IRIS Accounts Production v24.2.0.383 NI638488 Board of Directors 31.1.24 1.2.23 31.1.24 31.1.24 true true true false true true false false false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6384882023-01-31NI6384882024-01-31NI6384882023-02-012024-01-31NI6384882022-01-31NI6384882022-02-012023-01-31NI6384882023-01-31NI638488ns15:NorthernIreland2023-02-012024-01-31NI638488ns14:PoundSterling2023-02-012024-01-31NI638488ns10:Director12023-02-012024-01-31NI638488ns10:Consolidated2024-01-31NI638488ns10:ConsolidatedGroupCompanyAccounts2023-02-012024-01-31NI638488ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31NI638488ns10:Consolidatedns10:FRS1022023-02-012024-01-31NI638488ns10:Consolidatedns10:Audited2023-02-012024-01-31NI638488ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-31NI638488ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-31NI638488ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-02-012024-01-31NI638488ns10:FullAccounts2023-02-012024-01-31NI638488ns5:Subsidiary12023-02-012024-01-31NI638488ns5:Subsidiary22023-02-012024-01-31NI63848812023-02-012024-01-31NI638488ns10:Consolidated2023-02-012024-01-31NI638488ns10:Director22023-02-012024-01-31NI638488ns10:RegisteredOffice2023-02-012024-01-31NI638488ns10:Consolidated2022-02-012023-01-31NI638488ns5:CurrentFinancialInstruments2024-01-31NI638488ns5:CurrentFinancialInstruments2023-01-31NI638488ns5:ShareCapital2024-01-31NI638488ns5:ShareCapital2023-01-31NI638488ns5:CapitalRedemptionReserve2024-01-31NI638488ns5:CapitalRedemptionReserve2023-01-31NI638488ns5:RetainedEarningsAccumulatedLosses2024-01-31NI638488ns5:RetainedEarningsAccumulatedLosses2023-01-31NI638488ns5:ShareCapital2022-01-31NI638488ns5:RetainedEarningsAccumulatedLosses2022-01-31NI638488ns5:CapitalRedemptionReserve2022-01-31NI638488ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31NI63848812023-02-012024-01-31NI638488ns5:NetGoodwill2023-02-012024-01-31NI638488ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31NI638488ns5:CostValuation2023-01-31NI638488ns5:Subsidiary112023-02-012024-01-31NI638488ns5:Subsidiary12024-01-31NI638488ns5:Subsidiary12023-01-31NI638488ns5:Subsidiary12022-02-012023-01-31NI6384883ns5:Subsidiary22023-02-012024-01-31NI638488ns5:Subsidiary22024-01-31NI638488ns5:Subsidiary22023-01-31NI638488ns5:Subsidiary22022-02-012023-01-31NI638488ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31NI638488ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31
REGISTERED NUMBER: NI638488 (Northern Ireland)















NEWELL GROUP LIMITED

Group Strategic Report, Directors' Report and

Audited Consolidated Financial Statements for the Year Ended 31 January 2024






NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Directors' Report 4 to 5

Independent Auditors' Report 6 to 9

Consolidated Income Statement 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash
Flows

16


Notes to the Consolidated Financial Statements 17 to 27


NEWELL GROUP LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Colin John Conway
Petra Conway



REGISTERED OFFICE: 50 Newell Road
Dungannon
Co. Tyrone
BT70 1EG



REGISTERED NUMBER: NI638488 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Danske Bank
5-6 Market Square
Dungannon
Co. Tyrone
BT70 1AB



SOLICITORS: Millar, Shearer and Black
40 Molesworth Street
Cookstown
Co. Tyrone
BT80 8PH

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report of the Company and the Group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The director aims to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. The review is consistent with the size and nature of the group and is written in the context of the risks and uncertainties faced.

The director considers that the key performance indicators are those that communicate the group's financial performance as a whole, being turnover, gross profit, gross profit percentage and operating profit.

Sales during the year decreased from £31,807,676 to £31,240,798. Gross profit increased to £7,688,790 (2023: £7,177,148) with gross profit percentage increasing from 22.56% to 24.61%. Overall expenditure for the group increased resulting in an operating profit of £(132,124) (2023: £60,892). The group continues to remain competitive in the local market.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks from the group's operations are business interruption, customer proposition, food and product safety and liquidity. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

Business Interruption
Distribution and systems infrastructures are fundamental to ensuring the normal continuity of trading in the stores. If an accident occurred to this infrastructure or another key facility, this could have a detrimental impact on the group's ability to operate effectively.

