Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-142025-05-142025-05-142025-05-142025-05-142025-05-142025-05-142025-05-222024-12-312025-05-2287truetrue802024-01-01falseWholesale of cutlery and catering equipmenttruefalsefalse 04121817 2024-01-01 2024-12-31 04121817 2023-01-01 2023-12-31 04121817 2024-12-31 04121817 2023-12-31 04121817 2023-01-01 04121817 c:CompanySecretary1 2024-01-01 2024-12-31 04121817 c:Director1 2024-01-01 2024-12-31 04121817 c:Director2 2024-01-01 2024-12-31 04121817 c:Director2 2024-12-31 04121817 c:Director3 2024-01-01 2024-12-31 04121817 c:Director3 2024-12-31 04121817 c:Director4 2024-01-01 2024-12-31 04121817 c:Director5 2024-01-01 2024-12-31 04121817 c:Director5 2024-12-31 04121817 c:Director6 2024-01-01 2024-12-31 04121817 c:Director6 2024-12-31 04121817 c:Director7 2024-01-01 2024-12-31 04121817 c:Director7 2024-12-31 04121817 c:RegisteredOffice 2024-01-01 2024-12-31 04121817 c:Agent1 2024-01-01 2024-12-31 04121817 d:FurnitureFittings 2024-01-01 2024-12-31 04121817 d:FurnitureFittings 2024-12-31 04121817 d:FurnitureFittings 2023-12-31 04121817 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04121817 d:OfficeEquipment 2024-01-01 2024-12-31 04121817 d:OfficeEquipment 2024-12-31 04121817 d:OfficeEquipment 2023-12-31 04121817 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04121817 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04121817 d:CurrentFinancialInstruments 2024-12-31 04121817 d:CurrentFinancialInstruments 2023-12-31 04121817 d:Non-currentFinancialInstruments 2024-12-31 04121817 d:Non-currentFinancialInstruments 2023-12-31 04121817 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04121817 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04121817 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 04121817 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04121817 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 04121817 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04121817 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-12-31 04121817 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 04121817 d:UKTax 2024-01-01 2024-12-31 04121817 d:UKTax 2023-01-01 2023-12-31 04121817 d:ShareCapital 2024-12-31 04121817 d:ShareCapital 2023-12-31 04121817 d:ShareCapital 2023-01-01 04121817 d:CapitalRedemptionReserve 2024-12-31 04121817 d:CapitalRedemptionReserve 2023-12-31 04121817 d:CapitalRedemptionReserve 2023-01-01 04121817 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04121817 d:RetainedEarningsAccumulatedLosses 2024-12-31 04121817 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04121817 d:RetainedEarningsAccumulatedLosses 2023-12-31 04121817 d:RetainedEarningsAccumulatedLosses 2023-01-01 04121817 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04121817 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04121817 c:OrdinaryShareClass1 2024-01-01 2024-12-31 04121817 c:OrdinaryShareClass1 2024-12-31 04121817 c:OrdinaryShareClass1 2023-12-31 04121817 c:FRS102 2024-01-01 2024-12-31 04121817 c:Audited 2024-01-01 2024-12-31 04121817 c:FullAccounts 2024-01-01 2024-12-31 04121817 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2024-01-01 2024-12-31 04121817 d:WithinOneYear 2024-12-31 04121817 d:WithinOneYear 2023-12-31 04121817 d:BetweenOneFiveYears 2024-12-31 04121817 d:BetweenOneFiveYears 2023-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-12-31 04121817 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 04121817 2 2024-01-01 2024-12-31 04121817 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04121817









NEVILLE UK PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
NEVILLE UK PLC
 
 
COMPANY INFORMATION


Directors
J D Pompei Esq 
Mrs H M Neville (resigned 14 May 2025)
Mrs A L Pompei (resigned 14 May 2025)
A J Neville Esq 
T Jones Esq (appointed 14 May 2025)
N McCambridge Esq (appointed 14 May 2025)
R Finden Esq (appointed 14 May 2025)




Company secretary
J D Pompei Esq



Registered number
04121817



Registered office
Viking Way
Unit 6

Erith

Kent

DA8 1EW




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
National Westminster Bank Plc
1 Townley Road

Bexleyheath

Kent

DA6 7JG





 
NEVILLE UK PLC
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 25


 
NEVILLE UK PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.

