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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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NEVILLE UK PLC
COMPANY INFORMATION
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NEVILLE UK PLC
CONTENTS
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NEVILLE UK PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.
Nevilles has seen a strong performance in 2024. Market conditions within our core Hospitality Market remain challenged, as consumers remain cautious with high cost of living, which has reducing disposable income.
We continued to invest in 2024, with more investment in Technology, in our online platforms and AI technologies, with the aim to continue to be an easy trading partner for customers. Our customer centric communications remains a key tool for unlocking growth for our customers. We continue to service our European customers through our EDC and have doubled our stock holding to over 2000 lines in mainland Europe, to provide great service to our European distributors. Nevilles continues to develop its teams and management personnel throughout 2024. This team development meant that Nevilles means that we are in a strong position to manage our Core business functions, and to identify and work with Growth Stream areas, in an excellent, flexible structure, and with a strong service proposition. We maintain a healthy cash position, both to be able to invest in opportunities that arise, and to withstand any unforeseen challenges that may occur in this challenging market. We continued to launch new products in 2024, with two launches relevant to our industry, and 2025 will see even bigger launches of new products, increasing the ranges offered to customers. We continue to plan for long term growth and will work on opportunities to capture greater market share in the UK, Ireland, Europe, the US and the wider International Market.
The company operates a treasury function which is responsible for managing liquidity, interest and foreign currency risks associated with its activities.
The company's principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the company's activities, and bank overdrafts and loans, the main purpose of which is to raise finance for its operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. Derivative transactions which the company enters into principally comprise forward exchange contracts. In accordance with the company's treasury policy, derivative instruments are not entered into for speculative purposes. The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business. The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts and loans. The company's principal foreign currency exposures arise from trading with overseas companies. The company policy permits but does not demand that these exposures are hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
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NEVILLE UK PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Investments of cash surpluses and borrowings and derivative instruments are made though banks and institutions which must fulfil credit rating criteria approved by the board. All customers who wish to trade on credit terms and subject to credit verification procedures and trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit margin and net profit.
Given the straight forward nature of the business, the directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the business.
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between members of the company, (the “s.172(1) Matters”).
Induction materials provided on appointment include an explanation of Directors’ duties, and the Board is regularly reminded of the s.172(1) Matters, including as a rolling agenda item at every Board meeting.
This report was approved by the board and signed on its behalf.
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NEVILLE UK PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,841,777 (2023 - £1,767,992).
Dividends of £360,000 were paid in the year (2023: £240,000).
The directors who served during the year were:
The company will continue to develop its product range in an attempt to sustain its growth and invest in its staff and infrastructure in an attempt to facilitate this growth.
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NEVILLE UK PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company takes supplier and customer involvement seriously to ensure that any concerns that they raise are dealt with by the management team.
There have been no significant events affecting the company since the year end.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 489 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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NEVILLE UK PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC
We have audited the financial statements of Neville Uk Plc (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the 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.
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NEVILLE UK PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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NEVILLE UK PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• The engagement partner ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws
and regulations;
•We identified the laws and regulations applicable to the company through discussion with directors and
other management, and from our commercial knowledge and experience of the engineering sector that
the company operates in;
•The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, are as follows;
o Companies Act 2006.
o FRS102.
o ISO9001:2015.
o Health and Safety legislation.
o Employment legislation.
o Tax legislation.
•We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting relevant correspondence;
•Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified. The audit team remained alert to instances of
non-compliance throughout the audit; and
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their
knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;
•Reviewing the financial statements and testing the disclosures against supporting documentation;
•Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
•Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
including stock provisions and the useful economic life of tangible fixed assets, were indicative of
management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
Company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
•Management bias in the estimates and judgements made;
• Management override of controls; and
•Posting of unusual journals or transactions.
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NEVILLE UK PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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NEVILLE UK PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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NEVILLE UK PLC
REGISTERED NUMBER: 04121817
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 25 form part of these financial statements.
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NEVILLE UK PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 11
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Neville UK Plc is a public limited company incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal activity of the company is that of wholesalers to the catering and hospitality industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Neville UK Trading Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
No significant judgements have been made by management in the preparation of the financial statements. b) Key accounting estimates and assumptions The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.11 of the accounting policies. The company holds a significant amount of product stock which is subject to changing consumer demands and industry trends. As a result, it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of stock. The stock provision included in the accounts at the year end totalled £540,042 (2023: £573,267). This is further described in note 2.12 of the accounting policies. The company has recognised an accrual for dilapidations in its financial statements which requires management to make judgements about the likely residual costs to be incurred upon exiting the current property leases The dilapidations accrual at the year end totalled £300,000 (2023: £Nil).
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 17
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contribution pension scheme and a self-invested pension scheme on behalf of the directors. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £186,999 (2023 - £185,700). Contributions totalling £21,891 (2023 - £Nil) were payable to the funds at the balance sheet date.
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NEVILLE UK PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
24.Other financial commitments
On 31 December 2024 the company has entered into contracts to purchase foreign currency. The maximum commitment under these contacts as at the balance sheet date was £4,814,039 (2023 - £5,381,223). As at 31 December 2024 there was a potential unrealised gain of £152,272 (2023 - £57,830).
The ultimate holding company is Neville UK Trading Holdings Limited, a company registered in England
and Wales. There is no one controlling party.
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