IRIS Accounts Production v24.2.0.383 NI073690 Board of Directors 1.2.23 31.1.24 31.1.24 true false true true false false false true true false Called up share capital 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0736902023-01-31NI0736902024-01-31NI0736902023-02-012024-01-31NI0736902022-01-31NI0736902022-02-012023-01-31NI0736902023-01-31NI073690ns15:NorthernIreland2023-02-012024-01-31NI073690ns14:PoundSterling2023-02-012024-01-31NI073690ns10:Director12023-02-012024-01-31NI073690ns10:PrivateLimitedCompanyLtd2023-02-012024-01-31NI073690ns10:FRS1022023-02-012024-01-31NI073690ns10:Audited2023-02-012024-01-31NI073690ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-31NI073690ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-31NI073690ns10:FullAccounts2023-02-012024-01-31NI07369012023-02-012024-01-31NI073690ns10:OrdinaryShareClass12023-02-012024-01-31NI073690ns10:Director22023-02-012024-01-31NI073690ns10:RegisteredOffice2023-02-012024-01-31NI073690ns5:CurrentFinancialInstruments2024-01-31NI073690ns5:CurrentFinancialInstruments2023-01-31NI073690ns5:ShareCapital2024-01-31NI073690ns5:ShareCapital2023-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2024-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2023-01-31NI073690ns5:ShareCapital2022-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2022-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-31NI07369012023-02-012024-01-31NI073690ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-31NI073690ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-02-012024-01-31NI073690ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-02-012023-01-31NI073690ns5:OwnedAssets2023-02-012024-01-31NI073690ns5:OwnedAssets2022-02-012023-01-31NI07369022023-02-012024-01-31NI07369022022-02-012023-01-31NI073690ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31NI073690ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-31NI073690ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-31NI073690ns5:LandBuildings2023-01-31NI073690ns5:FurnitureFittings2023-01-31NI073690ns5:LandBuildings2023-02-012024-01-31NI073690ns5:FurnitureFittings2023-02-012024-01-31NI073690ns5:LandBuildings2024-01-31NI073690ns5:FurnitureFittings2024-01-31NI073690ns5:LandBuildings2023-01-31NI073690ns5:FurnitureFittings2023-01-31NI073690ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-31NI073690ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31NI073690ns5:CurrentFinancialInstruments2023-02-012024-01-31NI073690ns5:Secured2024-01-31NI073690ns5:Secured2023-01-31NI073690ns5:AcceleratedTaxDepreciationDeferredTax2024-01-31NI073690ns5:AcceleratedTaxDepreciationDeferredTax2023-01-31NI073690ns5:DeferredTaxation2023-01-31NI073690ns5:DeferredTaxation2023-02-012024-01-31NI073690ns5:DeferredTaxation2024-01-31NI073690ns10:OrdinaryShareClass12024-01-31NI073690ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: NI073690 (Northern Ireland)















NEWELL STORES (COALISLAND) LIMITED

Strategic Report, Directors' Report and

Audited Financial Statements for the Year Ended 31 January 2024






NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)






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




Page

Company Information 1

Strategic Report 2 to 3

Directors' Report 4 to 5

Independent Auditors' Report 6 to 8

Income Statement 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12 to 19


NEWELL STORES (COALISLAND) LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: C J Conway
P Conway



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



REGISTERED NUMBER: NI073690 (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 STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their strategic report for the year ended 31 January 2024.

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

The directors' consider that they key performance indicators are those that communicate the company's financial performance as a whole, being revenue, gross profit and operating profit.

Sales during the year increased from £11,208,840 to £11,923,177. Gross profit increased from £3,112,273 to £3,373,794. Operating costs and administrative costs have increased, resulting in a profit before tax of £409,801 (2023: £455,837). The company continues to trade well with a consistent gross profit margin.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks from the company's operations are business interruption, customer proposition, food and product safety and credit risk 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 store. If an accident occurred to this infrastructure or another key facility, this could have a detrimental impact on the company's ability to operate effectively.

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

Food and product safety
We are aware that, if we fail to deliver excellent standards of hygiene and safety in our products, there is a potential to harm our customers and damage our business reputation. Food safety is of paramount importance.