Business review
 
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.

Principal risks and uncertainties
 
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.
 
Page 1

 
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.

Financial key performance indicators
 
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.

Other key performance indicators
 
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.

Directors' statement of compliance with duty to promote the success of the company
 
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.



J D Pompei Esq
Secretary

Date: 22 May 2025

Page 2

 
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.

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

J D Pompei Esq 
Mrs H M Neville (resigned 14 May 2025)
Mrs A L Pompei (resigned 14 May 2025)
A J Neville Esq 

Future developments

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.

Page 3

 
NEVILLE UK PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and others

The company takes supplier and customer involvement seriously to ensure that any concerns that they raise are dealt with by the management team.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsBarnes Roffe LLPwill 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.
 





J D Pompei Esq
Secretary

Date: 22 May 2025

Page 4

 
NEVILLE UK PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC
 

Opinion


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 policiesThe 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 December 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 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.


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.


Page 5

 
NEVILLE UK PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC (CONTINUED)


Other information


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 ReportOur 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.


Opinion 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.


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 in relation to which 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 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 6

 
NEVILLE UK PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEVILLE UK PLC (CONTINUED)


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.


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.
Page 7

 
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.


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 2006Our 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.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA
 

4 June 2025
Page 8

 
NEVILLE UK PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
26,389,077
26,623,667

Cost of sales
  
(13,324,202)
(13,547,016)

Gross profit
  
13,064,875
13,076,651

Distribution costs
  
(2,699,611)
(2,697,765)

Administrative expenses
  
(8,045,592)
(8,114,075)

Operating profit
 5 
2,319,672
2,264,811

Interest receivable and similar income
 9 
161,550
78,629

Interest payable and similar expenses
 10 
(13,445)
(19,772)

Profit before tax
  
2,467,777
2,323,668

Tax on profit
 11 
(626,000)
(555,676)

Profit for the financial year
  
1,841,777
1,767,992

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9

 
NEVILLE UK PLC
REGISTERED NUMBER: 04121817

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
489,111
719,202

  
489,111
719,202

Current assets
  

Stocks
 14 
7,040,514
7,015,027

Debtors: amounts falling due within one year
 15 
5,047,655
4,852,444

Cash at bank and in hand
 16 
6,348,930
4,968,220

  
18,437,099
16,835,691

Creditors: amounts falling due within one year
 17 
(4,677,290)
(4,538,766)

Net current assets
  
 
 
13,759,809
 
 
12,296,925

Total assets less current liabilities
  
14,248,920
13,016,127

Creditors: amounts falling due after more than one year
 18 
(83,334)
(283,334)

Provisions for liabilities
  

Deferred tax
  
(66,637)
(115,621)

Net assets
  
14,098,949
12,617,172


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Capital redemption reserve
  
40
40

Profit and loss account
  
14,048,909
12,567,132

  
14,098,949
12,617,172


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J D Pompei Esq
A J Neville Esq
Director
Director


Date: 22 May 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10

 
NEVILLE UK PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
50,000
40
12,567,132
12,617,172



Profit for the year
-
-
1,841,777
1,841,777

Dividend
-
-
(360,000)
(360,000)


At 31 December 2024
50,000
40
14,048,909
14,098,949



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
50,000
40
11,039,140
11,089,180



Profit for the year
-
-
1,767,992
1,767,992

Dividends
-
-
(240,000)
(240,000)


At 31 December 2023
50,000
40
12,567,132
12,617,172


The notes on pages 12 to 25 form part of these financial statements.

Page 11

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

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 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.

Page 12

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it 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 also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 14

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Fixtures and fittings
-
5-6 years straight line
Office equipment
-
3 years straight line

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
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.     
 
Payments are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies 
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).


