for the Year Ended 30 June 2025
Equity attributable to the parent company
|
Share capital |
Foreign currency translation reserve |
Retained earnings |
Total |
Non-controlling interests |
Total equity
|
|
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At 1 July 2024 |
|
( |
|
|
- |
|
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Loss for the year |
- |
- |
(62,383) |
(62,383) |
(43,774) |
(106,157) |
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Other comprehensive income |
- |
|
- |
|
- |
|
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Total comprehensive income |
- |
16,908 |
(62,383) |
(45,475) |
(43,774) |
(89,249) |
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Dividends |
- |
- |
( |
( |
- |
( |
|
New share capital subscribed |
|
- |
- |
|
- |
|
|
Increase in ownership interests in subsidiaries |
- |
- |
- |
- |
|
|
|
At 30 June 2025 |
|
( |
|
|
( |
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Nationwide Holdings Ltd
Statement of Changes in Equity for the Year Ended 30 June 2025
|
Share capital |
Retained earnings |
Total |
|
|
At 1 July 2024 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
New share capital subscribed |
|
- |
|
|
At 30 June 2025 |
|
- |
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 July 2023 |
|
- |
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 30 June 2024 |
204 |
- |
204 |
Nationwide Holdings Ltd
Consolidated Statement of Cash Flows for the Year Ended 30 June 2025
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2025 |
2024 |
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Cash flows from operating activities |
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
||
|
Depreciation and amortisation |
|
|
|
Foreign exchange reserve movement |
|
( |
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
|
|
Working capital adjustments |
||
|
(Increase)/decrease in stocks |
( |
|
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Increase in provisions |
|
|
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
||
|
Interest received |
|
|
|
Proceeds from share issue |
|
- |
|
Proceeds from acquisition of subsidiaries |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
- |
( |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
||
|
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Payments towards bank borrowings |
( |
( |
|
Proceeds from finance agreements |
|
|
|
Repayment of finance agreements |
( |
( |
|
Repayments towards other borrowings |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
Nationwide Holdings Ltd
Consolidated Statement of Cash Flows for the Year Ended 30 June 2025
|
2025 |
2024 |
|
|
Cash and cash equivalents at 1 July |
|
|
|
Cash and cash equivalents at 30 June |
1,511,731 |
3,828,371 |
The company is a qualifying entity for the purposes of FRS 102 and has elected to take the exemption under FRS 102, para 1.12 (b) not to present the company statement of cash flows.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Unit 14
Mapledean Works
Latchingdon
Essex
CM3 6LG
These financial statements were authorised for issue by the
|
Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2025.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year ended 30 June 2025 of £1,500,000.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group, except for instances where the group is eligible to use the merger method and the directors choose to do so. In prior periods, certain group reconstructions were accounted for using merger accounting. In the current year, the acquisitions have been accounted for using purchase accounting.
Under purchase accounting, the cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Under merger accounting, the combined entities' results and financial position are shown in the consolidated financial statements as if they had always been combined.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
In the parent company financial statements, investments in subsidiaries are accounted for at cost less impairment.
Going concern
The directors have reviewed the capital resources of the group and company and concluded that the company and its subsidiaries will be able to pay their debts as they fall due for the foreseeable future. Accordingly the group's and company's accounts have been prepared on a going concern basis.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Changes in accounting estimate
Depreciation of motor vehicles
During the year the directors reassessed the estimated useful lives of the motor vehicles and concluded that a depreciation rate of 10% reducing balance was more appropriate for this class of asset.
The effect of the change on assets, liabilities, income and expense in the current year is as follows:
£ | |
Increase in the net book value of motor vehicles | 676,186 |
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 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.
The directors estimate the commissions due to be paid to agents on completed jobs at the period end for which invoices have not been received. The estimates are based on agreed commission percentages. The carrying amount is £510,031 (2024 - £306,955).
The directors estimate agents' costs for jobs completed at the period end for which an invoice has not been received. The estimate is based on expected gross profit margins. The carrying amount is £154,282 (2024 - £647,039).
The directors estimate the depreciation rates applied to tangible assets, which are based on the type and size of the assets. Depreciation charged during the year was £1,191,167 (2024 - £1,591,983).
