IRIS Accounts Production v24.2.0.383 09319880 Board of Directors 31.1.23 30.1.24 30.1.24 operator of petrol station forecourts. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh093198802023-01-30093198802024-01-30093198802023-01-312024-01-30093198802022-01-30093198802022-01-312023-01-30093198802023-01-3009319880ns15:EnglandWales2023-01-312024-01-3009319880ns14:PoundSterling2023-01-312024-01-3009319880ns10:Director12023-01-312024-01-3009319880ns10:PrivateLimitedCompanyLtd2023-01-312024-01-3009319880ns10:FRS1022023-01-312024-01-3009319880ns10:Audited2023-01-312024-01-3009319880ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-312024-01-3009319880ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-312024-01-3009319880ns10:FullAccounts2023-01-312024-01-300931988012023-01-312024-01-3009319880ns10:OrdinaryShareClass12023-01-312024-01-3009319880ns10:Director22023-01-312024-01-3009319880ns10:Director32023-01-312024-01-3009319880ns10:RegisteredOffice2023-01-312024-01-3009319880ns5:CurrentFinancialInstruments2024-01-3009319880ns5:CurrentFinancialInstruments2023-01-3009319880ns5:ShareCapital2024-01-3009319880ns5:ShareCapital2023-01-3009319880ns5:RetainedEarningsAccumulatedLosses2024-01-3009319880ns5:RetainedEarningsAccumulatedLosses2023-01-3009319880ns5:ShareCapital2022-01-3009319880ns5:RetainedEarningsAccumulatedLosses2022-01-3009319880ns5:RetainedEarningsAccumulatedLosses2022-01-312023-01-3009319880ns5:RetainedEarningsAccumulatedLosses2023-01-312024-01-3009319880ns5:NetGoodwill2023-01-312024-01-3009319880ns5:IntangibleAssetsOtherThanGoodwill2023-01-312024-01-3009319880ns5:PlantMachinery2023-01-312024-01-3009319880ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-312024-01-3009319880ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-312023-01-3009319880ns5:OwnedAssets2023-01-312024-01-3009319880ns5:OwnedAssets2022-01-312023-01-3009319880ns5:NetGoodwill2022-01-312023-01-3009319880ns10:OrdinaryShareClass12022-01-312023-01-3009319880ns5:NetGoodwill2023-01-3009319880ns5:NetGoodwill2024-01-3009319880ns5:NetGoodwill2023-01-3009319880ns5:PlantMachinery2023-01-3009319880ns5:PlantMachinery2024-01-3009319880ns5:PlantMachinery2023-01-3009319880ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3009319880ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3009319880ns5:Non-currentFinancialInstruments2024-01-3009319880ns5:Non-currentFinancialInstruments2023-01-3009319880ns5:DeferredTaxation2023-01-3009319880ns5:DeferredTaxation2023-01-312024-01-3009319880ns5:DeferredTaxation2024-01-3009319880ns10:OrdinaryShareClass12024-01-3009319880ns5:RetainedEarningsAccumulatedLosses2023-01-30
REGISTERED NUMBER: 09319880 (England and Wales)





















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JANUARY 2024

FOR

NOWELL FORECOURTS LIMITED

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


NOWELL FORECOURTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JANUARY 2024







DIRECTORS: Mr U M Patel
Mrs R U Patel
Mr N U Patel





REGISTERED OFFICE: Riverside Service Station
431 Kirkstall Road
Leeds
LS4 2QD





REGISTERED NUMBER: 09319880 (England and Wales)





AUDITORS: Aspen Waite Ltd
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH JANUARY 2024

The directors present their strategic report for the year ended 30th January 2024.

Nowell Forecourts Limited is an independent operator of petrol station forecourt sites, mainly in Yorkshire but also in Liverpool.

REVIEW OF BUSINESS
The directors consider that the result for the year and the position to be satisfactory.