Customer proposition
The group operates in a very competitive industry. Also, customers' shopping habits are influenced by broader economic factors that the business does not control. If the group fail to keep its proposition aligned with customers' expectations, then they may choose not to shop with us and sales will suffer.

Food and product safety
The director is aware that, if the group fail to deliver excellent standards of hygiene and safety in its products, there is a potential to harm customers and damage business reputation. Food safety is of paramount importance.

Liquidity risk
The group generates sufficient cashflow to ensure it has adequate available funds for operations and planned expansions.

FUTURE DEVELOPMENTS
The group is committed to long term creation of shareholder value by increasing the group's market share. The group aims to increase revenue and operating profits. The group will continue to meet the needs of customers and develop innovative solutions for their needs while remaining highly competitive.

FINANCIAL KEY PERFORMANCE INDICATORS
The key performance indicators of the business are those as stated below:

2024 2023
Revenue 31,240,798 31,807,676

Gross Profit 7,688,790 7,177,148

Gross Profit Margin 24.61% 22.56%

The director is pleased with the results for the year and believe the group continues to operate strongly in a very competitive market.


NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

STRATEGY & DEVELOPMENT
The group's success is dependant on the ongoing management of business risks and uncertainties it faces. The group will continue to improve upon its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations.

BUSINESS ENVIRONMENT
The local supermarket retailing market is highly saturated with multiple large supermarkets operating in the surrounding area as well as independent retailers. The group is performing well and appears strong despite its saturated nature.

EMPLOYEES
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group performance.

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members becoming disabled, every effort is made to ensure that their employment with the group continues and appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical of that of a person who does not suffer from a disability.

ON BEHALF OF THE BOARD:





Colin John Conway - Director


15 October 2024

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their report with the audited financial statements of the Company and the Group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group is that of retail supermarkets and filling stations.

DIVIDENDS
The total distribution of dividends for the year ended 31 January 2024 will be £167,714 (2023: £Nil).

RESEARCH AND DEVELOPMENT
Research and development activities continues to be a high priority with the development of new products within the group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Colin John Conway
Petra Conway

DISCLOSURES REQUIRED UNDER SCHEDULE 7
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Directors' 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), 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 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 and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 the Group 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 Group'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 Group's auditors are aware of that information.

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024


AUDITORS
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Colin John Conway - Director


15 October 2024

Independent Auditors' Report to the Members of
Newell Group Limited

Opinion
We have audited the financial statements of Newell Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 of the Parent Company affairs as at 31 January 2024 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 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 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 Group's and 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 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 Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' 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 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Newell Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.

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 Directors' Responsibilities Statement set out on page four, 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 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.

Independent Auditors' Report to the Members of
Newell Group Limited


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 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 financial statements.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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.

Independent Auditors' Report to the Members of
Newell Group 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 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.




Mr. Ryan Falls FCA (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

15 October 2024

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £

TURNOVER 4 31,240,798 31,807,676

Cost of sales (23,552,008 ) (24,630,528 )
GROSS PROFIT 7,688,790 7,177,148

Distribution costs (3,771,198 ) (3,372,021 )
Administrative expenses (4,049,716 ) (3,744,235 )
OPERATING (LOSS)/PROFIT 6 (132,124 ) 60,892

Finance income 3,201 -
(128,923 ) 60,892

Finance costs 7 (158,563 ) (93,956 )
LOSS BEFORE TAXATION (287,486 ) (33,064 )

Tax on loss 8 (270,243 ) (126,590 )
LOSS FOR THE FINANCIAL YEAR (557,729 ) (159,654 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(557,729

)

(159,654

)

Loss attributable to:
Owners of the parent (557,729 ) (159,654 )

Total comprehensive income attributable to:
Owners of the parent (557,729 ) (159,654 )

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Consolidated Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 11 2,337,499 3,430,245
Tangible assets 12 8,982,492 9,170,611
Investments 13 - -
11,319,991 12,600,856

CURRENT ASSETS
Stocks 14 1,022,844 966,888
Receivables: amounts falling due within
one year

15

427,967

617,876
Cash at bank and in hand 924,478 1,090,850
2,375,289 2,675,614
PAYABLES
Amounts falling due within one year 16 (6,729,314 ) (7,091,598 )
NET CURRENT LIABILITIES (4,354,025 ) (4,415,984 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,965,966