The directors estimate accrued income, which is based on the number of days vehicles have been held in storage. The carrying amount is £Nil (2024 - £46,685).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Government grants
Government grants comprise the fair value of consideration received or receivable in respect to government provided funding to the entity.
Government grants have been recognised in line with the accruals model where grants relating to revenue have been recognised as other income on a systematic basis over the periods in which the entity has recognised related costs for which the grant is intended to compensate.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
|
Other intangible assets |
10% straight line |
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Short leasehold land and buildings |
10% straight line |
|
Furniture and fittings |
25% reducing balance |
|
Plant and machinery |
25% reducing balance, 15% reducing balance and 33% straight line |
|
Office equipment |
10% straight line |
|
Motor vehicles |
10% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Such assets are subsequently carried at amortised cost using the effective interest method.
Financial assets are derecognised when
a) the contractual rights to the cash flows from the asset expire or are settled, or
b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or
c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Basic financial liabilities, including trade and other payables and loans from related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of estimated cash flows discounted at the liability's original effective interest rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Provision of services |
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
|
|
The analysis of the group's Turnover for the year by income stream is as follows:
|
2025 |
2024 |
|
|
Call centre |
31,353,090 |
33,833,892 |
|
Vehicle recovery |
8,265,721 |
10,098,412 |
|
Repair centre |
2,751,955 |
1,713,924 |
|
42,370,766 |
45,646,228 |
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Profit on disposal of tangible assets |
( |
( |
|
Operating profit |
Arrived at after charging/(crediting):
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Foreign exchange gains |
7,872 |
11,534 |
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange losses |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
Recovery |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
71,568 |
76,035 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
18,000 |
6,480 |
|
Audit of subsidiaries |
47,700 |
51,480 |
|
Taxation compliance services |
5,364 |
3,637 |
|
Taxation advisory services |
10,700 |
1,935 |
|
Other non audit fees paid to the auditors |
70,143 |
88,380 |
|
151,907 |
151,912 |
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Taxation |
Tax charged in the income statement:
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
Overseas tax |
|
|
|
(152,626) |
293,251 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of approximately
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
- |
|
Increase (decrease) in current tax from adjustment for prior periods |
78,518 |
(38,864) |
|
Total tax charge |
|
|
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Recognition of tax losses |
( |
|
Short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Difference between accumulated depreciation and capital allowances |
|
|
Short term timing differences |
( |
|
|
The amount of the net reversal of deferred tax liabilities expected to occur during the year beginning after the reporting period is £285,512.
|
Intangible assets |
Group
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2024 |
|
|
|
|
Disposals |
- |
( |
( |
|
At 30 June 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 July 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 30 June 2025 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2025 |
|
|
|
|
At 30 June 2024 |
|
|
|
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Tangible assets |
Group
|
Short leasehold land and buildings |
Furniture and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 July 2024 |
|
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
( |
|
At 30 June 2025 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 July 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
( |
|
At 30 June 2025 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 30 June 2025 |
|
|
|
|
|
|
|
At 30 June 2024 |
|
|
|
|
|
|
Included within the net book value of short leasehold land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings, £Nil (2024 - £Nil) in respect of long leasehold land and buildings and £300,682 (2024 - £195,044) in respect of short leasehold land and buildings.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Motor vehicles |
7,885,952 |
6,872,038 |
|
Plant and machinery |
53,771 |
85,316 |
|
7,939,723 |
6,957,354 |
Restriction on title and pledged as security
|
Investments |
The company has investments in subsidiaries totalling £1,970 as detailed below and, as a group, excluding the ultimate parent company's shares, has investments totalling £Nil.