Fuel sales of £25,959,435 for the year decreased by 9.8%, £2,819,708 on the prior year sales of £28,779,140.
Shop sales of £7,395,164 increased by 7.9%.£541,536, on the prior year sales of £6,853,628.
Overall, total sales of £33,354,599 fell by 6.4% £2,278,139 on the prior year sales of £35,632,768.
Gross profit for the year of £3,250,611 though rose with a margin of 12.5% compared to £3,048,264, 10.6% for the previous year.

Overheads of £1,489,509 for the year increased by 26.8% and other income of £167,197 rose by 3.1%.

As a result of the above the net profit before tax was £1,928,299 a slight fall of £25,655, 1.3% on the prior year result of £1,953,954.

The balance sheet as at 30th January 2024, however, continues to strengthen, showing net assets of £4,563,523 compared to net assets of £3.611,273 as at 30th January 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors do not consider that the company company faces any specific risk other than being exposed to the general risks being faced by the sector in which the company operates, such as competition and price volatility. The directors manage such risks by being involved on a hands-on and day to day basis and maintaining strong relationships with suppliers and employees at all the various sites that the company operates from.

The directors believe that the company continues to have adequate resources and the diversification into other areas will help the business navigate any future uncertainties.

KEY PERFORMANCE INDICATORS
The main financial metrics used by the directors in assessing business performance are turnover, net profit and cash flows. These KPI's are monitored regularly to ensure the group continues to progress and generate healthy profits and cash flow.

ON BEHALF OF THE BOARD:





Mr N U Patel - Director


28th October 2024

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JANUARY 2024

The directors present their report with the financial statements of the company for the year ended 30th January 2024.

DIVIDENDS
Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 31st January 2023 to the date of this report.

Mr U M Patel
Mrs R U Patel
Mr N U Patel

LIQUIDITY AND INTEREST RATE RISK
The group manages its cash to minimize its need to borrow, the directors and owners are Muslim and therefore operate their business on Islamic principles, as such the company has no financial borrowings.

CREDIT RISK
Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH JANUARY 2024


AUDITORS
The auditors, Aspen Waite Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N U Patel - Director


28th October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOWELL FORECOURTS LIMITED

Opinion
We have audited the financial statements of Nowell Forecourts Limited (the 'company') for the year ended 30th January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30th January 2024 and of its profit 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOWELL FORECOURTS LIMITED


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We concentrated on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. We used tests agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

We addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NOWELL FORECOURTS LIMITED


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 a Report of the Auditors 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.




Paul Waite (Senior Statutory Auditor)
for and on behalf of Aspen Waite Ltd
Rubis House
15 Friarn Street
Bridgwater
Somerset
TA6 3LH

28th October 2024

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30TH JANUARY 2024

30/1/24 30/1/23
Notes £    £   

TURNOVER 33,354,599 35,632,768

Cost of sales (30,092,337 ) (32,571,854 )
GROSS PROFIT 3,262,262 3,060,914

Administrative expenses (1,501,160 ) (1,269,057 )
1,761,102 1,791,857

Other operating income 167,197 162,097
OPERATING PROFIT and
PROFIT BEFORE TAXATION 1,928,299 1,953,954

Tax on profit 5 (476,049 ) (381,303 )
PROFIT FOR THE FINANCIAL YEAR 1,452,250 1,572,651

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,452,250

1,572,651

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

BALANCE SHEET
30TH JANUARY 2024

30/1/24 30/1/23
Notes £    £   
FIXED ASSETS
Intangible assets 7 101,583 179,884
Tangible assets 8 200,894 107,248
302,477 287,132

CURRENT ASSETS
Stocks 9 816,998 693,874
Debtors 10 6,517,908 6,165,109
Cash at bank 4,459,883 3,194,604
11,794,789 10,053,587
CREDITORS
Amounts falling due within one year 11 (7,481,237 ) (6,704,746 )
NET CURRENT ASSETS 4,313,552 3,348,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,616,029

3,635,973

PROVISIONS FOR LIABILITIES 12 (52,506 ) (24,700 )
NET ASSETS 4,563,523 3,611,273

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 4,563,423 3,611,173
SHAREHOLDERS' FUNDS 4,563,523 3,611,273

