Company registration number:
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
The directors present the strategic report for the year ended 31 May 2023.
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 industry.
The first half of the financial year saw price increases impacted by the Russo-Ukrainian war with significant stresses in the grain markets and fragmentation of supply chains. The second half saw some signs of stabilisation in the market with demand and supply levels becoming more closely aligned. Focus on long established and trusted supplier and customer relationships has enabled the business to successfully navigate through these challenging times, whilst concurrently continuing to expand its market presence in beverage-related products. The business has continued to address these market challenges with ongoing investment in and adoption of new business processes and IT systems.
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 focus remains on maintaining quality relationships with existing customers and suppliers, as well as the development of new customers and markets, in order to mitigate any fragmentation of traditional supply chains and to support growth. Continued investment in existing and new resources across all functional areas of the business has ensured that high quality service levels are maintained as the business continues to grow. The business retains a prudent and measured approach to working capital management and currency hedging to mitigate any potential risks.
The consolidated accounts have been prepared to include Bryan Nash & Sons Ltd and its subsidiary companies Nash Beverages Ingredients Ltd and Ashtree Commodities Ltd (non-trading). Group turnover of £ 52,125,849 for the year represented a 36.7% increase over the prior year and operating profit after tax was £ 4,310,228 for 2023 versus £ 2,458,176 for 2022. For year ended 31 May 2023 net current assets amounted to £ 13,583,893 in year compared to £ 11,530,187 in year ended 31 May 2022.
The Directors remain optimistic about the future of the business and continue to invest in people, systems and processes to optimise customer service levels and maintain corporate compliance obligations in any increasingly complex market environment.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
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:
The desirability of the group maintaining a reputation for high standards of business conduct. The group has a robust code of conduct in place, ensuring that all employees understand and adhere to business practices. This includes 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. Monthly senior management meetings take place to ensure that business updates are shared across all functions. The need to foster the group's business relationships with suppliers, customers, and others. In supplier and customer relationships, the group prioritizes transparency, trade practices, 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. 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. A recent significant investment was the approval of a new ERP system which went through an extensive evaluation and tender process to ensure that it best met the strategic needs of the business. 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. Monthly 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. The impact of the company's operations on the community and the environment. Whatmore 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 must 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 and board minutes maintained accordingly.
The Directors have assessed electricity consumption reports provided by the landlord relating to Whatmore House, 136 South Street, Dorking, Surrey, England, RH4 2EU for the reporting period. These show a consumption of 14,706 kWh. The Directors considered all significant energy sources and have concluded that the Group is exempt from reporting under the current regulations.
This report was approved by the board and signed on its behalf.
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DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2023
The director presents his report and the financial statements for the year ended 31 May 2023.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 £4,038,578. (2022 - £2,252,785).
The directors have declared a dividend of £2,233,796 (2022: £744,713) in the year.
The director who served during the year was:
There have been no significant events affecting the Group since the year end.
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DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' 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 2023, which comprise the Group Statement of income and retained earnings, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 Auditors' report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' 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 Director's 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 Director's 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 Director's report.
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INDEPENDENT AUDITORS' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙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 AUDITORS' 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 Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2023
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
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 29 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2023
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 29 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Whatmore Holdings Limited is a private Group limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the Company information page.
The financial statements are presented in sterling which is the functional currency of the company and rounded 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 income and retained earnings 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 income and retained earnings 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 2023
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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 charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
2.Accounting policies (continued)
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, they consider no stock provision is required for the year ending 31 May 2023.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
The company has no current asset investments.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Share capital
Profit and loss account
The ultimate controlling party is M F Nash by virtue of his shareholding.
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