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Mackrell Solicitors, 5 Pemberton Row, London, United Kingdom, EC4A 3BA |
|
|
|
|
England and Wales |
||||
|
|
Mackrell Solicitors, 5 Pemberton Row, London, United Kingdom, EC4A 3BA |
|
|
|
|
England and Wales |
||||
|
|
Mackrell Solicitors, 5 Pemberton Row, London, United Kingdom, EC4A 3BA |
|
|
|
|
England and Wales |
||||
|
|
Posthoornstraat 11
|
|
|
|
|
Netherlands |
||||
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Avenida Maisonnave, 7 – 7E |
|
|
|
|
Spain |
||||
|
|
Mackrell Solicitors, 5 Pemberton Row, London, United Kingdom, EC4A 3BA |
|
|
|
|
England and Wales |
||||
|
|
1 Sopwith Crescent, Wickford, Essex, SS11 8YU |
|
|
|
|
England |
||||
|
|
Mackrell Solicitors, 5 Pemberton Row, London, United Kingdom, EC4A 3BA |
|
|
|
|
England and Wales |
||||
|
|
c/o Milsted Langdon LLP, Freshford House, Redcliffe Way, Bristol, BS1 6NL |
|
|
|
|
England and Wales |
||||
|
|
c/o Milsted Langdon LLP, Freshford House, Redcliffe Way, Bristol, BS1 6NL |
|
|
|
|
England and Wales |
||||
* indicates a direct investment of the company
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Subsidiary undertakings
|
Nationwide Assistance Group Limited The principal activity of Nationwide Assistance Group Limited is |
|
LJ Transportation Ltd The principal activity of LJ Transportation Ltd is |
|
Nationwide European Assistance Limited The principal activity of Nationwide European Assistance Limited is |
|
Nationwide European Assistance BV The principal activity of Nationwide European Assistance BV is |
|
Nationwide Vehicle Assistance SL The principal activity of Nationwide Vehicle Assistance SL is |
|
Maldon Accident Repair Centre Limited The principal activity of Maldon Accident Repair Centre Limited is |
|
Eastern General Recovery Service Ltd The principal activity of Eastern General Recovery Service Ltd is |
|
DJ Spall Recovery Assistance Ltd The principal activity of DJ Spall Recovery Assistance Ltd is |
|
Nationwide Vehicle Assistance Limited The principal activity of Nationwide Vehicle Assistance Limited is |
|
Nationwide Car Assistance Limited The principal activity of Nationwide Car Assistance Limited is |
For the year ended 30 June 2025, DJ Spall Recovery Assistance Ltd and Eastern General Recovery Service Ltd were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 July 2024 |
|
|
Additions |
|
|
At 30 June 2025 |
|
|
Carrying amount |
|
|
At 30 June 2025 |
|
|
At 30 June 2024 |
|
|
Business combinations |
On
Eastern General Recovery Service Limited contributed £Nil revenue and £Nil to the group's loss for the period between the date of acquisition and the Balance Sheet date.
Upon its incorporation on
Nationwide Vehicle Assistance SL contributed £
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:
|
Eastern General Recovery Service Limited
|
Total
|
|
|
Assets and liabilities acquired |
||
|
Financial assets |
|
|
|
Financial liabilities |
( |
( |
|
Total identifiable assets |
|
|
|
Non-controlling interest |
- |
( |
|
Total consideration |
2 |
(43,016) |
|
|
||
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Stocks |
|
Group |
Company |
||||
|
2025 |
2024 |
2025 |
2024 |
||
|
Work in progress |
|
|
- |
- |
|
|
Other inventories |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
|
- |
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
Accrued income |
|
|
- |
- |
|
|
Income tax asset |
|
|
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
||||
|
2025 |
2024 |
2025 |
2024 |
||
|
Cash on hand |
|
|
|
|
|
|
Cash at bank |
|
|
|
- |
|
|
|
|
|
|
||
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 July 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
|
|
|
|
At 30 June 2025 |
|
|
|
|
|
|||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
206 |
|
204 |
During the year, two ordinary £1 shares were issued. These were paid in full for a consideration of £2.
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Group
Profit and loss account
This reserve represents accumulated profits net of any distributions made to shareholders.
Foreign currency translation reserve
This reserve represents accumulated translation adjustments in relation to the group's foreign operations.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
|
Foreign currency translation |
Total |
|
|
Foreign currency translation gains/losses |
|
|
|
|
||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Foreign currency translation |
Total |
|
|
Foreign currency translation gains/losses |
( |
( |
|
|
||
Company
Profit and loss account
This reserve represents accumulated profits net of any distributions made by shareholders.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Loans and borrowings |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Non-current loans and borrowings |
||||
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Current loans and borrowings |
||||
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Group
Bank borrowings
Government Bounce Back Loans are denominated in Sterling with a nominal interest rate of 2.5%, and the final instalments are due on 30 June 2026 and 31 July 2026. The carrying amount of the loans at the year end are £31,655 (2024 - £62,489).