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





Mr N U Patel - Director


NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31st January 2022 100 2,538,522 2,538,622

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 1,572,651 1,572,651
Balance at 30th January 2023 100 3,611,173 3,611,273

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 1,452,250 1,452,250
Balance at 30th January 2024 100 4,563,423 4,563,523

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JANUARY 2024

30/1/24 30/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,312,554 2,201,598
Tax paid (344,108 ) (376,941 )
Net cash from operating activities 1,968,446 1,824,657

Cash flows from investing activities
Purchase of tangible fixed assets (160,611 ) (40,471 )
Net cash from investing activities (160,611 ) (40,471 )

Cash flows from financing activities
Amount withdrawn by directors (42,556 ) (15,823 )
Equity dividends paid (500,000 ) (500,000 )
Net cash from financing activities (542,556 ) (515,823 )

Increase in cash and cash equivalents 1,265,279 1,268,363
Cash and cash equivalents at beginning of
year

2

3,194,604

1,926,241

Cash and cash equivalents at end of year 2 4,459,883 3,194,604

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH JANUARY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30/1/24 30/1/23
£    £   
Profit before taxation 1,928,299 1,953,954
Depreciation charges 145,266 114,051
2,073,565 2,068,005
(Increase)/decrease in stocks (123,124 ) 28,426
Increase in trade and other debtors (352,799 ) (593,953 )
Increase in trade and other creditors 714,912 699,120
Cash generated from operations 2,312,554 2,201,598

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th January 2024
30/1/24 31/1/23
£    £   
Cash and cash equivalents 4,459,883 3,194,604
Year ended 30th January 2023
30/1/23 31/1/22
£    £   
Cash and cash equivalents 3,194,604 1,926,241


3. ANALYSIS OF CHANGES IN NET FUNDS

At 31/1/23 Cash flow At 30/1/24
£    £    £   
Net cash
Cash at bank 3,194,604 1,265,279 4,459,883
3,194,604 1,265,279 4,459,883
Total 3,194,604 1,265,279 4,459,883

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JANUARY 2024

1. STATUTORY INFORMATION

Nowell Forecourts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
Section 7 "Statement of Cash Flows" - presentation of a Statement of Cash Flow and related notes and disclosures.

Section 11 "Basic Financial Instruments" & Section 12 "Other Financial Instrument Issues" - Carrying amounts for financial instruments measured at amortised cost or cost less impairment; interest income/expense and net gains/losses for financial instruments measured at amortised cost; loan defaults of breaches, and descriptions of hedging relationships.

Section 33 "Related Party Disclosures" - Compensation of key management personnel.

As permitted by s408 Companies Act 2006, the company has not produced its own detailed profit and loss account.

RELATED PARTY EXEMPTION
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The directors do not consider there to be any areas of significant estimation or judgement int he financial statements.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill is in connection to acquiring various businesses and is amortised over 10 years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the group becomes party of the contractual provisions of the instrument, Financial assets and liabilities are offset, with the net amounts presented int he financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

BASIC FINANCIAL ASSETS
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

IMPAIRMENT OF FINANCIAL ASSETS
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

DERECOGNITION OF FINANCIAL ASSETS
Financial assets are derecognised only when the contractual rights to the cash flows from asset expire or are settled, or when the group transfers the financial asset substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has been transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CLASSIFICATION OF FINANCIAL LIABILITIES
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest int he assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transactions price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

DERECOGNITION OF FINANCIAL LIABILITIES
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

2. ACCOUNTING POLICIES - continued

GOING CONCERN
At the time of approving the financial statements the Directors have considered the company's performance as well as forecasts and projections for the group for the next 12 months from date of this report.
Based on the available bank facilities, cash reserves, and performance forecasts, the Directors have a reasonable expectation that the company will continue to generate and have access to sufficient liquid resources to continue in operational existence for the foreseeable future, and therefore have prepared these accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS
30/1/24 30/1/23
£    £   
Wages and salaries 1,196,500 1,123,770
Other pension costs 61,980 37,548
1,258,480 1,161,318

