ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
Directors' Report and Financial Statements
For the Year Ended
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Company Information
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Contents
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Directors' Report
For the Year Ended 29 February 2020
The directors present their report and the financial statements for the year ended
The principal activity of the group in the year continued to be that of the manufacture of pipes, fittings, flanges and ancillary equipment.
The directors who served during the year were:
The directors are responsible for preparing the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Directors' Report (continued)
For the Year Ended 29 February 2020
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
The auditor, Dains LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Independent Auditor's Report to the Members of Nautic Steels (Holdings) Limited
We have audited the financial statements of Nautic Steels (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2020, which comprise the Group Profit and loss account, the Group Statement of comprehensive income, the Group and Company Balance sheets, 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).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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
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Independent Auditor's Report to the Members of Nautic Steels (Holdings) Limited (continued)
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.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has 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 Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 1, 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.
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Independent Auditor's Report to the Members of Nautic Steels (Holdings) Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Chartered Accountants
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Consolidated Profit and Loss Account
For the Year Ended 29 February 2020
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Consolidated Statement of Comprehensive Income
For the Year Ended 29 February 2020
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Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 33 form part of these financial statements.
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Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 33 form part of these financial statements.
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Consolidated Statement of Changes in Equity
For the Year Ended 29 February 2020
Consolidated Statement of Changes in Equity
For the Year Ended 28 February 2019
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Company Statement of Changes in Equity
For the Year Ended 29 February 2020
Company Statement of Changes in Equity
For the Year Ended 28 February 2019
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Consolidated Statement of Cash Flows
For the Year Ended 29 February 2020
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Consolidated Analysis of Net Debt
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
Nautic Steels (Holdings) Limited is a private company, limited by shares and incorporated in England and Wales. The trading address and the Company's registered office address and registered number are detailed on the Company Information page. The principal activity of the Company is that of a holding company. The principal activity of the Group is that of the manufacture of pipes, fittings, flanges and ancillary equipment.
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 judgement 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 Profit and loss account 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 Balance sheet, 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 profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors have received confirmation from the ultimate parent company, Pantech Group Holdings Berhad, that it will provide adequate financial assistance and other support sufficient to allow the company to continue to trade for a period of twelve months from the date of this report and to meet its financial and other commitments as they fall due. As a result, the financial statements have been prepared on a going concern basis.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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.
Amortisation is provided on the following bases:
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Notes to the Financial Statements
For the Year Ended 29 February 2020
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance 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 the Consolidated profit and loss account.
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. If an asset's carrying amount is increased or decreased as a result of a revaluation, the increase or decrease shall be recognised in other comprehensive income and accumulated in equity.
Investment property is carried at fair value determined annually by directors and periodically by external valuers, derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated profit and loss account.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase. Work in progress and finished goods include labour.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short term debtors are measured at transaction price, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Rentals paid under operating leases are charged to the Consolidated profit and loss account on a straight line basis over the lease term.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Interest income is recognised in the Consolidated profit and loss account using the effective interest method.
All borrowing costs are recognised in the Consolidated profit and loss account in the year in which they are incurred.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities. 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.
Management is required to exercise significant judgement in estimating the provision for stock impairment, which takes into account the ageing of stock and its likelihood of being sold. Management is required to exercise significant judgement regarding certain transactions undertaken with its parent undertaking and has concluded that the Company is the principal in these transactions and is not acting as agent. 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
Analysis of turnover by country of destination:
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
12.Taxation (continued)
The Group has a potential deferred tax asset of £69,728 (2019 - £70,609), in respect of carried forward tax losses of £408,037 (2019 - £415,351), which has not been recognised in these financial statements. The deferred tax asset has been measured using the tax rate of 17% (2019 - 17%).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent Company for the year was £
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
Cost or valuation at 29 February 2020 is as follows:
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Notes to the Financial Statements
For the Year Ended 29 February 2020
15.Tangible fixed assets (continued)
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Notes to the Financial Statements
For the Year Ended 29 February 2020
The 2020 valuations were made by Ernest Hawk Chartered Surveyors, on an open market value basis.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
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Notes to the Financial Statements
For the Year Ended 29 February 2020
Revaluation reserve
Profit and loss account
The Group made contributions to personal pension plans of its employees in the year. The pension charge represents contributions payable by the Group to these personal pension plans and amounted to £20,514 (2019 - £16,861). Contributions totalling £Nil (2019 - £Nil) were payable to the funds at the balance sheet date.
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Notes to the Financial Statements
For the Year Ended 29 February 2020
29.Guarantees
Bonds
At the year end the Group had bonds in place with customers totalling £114,767 (2019 - £105,274) in relation to performance guarantees.
The Group's ultimate parent undertaking and controlling party is Pantech Group Holdings Berhad, a company incorporated in Malaysia.
Consolidated financial statements, within which this Company's results are included, are available from No. 5-9A, The Boulevard Offices, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur.
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