4.


Turnover

A geographical analysis of turnover has not been provided as permitted by the Companies Act 2006.

Page 16

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
357,784
363,039

Exchange differences
(62,679)
(97,984)

Defined contribution pension costs
186,999
185,700


6.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
14,415
13,725

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Page 17

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,294,973
4,185,423

Social security costs
388,046
391,249

Cost of defined contribution scheme
186,999
185,700

4,870,018
4,762,372


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and warehousing
34
40



Administration
40
43



Management
6
4

80
87


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
341,697
352,467

Company contributions to defined contribution pension schemes
34,739
9,509

376,436
361,976


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £343,081 (2023 - £354,611).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £34,739 (2023 - £9,509).

Page 18

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
161,550
78,629

161,550
78,629


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
13,445
19,772

13,445
19,772


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
674,984
582,755


Total current tax
674,984
582,755

Deferred tax


Origination and reversal of timing differences
(48,984)
(27,079)

Total deferred tax
(48,984)
(27,079)


626,000
555,676
Page 19

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%/25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,467,777
2,323,668


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
616,944
441,497

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,429
4,226

Depreciation for year in excess of capital allowances
48,611
25,029

Deferred tax movement
(48,984)
(27,079)

Change in tax rate
-
112,003

Total tax charge for the year
626,000
555,676


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
360,000
240,000

360,000
240,000

Page 20

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2024
1,888,745
1,184,726
3,073,471


Additions
57,706
69,987
127,693



At 31 December 2024

1,946,451
1,254,713
3,201,164



Depreciation


At 1 January 2024
1,434,597
919,672
2,354,269


Charge for the year on owned assets
213,101
144,683
357,784



At 31 December 2024

1,647,698
1,064,355
2,712,053



Net book value



At 31 December 2024
298,753
190,358
489,111



At 31 December 2023
454,148
265,054
719,202


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
7,040,514
7,015,027

7,040,514
7,015,027


Page 21

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£


Trade debtors
4,506,905
4,330,021

Other debtors
23,756
27,943

Prepayments and accrued income
516,994
494,480

5,047,655
4,852,444



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,348,930
4,968,220

6,348,930
4,968,220



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
200,000

Trade creditors
919,781
840,201

Amounts owed to group undertakings
3,382
3,382

Corporation tax
341,880
207,195

Other taxation and social security
656,996
665,240

Other creditors
829,068
880,977

Accruals and deferred income
1,726,183
1,741,771

4,677,290
4,538,766


Page 22

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
83,334
283,334

83,334
283,334


Bank loans due within and after one year are secured by way of a debenture over certain assets of the company.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
200,000

Amounts falling due 1-2 years

Bank loans
83,334
200,000

Amounts falling due 2-5 years

Bank loans
-
83,334


283,334
483,334


Page 23

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Deferred taxation




2024
2023


£

£






At beginning of year
(115,621)
(142,700)


Credited/(charged) to profit or loss
48,984
27,079



At end of year
(66,637)
(115,621)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(66,637)
(115,621)

(66,637)
(115,621)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



22.


Pension commitments

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.

Page 24

 
NEVILLE UK PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
919,868
410,000

Later than 1 year and not later than 5 years
1,114,422
615,000

2,034,290
1,025,000

2024
2023

£
£

Other assets


Not later than 1 year
55,636
42,315

Later than 1 year and not later than 5 years
53,718
63,343

109,354
105,658


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).


25.


Related party transactions

The company has taken advantage of the exemption to disclose related party transactions under FRS 102 s33 as it is a wholly owned subsidiary of Neville UK Trading Holdings Limited, a company registered in England and Wales, and consolidated results are publicly available.
During the year the company made payments for rent totalling £270,500 
(2023: £270,500) in respect of leasehold premises, to a self-invested pension scheme for the benefit of the directors. The assets of the scheme are held separately from those of the company.


26.


Controlling party

The ultimate holding company is Neville UK Trading Holdings Limited, a company registered in England
and Wales.
There is no one controlling party.

 
Page 25