Other bank borrowings are denominated in Sterling with a nominal interest rate of 2.85%, and the final installment is due on the 4 February 2028. The carrying amount of the loan at the year end is £88,429 (2024 - £Nil).
The other bank borrowings are secured by fixed and floating charges over the assets of certain group companies.
The agregate hire purchase and finance lease liabilities is denominated in Sterling with a nominal interest rate of between 3.5% and 4.6%, and the final instalment is due on 20 December 2027. The carrying amount at year end is £6,684,108 (2024 - £6,002,752).
The hire purchase and finance leasee liabilities are secured against the assets to which each finance agreement relates.
|
Obligations under leases and hire purchase contracts |
Group
The group entered into a number of leasing arrangements in the normal course of business, principally in respect of property and plant and machinery. Leases are generally negotiated for fixed periods of 5-10 years, with renewal options included in the contracts.
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2025 |
2024 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
1,500,000 |
2,860,000 |
||
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
|
Analysis of changes in net debt |
Group
|
At 1 July 2024 |
Financing cash flows |
Acquisition of subsidiaries |
New finance leases and bank loans |
At 30 June 2025 |
|
|
Cash and cash equivalents |
|||||
|
Cash |
3,828,371 |
(2,320,246) |
3,606 |
- |
1,511,731 |
|
Borrowings |
|||||
|
Long term borrowings |
(4,158,200) |
2,292,956 |
- |
(2,594,526) |
(4,459,770) |
|
Short term borrowings |
(1,907,043) |
707,364 |
- |
(1,144,746) |
(2,344,425) |
|
(6,065,243) |
3,000,320 |
- |
(3,739,272) |
(6,804,195) |
|
|
|
|||||
|
( |
|
|
( |
( |
|
|
Related party transactions |
Group
|
Transactions with directors |
|
2025 |
At 1 July 2024 |
Advances to director |
Repayments by director |
At 30 June 2025 |
|
Mrs L Jennings |
||||
|
Transactions during the year |
- |
|
( |
- |
|
Mr M Jennings |
||||
|
Transactions during the year |
- |
|
( |
- |
|
2024 |
At 1 July 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
|
Mrs L Jennings |
||||
|
Transactions during the year |
|
|
( |
- |
|
Mr M Jennings |
||||
|
Transactions during the year |
|
|
( |
- |
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Summary of transactions with directors
During the year, the company provided a loans to the directors which were fully repaid. The loans were interest free and repayable on demand.
Other transactions with directors
The directors have provided limited guarantees totalling £134,000 in relation to unsecured creditors.
Summary of transactions with other related parties
A cross guarantee has been provided by two subsidiaries in relation to unsecured creditors dated 19 February 2019.
Income and receivables from related parties
|
2025 |
Entities with common control |
|
Rendering of services |
|
|
Other income |
|
|
|
|
|
|
|
|
2024 |
Entities with common control |
|
Rendering of services |
|
|
Receipt of services |
|
|
|
|
|
|
|
Expenditure with and payables to related parties
|
2025 |
Entities with common control |
Other related parties |
|
Rendering of services |
|
|
|
|
||
|
2024 |
Entities with common control |
Other related parties |
|
Rendering of services |
|
|
|
|
||
Nationwide Holdings Ltd
Notes to the Financial Statements for the Year Ended 30 June 2025
Company
Summary of transactions with subsidiaries
- Nationwide Assistance Group Limited
- LJ Transportation Ltd
- Maldon Accident Repair Centre Limited
- DJ Spall Recovery Assistance Ltd
- Nationwide European Assistance Limited
- Nationwide Car Assistance Limited
- Nationwide Vehicle Assistance Limited
- Nationwide European Assistance BV
- Eastern General Recovery Service Limited
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
|
Non adjusting events after the financial period |
|
|