The average number of employees during the year was as follows:
30/1/24 30/1/23

Directors 3 2
Administrators 5 3
Sales 68 71
76 76

30/1/24 30/1/23
£    £   
Directors' remuneration 37,440 37,440
Directors' pension contributions to money purchase schemes 128 996

4. OPERATING PROFIT

The operating profit is stated after charging:

30/1/24 30/1/23
£    £   
Hire of plant and machinery 10,444 10,563
Depreciation - owned assets 66,965 35,750
Goodwill amortisation 78,301 78,301
Auditors' remuneration 19,250 17,000

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/1/24 30/1/23
£    £   
Current tax:
UK corporation tax 448,243 374,108

Deferred tax 27,806 7,195
Tax on profit 476,049 381,303

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/1/24 30/1/23
£    £   
Profit before tax 1,928,299 1,953,954
Profit multiplied by the standard rate of corporation tax in the UK of
24.014% (2023 - 19%)

463,062

371,251

Effects of:
Capital allowances in excess of depreciation (14,300 ) -
Depreciation in excess of capital allowances - 3,216
Group relief (519 ) (359 )
Deferred tax movement 27,806 7,195
Total tax charge 476,049 381,303

6. DIVIDENDS
30/1/24 30/1/23
£    £   
Ordinary shares of 1 each
Interim 500,000 500,000

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

7. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 31st January 2023
and 30th January 2024 791,193
AMORTISATION
At 31st January 2023 611,309
Amortisation for year 78,301
At 30th January 2024 689,610
NET BOOK VALUE
At 30th January 2024 101,583
At 30th January 2023 179,884

8. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 31st January 2023 542,577
Additions 160,611
At 30th January 2024 703,188
DEPRECIATION
At 31st January 2023 435,329
Charge for year 66,965
At 30th January 2024 502,294
NET BOOK VALUE
At 30th January 2024 200,894
At 30th January 2023 107,248

9. STOCKS
30/1/24 30/1/23
£    £   
Finished goods 816,998 693,874

10. DEBTORS
30/1/24 30/1/23
£    £   
Amounts falling due within one year:
Trade debtors 296,010 361,284
Amounts owed by group undertakings 1,616,275 1,198,999
Amounts owed by participating interests 45,831 45,831
Prepayments and accrued income 4,875 4,875
1,962,991 1,610,989

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

10. DEBTORS - continued
30/1/24 30/1/23
£    £   
Amounts falling due after more than one year:
Other debtors 4,554,917 4,554,120

Aggregate amounts 6,517,908 6,165,109

Amounts due over one year relate to a loan to Nowell Investments Ltd
A company under common control.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/1/24 30/1/23
£    £   
Trade creditors 1,848,003 1,629,930
Amounts owed to group undertakings 4,833,890 4,333,560
Corporation tax 318,243 214,108
Social security and other taxes 99,265 93,293
Other creditors 36,643 44,106
Directors' current accounts 304,943 347,499
Accruals and deferred income 40,250 42,250
7,481,237 6,704,746

12. PROVISIONS FOR LIABILITIES
30/1/24 30/1/23
£    £   
Deferred tax
Accelerated capital allowances 52,506 24,700

Deferred
tax
£   
Balance at 31st January 2023 24,700
Charge to Statement of Comprehensive Income during year 27,806
Balance at 30th January 2024 52,506

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/1/24 30/1/23
value: £    £   
100 Ordinary 1 100 100

NOWELL FORECOURTS LIMITED (REGISTERED NUMBER: 09319880)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JANUARY 2024

14. RESERVES
Retained
earnings
£   

At 31st January 2023 3,611,173
Profit for the year 1,452,250
Dividends (500,000 )
At 30th January 2024 4,563,423

15. ULTIMATE PARENT COMPANY

Nowell Limited is regarded by the directors as being the company's ultimate parent company.