8,184,872

PAYABLES
Amounts falling due after more than
one year

17

(1,570,834

)

(2,054,167

)

PROVISIONS FOR LIABILITIES 20 (241,905 ) (252,035 )
NET ASSETS 5,153,227 5,878,670

CAPITAL AND RESERVES
Called up share capital 21 7,612,504 7,612,504
Capital redemption reserve 2,887,500 2,887,500
Retained earnings (5,346,777 ) (4,621,334 )
SHAREHOLDERS' FUNDS 5,153,227 5,878,670

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





Colin John Conway - Director


NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Company Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 14,210,700 14,210,700
14,210,700 14,210,700

CURRENT ASSETS
Receivables: amounts falling due within
one year

15

371,131

572,661

PAYABLES
Amounts falling due within one year 16 (3,720,908 ) (3,754,724 )
NET CURRENT LIABILITIES (3,349,777 ) (3,182,063 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,860,923

11,028,637

CAPITAL AND RESERVES
Called up share capital 21 7,612,504 7,612,504
Capital redemption reserve 2,887,500 2,887,500
Retained earnings 360,919 528,633
SHAREHOLDERS' FUNDS 10,860,923 11,028,637

Company's profit for the financial year - -

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





Colin John Conway - Director


NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 February 2022 7,612,504 (4,461,680 ) 2,887,500 6,038,324

Changes in equity
Total comprehensive income - (159,654 ) - (159,654 )
Balance at 31 January 2023 7,612,504 (4,621,334 ) 2,887,500 5,878,670

Changes in equity
Dividends - (167,714 ) - (167,714 )
Total comprehensive income - (557,729 ) - (557,729 )
Balance at 31 January 2024 7,612,504 (5,346,777 ) 2,887,500 5,153,227

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 February 2022 7,612,504 528,633 2,887,500 11,028,637

Changes in equity
Balance at 31 January 2023 7,612,504 528,633 2,887,500 11,028,637

Changes in equity
Dividends - (167,714 ) - (167,714 )
Balance at 31 January 2024 7,612,504 360,919 2,887,500 10,860,923

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,376,279 1,227,689
Interest paid (158,563 ) (93,956 )
Tax paid (137,006 ) (171,975 )
Net cash from operating activities 1,080,710 961,758

Cash flows from investing activities
Purchase of tangible fixed assets (339,448 ) (840,269 )
Sale of tangible fixed assets - 4,000
Interest received 3,201 -
Net cash from investing activities (336,247 ) (836,269 )

Cash flows from financing activities
Loan repayments in year (743,121 ) (665,712 )
Equity dividends paid (167,714 ) -
Net cash from financing activities (910,835 ) (665,712 )

Decrease in cash and cash equivalents (166,372 ) (540,223 )
Cash and cash equivalents at
beginning of year

2

1,090,850

1,631,073

Cash and cash equivalents at end
of year

2

924,478

1,090,850

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 31 JANUARY 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£ £
Loss before taxation (287,486 ) (33,064 )
Depreciation charges 1,402,368 1,366,358
Loss on disposal of fixed assets - 3,225
Impairment loss 217,946 -
Finance costs 158,563 93,956
Finance income (3,201 ) -
1,488,190 1,430,475
Increase in stocks (55,956 ) (122,036 )
Decrease/(increase) in trade and other debtors 39,495 (146,024 )
(Decrease)/increase in trade and other creditors (95,450 ) 65,274
Cash generated from operations 1,376,279 1,227,689

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31/1/24 1/2/23
£ £
Cash and cash equivalents 924,478 1,090,850
Year ended 31 January 2023
31/1/23 1/2/22
£ £
Cash and cash equivalents 1,090,850 1,631,073


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/1/24
£ £ £
Net cash
Cash at bank and in hand 1,090,850 (166,372 ) 924,478
1,090,850 (166,372 ) 924,478
Debt
Debts falling due within 1 year (743,121 ) 259,788 (483,333 )
Debts falling due after 1 year (2,054,167 ) 483,333 (1,570,834 )
(2,797,288 ) 743,121 (2,054,167 )
Total (1,706,438 ) 576,749 (1,129,689 )

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Newell Group Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