FUTURE DEVELOPMENTS
The company is committed to long term creation of shareholder value by increasing the company's market share. The company aims to increase revenue and operating profits. The company 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 include:


2024 2023
Revenue £11,923,177 £11,208,840

Gross Profit £3,373,794 £3,112,273

Gross profit margin 28.30% 27.77%


The directors are pleased with the results for the year and believe the company continues to operate strongly in a very competitive market.

STRATEGY & DEVELOPMENT
The company's success is dependant on the ongoing management of business risks and uncertainties it faces. The company 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.


NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2024

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 company is performing well and appears strong despite its saturated nature.

EMPLOYEES
The company'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 company performance.

ON BEHALF OF THE BOARD:





C J Conway - Director


15 October 2024

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Directors' Report
FOR THE YEAR ENDED 31 JANUARY 2024

The director presents his report with the audited financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of a retail supermarket.

DIVIDENDS
Interim dividend of £NIL (2023: £NIL) was paid to Newell Group Limited for the year ended 31 January 2024 and the directors do not recommend the payment of a final dividend. (2023: £NIL).

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

C J Conway
P 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 company'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 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 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.

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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:



C J Conway - Director


15 October 2024

Independent Auditors' Report to the Members of
Newell Stores (Coalisland) Limited

Opinion
We have audited the financial statements of Newell Stores (Coalisland) Limited (the 'Company') for the year ended 31 January 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the Company's affairs as at 31 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 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 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Newell Stores (Coalisland) 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 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, 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 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 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 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.

Independent Auditors' Report to the Members of
Newell Stores (Coalisland) Limited

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

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;
- We obtained understanding of the internal controls established to mitigate risks related to fraud or
non-compliance with laws and regulations; and
- We held 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.

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.

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 STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Income Statement
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £ £

REVENUE 4 11,923,177 11,208,840

Cost of sales (8,549,383 ) (8,096,567 )
GROSS PROFIT 3,373,794 3,112,273

Operating costs (1,479,485 ) (1,344,895 )
Administrative expenses (1,287,045 ) (1,124,425 )
OPERATING PROFIT 6 607,264 642,953

Finance income 487 -
607,751 642,953

Finance costs 7 (197,950 ) (187,116 )
PROFIT BEFORE TAXATION 409,801 455,837

Tax on profit 8 (133,199 ) (32,740 )
PROFIT FOR THE FINANCIAL YEAR 276,602 423,097

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

276,602

423,097

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 9 508,541 726,487
Property, plant and equipment 10 6,281,679 6,391,981
6,790,220 7,118,468

CURRENT ASSETS
Inventories 11 421,233 410,622
Receivables 12 152,701 168,847
Cash at bank and in hand 521,106 620,177
1,095,040 1,199,646
PAYABLES
Amounts falling due within one year 13 (5,521,252 ) (6,232,895 )
NET CURRENT LIABILITIES (4,426,212 ) (5,033,249 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,364,008

2,085,219

PROVISIONS FOR LIABILITIES 16 (18,614 ) (16,427 )
NET ASSETS 2,345,394 2,068,792

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 18 2,345,393 2,068,791
SHAREHOLDERS' FUNDS 2,345,394 2,068,792

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:





C J Conway - Director


NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 February 2022 1 1,645,694 1,645,695

Changes in equity
Total comprehensive income - 423,097 423,097
Balance at 31 January 2023 1 2,068,791 2,068,792

Changes in equity
Total comprehensive income - 276,602 276,602
Balance at 31 January 2024 1 2,345,393 2,345,394

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

1. STATUTORY INFORMATION

Newell Stores (Coalisland) Ltd is a private company, limited by shares, registered in Northern Ireland, within the United Kingdom. The company's registered number and registered office can be found on the Company 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 the going concern basis under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following accounting policies have been applied consistently throughout the year.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company 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 Section 7 Statement of Cash Flows;
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.

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. Management believes there are no critical accounting judgements or key sources of estimation uncertainties.

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Notes to the 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 company 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 company has transferred the significant risks and rewards of ownership to the buyer;
- the company 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 company 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.