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 are stated in sterling which is the functional currency of the company.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis under the historical cost convention. Historical cost is generally based on the fair value of consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the group financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv),
11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Basis of consolidation
The consolidated income statement, consolidated statement of changes in equity, consolidated balance sheet and consolidated statement of cash flows the financial statements of the company and its subsidiary's undertakings made up to 31 January 2024. Inter-company transactions, balances and cash flows between group companies are eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. Therefore, management believe the critical accounting policies where estimates, judgements and assumptions are necessarily applied are summarised below:

Impairment of Fixed Assets:
The group's tangible fixed assets are stated at cost less accumulated depreciation. The assets are depreciated over their estimated useful economic lives. The carrying values of such assets are reviewed annually for any indications of impairment. The carrying value of assets is tested for impairment where events or changes in circumstances indicate the carrying value is incorrectly stated. If such a review indicates the carrying value is overstated, the value of the asset is restated to its deemed recoverable amount. Recoverable amount is deemed to be the higher of the asset's fair value less costs to sell, or its value in use. Value in use is calculated based on the discounted future cash flows of the asset, or of the cash generating unit to which the asset belongs.

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that 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 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:
- the group has transferred the significant risks and rewards of ownership to the buyer;
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the group will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten 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.

Intangible assets are reviewed annually for impairment.

Property, plant and equipment
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Land and Freehold property 0-2% Straight line
Plant and machinery 15% Reducing balance
Fixtures, fittings and equipment 20% Reducing balance
Motor vehicles 20% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items.

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company and group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

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 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.

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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to 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 the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the 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.


NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to the income statement in the period to which they relate.

Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they relate.

Patents and licences
The director considers the intangible asset to have an indefinite useful life and therefore no amortisation has been provided.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

4. TURNOVER

The turnover and profit/(loss) before taxation are attributable to the one principal activity of the Group.

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,073,839 3,533,789
Social security costs 250,104 211,808
Other pension costs 57,598 80,259
4,381,541 3,825,856

The average number of employees during the year was as follows:
2024 2023

Selling and distribution 266 261
Administration 12 13
278 274

2024 2023
£ £
Directors' remuneration 152,416 12,086

6. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£ £
Hire of plant and machinery 13,252 16,448
Rent payable 117,525 133,100
Depreciation - owned assets 527,567 532,683
Loss on disposal of fixed assets - 3,225
Goodwill amortisation 833,675 833,674
Patents and licences amortisation 41,125 -
Auditors' remuneration 8,425 8,138
Foreign exchange differences (1,964 ) (19 )

7. FINANCE COSTS
2024 2023
£ £
Bank loan interest 154,069 93,956
Other interest payable 4,494 -
158,563 93,956

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 180,426 93,323
Adjustment in respect of prior
period 99,947 -
Total current tax 280,373 93,323

Deferred tax (10,130 ) 33,267
Tax on loss 270,243 126,590

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:

2024 2023
£ £
Loss before tax (287,486 ) (33,064 )
Loss multiplied by the standard rate of corporation tax in the UK
of 24.030 % (2023 - 19 %)

(69,083

)

(6,282

)

Effects of:
Expenses not deductible for tax purposes 2,218 11,826
Capital allowances in excess of depreciation - (68,663 )
Depreciation in excess of capital allowances 49,433 -
Adjustments to tax charge in respect of previous periods 99,947 -
Deferred Tax (10,130 ) 33,267

Goodwill amortisation 197,858 158,398
Consolidation adjustment - (1,956 )
Total tax charge 270,243 126,590

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2024 2023
£ £
Ordinary A Shares shares of 1 each
Interim 86,714 -
Ordinary B Shares shares of 1 each
Interim 78,000 -
Ordinary C Shares shares of 1 each
Interim 3,000 -
167,714 -

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

11. INTANGIBLE FIXED ASSETS

Group
Patents and
Goodwill licences Totals
£ £ £
COST
At 1 February 2023 8,336,740 908,631 9,245,371
Impairments - (217,946 ) (217,946 )
At 31 January 2024 8,336,740 690,685 9,027,425
AMORTISATION
At 1 February 2023 5,815,126 - 5,815,126
Amortisation for year 833,675 41,125 874,800
At 31 January 2024 6,648,801 41,125 6,689,926
NET BOOK VALUE
At 31 January 2024 1,687,939 649,560 2,337,499
At 31 January 2023 2,521,614 908,631 3,430,245

12. PROPERTY, PLANT AND EQUIPMENT

Group
Land and Fixtures
freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 February 2023 8,667,056 2,374,345 3,304,566 70,654 14,416,621
Additions - 123,149 216,299 - 339,448
At 31 January 2024 8,667,056 2,497,494 3,520,865 70,654 14,756,069
DEPRECIATION
At 1 February 2023 1,348,662 1,687,359 2,147,709 62,280 5,246,010
Charge for year 119,560 121,488 280,757 5,762 527,567
At 31 January 2024 1,468,222 1,808,847 2,428,466 68,042 5,773,577
NET BOOK VALUE
At 31 January 2024 7,198,834 688,647 1,092,399 2,612 8,982,492
At 31 January 2023 7,318,394 686,986 1,156,857 8,374 9,170,611

Newell Group (the company) had no fixed assets in the year (2023: £NIL).