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.

Property, plant and equipment
Property, plant and equipment are stated at cost, 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 life as follows:

Freehold property 2% on cost
Fixtures and fittings 20% on reducing balance

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 STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has 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 STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

Notes to the 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement 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 the income statement in the period to which they relate.

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

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.

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.

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the Company.

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 1,598,090 1,460,828
Social security costs 86,417 78,818
Other pension costs 21,369 18,553
1,705,876 1,558,199

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

5. EMPLOYEES AND DIRECTORS - continued

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

Selling and Distribution 106 107
Administration 1 2
107 109

2024 2023
£ £
Directors' remuneration - 4,986

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant and machinery 5,605 6,637
Depreciation - owned assets 205,074 210,215
Auditors' remuneration 8,425 8,138

7. FINANCE COSTS
2024 2023
£ £
Bank loan interest 7,431 13,083
Other interest paid 727 -
Interest on intercompany
balances 189,792 174,033
197,950 187,116

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 115,197 93,323
Adjustments in respect of
prior period 15,815 -
Total current tax 131,012 93,323

Deferred tax 2,187 (60,583 )
Tax on profit 133,199 32,740

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

8. TAXATION - continued

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
£ £
Profit before tax 409,801 455,837
Profit multiplied by the standard rate of corporation tax in the UK
of 24.030% (2023 - 19%)

98,475

86,609

Effects of:
Expenses not deductible for tax purposes 212 454
Depreciation in excess of capital allowances 16,510 24,752
Deferred tax 2,187 (60,583 )
Group relief - (18,492 )
Under provision in respect to the prior year 15,815 -
Total tax charge 133,199 32,740

9. INTANGIBLE FIXED ASSETS
Patents and
licences
£
COST
At 1 February 2023 726,487
Impairments (217,946 )
At 31 January 2024 508,541
NET BOOK VALUE
At 31 January 2024 508,541
At 31 January 2023 726,487

10. PROPERTY, PLANT AND EQUIPMENT
Land and Fixtures
Freehold and
property fittings Totals
£ £ £
COST
At 1 February 2023 6,605,781 2,024,147 8,629,928
Additions - 94,772 94,772
At 31 January 2024 6,605,781 2,118,919 8,724,700
DEPRECIATION
At 1 February 2023 752,630 1,485,317 2,237,947
Charge for year 78,335 126,739 205,074
At 31 January 2024 830,965 1,612,056 2,443,021
NET BOOK VALUE
At 31 January 2024 5,774,816 506,863 6,281,679
At 31 January 2023 5,853,151 538,830 6,391,981

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

11. INVENTORIES
2024 2023
£ £
Finished goods 421,233 410,622

12. RECEIVABLES
2024 2023
£ £
Trade receivables 2,264 62
Other receivables 71,754 83,226
Prepayments 78,683 85,559
152,701 168,847

13. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14)
-

259,788
Trade payables 739,866 749,929
Amounts owed to group undertakings 4,425,892 4,911,811
Tax 70,197 77,244
Social security and other taxes 20,057 14,378
VAT 26,437 20,531
Other payables 107,489 97,255
Accruals and deferred income 131,314 101,959
5,521,252 6,232,895

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans - 259,788

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans - 259,788

16. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 18,614 16,427

NEWELL STORES (COALISLAND) LIMITED (REGISTERED NUMBER: NI073690)

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

16. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 February 2023 16,427
Charge to Income Statement during year 2,187
Balance at 31 January 2024 18,614

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1 Called up share capital 1 1 1

18. RESERVES
Retained
earnings
£

At 1 February 2023 2,068,791
Profit for the year 276,602
At 31 January 2024 2,345,393

19. ULTIMATE PARENT COMPANY

Newell Group Limited (incorporated in Northern Ireland ) is regarded by the directors as being the Company's ultimate parent company.

Newell Group Limited has its registered office at 50 Newell Road, Dungannon, BT70 1EG. The results of Newell Stores (Coalisland) Limited are consolidated into the group results of Newell Group Limited.

20. RELATED PARTY DISCLOSURES

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.