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 February 2023
and 31 January 2024 14,210,700
NET BOOK VALUE
At 31 January 2024 14,210,700
At 31 January 2023 14,210,700

The Group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Newell Stores Limited
Registered office: 50 Newell Road, Dungannon, Country Tyrone, BT70 1EG
Nature of business: Retail supermarket and filling station
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 4,510,973 4,521,925
(Loss)/profit for the year (10,952 ) 240,627

Newell Stores (Coalisland) Limited
Registered office: 50 Newell Road, Dungannon, Country Tyrone, BT70 1EG
Nature of business: Retail supermarket
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 2,345,394 2,068,792
Profit for the year 276,602 423,097


14. STOCKS

Group
2024 2023
£ £
Finished goods 1,022,844 966,888

Newell Group (the company) held no stock at year end (2023: £NIL).

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

15. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade receivables 7,931 12,410 - -
Amounts owed by group undertakings - - 371,131 572,661
Other receivables 198,755 197,295 - -
Tax 10,587 161,001 - -
VAT - 26,658 - -
Prepayments 210,694 220,512 - -
427,967 617,876 371,131 572,661

16. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 18)
483,333

743,121

-

-
Trade payables 1,787,137 1,987,303 - -
Amounts owed to group undertakings - - 41,119 -
Tax 70,197 77,244 - -
Social security and other taxes 83,474 21,613 - -
VAT 53,170 - - -
Other payables 175,049 160,955 - -
Directors' current accounts 3,678,289 3,753,224 3,678,289 3,753,224
Accruals and deferred income 398,665 348,138 1,500 1,500
6,729,314 7,091,598 3,720,908 3,754,724

17. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

Group
2024 2023
£ £
Bank loans (see note 18) 1,570,834 2,054,167

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 483,333 743,121
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,570,834 483,333
Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,449,999
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 120,835

The bank loan is secured by:

(a) Mortgage debenture incorporating a fixed and floating charge over all company assets present and future including a specific charge over premises at Lineside, Coalisland and all fixtures thereon.

19. FINANCIAL INSTRUMENTS

Group Company
2024 2023 2024 2023

Carrying amount of financial assets
Debt instruments measured at
amortised cost

206,686

209,705

371,131

572,661
Carrying amount of financial
liabilities

Measured at amortised cost 8,093,186 9,046,908 3,720,908 3,754,724

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£ £
Deferred tax
Accelerated capital allowances 241,905 252,035

Group
Deferred tax
£
Balance at 1 February 2023 252,035
Credit to Income Statement during year (10,130 )
Balance at 31 January 2024 241,905

NEWELL GROUP LIMITED (REGISTERED NUMBER: NI638488)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:

Number: Class: Nominal 2024 2023
Value: £    £   
- Ordinary A Shares £1.00 - -
2,283,752 Ordinary B Shares £1.00 2,283,752 2,283.752
3,996,564 Ordinary C Shares £1.00 3,996,564 3,996,564
1,332,188 Ordinary D Shares £1.00 1,332,188 1,332,188
7,612,504 7,612,504

22. RELATED PARTY DISCLOSURES

The group has availed of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other group undertakings which are wholly owned subsidiaries.

The group has identified the following transactions which require disclosure under the terms of FRS 102 'Related Party Disclosures'.

Included in directors' current accounts within note 16 of the financial statements is £3,678,289 (2023: £3,753,224) owed to Colin Conway, Annie Quinn, Joe Conway, Petra Conway and Rosie Conway.

Newell Stores Limited is the sole employer in the EMB Special Pension Fund, and as such is regarded as a related party under Section 33 of FRS 102. Normal commercial terms, including the current rent payable of £117,525 (2023: £133,100) apply to the rental agreement.

The ultimate controlling party is the Conway family.