Company registration number 13207279 (England and Wales)
G NORTHOVER HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
G NORTHOVER HOLDINGS LTD
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
G NORTHOVER HOLDINGS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr N M Northover
Mr D R Northover
Company number
13207279
Registered office
22a Butts Pond Industrial Estate
Sturminster Newton
Dorset
DT10 1AZ
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
G NORTHOVER HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

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

Fair review of the business

The key financial performance indicators used are turnover and gross profit margin. Turnover in the group increased by 9.6% in the year from £33.4 million to £36.6 million. Gross profit has increased from £2.25 million to £2.76 million and gross margin increased from 6.7% to 7.5%.

 

During the year the group successfully achieved an increase in the volume sold of core products by 21% with the growth in turnover lower due to fluctuations in commodity prices. The Directors consider this to be a very strong performance with growth in volume at each depot despite the continued market volatility due to ongoing global events and economic conditions. This demonstrates the group’s ability to be agile in responding to these external factors and the directors are confident that the group can continue to maintain its growth strategy.

 

The group has continued to invest in fixed assets with additions totalling £236,821 purchased during the year in line with the group’s life cycle management process.

 

The directors and management of the group are continuing to drive expansion of the business through organic growth in current geographical markets. In the new financial year the continued growth of the group’s core product sales is already evident.

Principal risks and uncertainties

Credit Risk

The group is exposed to the risk of payment default by customers for products sold. The risk is reduced by a balance of requesting advance payments, credit checking new customers, continually monitoring any outstanding balances, reviewing credit limits and ongoing dialogue with customers.

 

Liquidity Risk

The group finances its operations through retained earnings, bank loans, overdrafts and leasing agreements. The group’s policy is to maintain good relationships with its bankers to ensure that sufficient facilities are in place if required to support the group’s needs as it expands.

 

Interest Rate Risk

The group is exposed to interest rate risk due to its bank borrowings. The risk is mitigated to an extent by fixing interest rates where possible and continually monitoring current market rates and expected future rates to assess whether any further action is required to protect the group.

 

Price Risk

The prices of oil products are subject to continual change and are driven by the commodity prices for crude oil. The group reduces the impact on gross margin of this price risk by updating sales prices on a daily basis to take account of price fluctuations, holding relatively low levels of stock and only agreeing prices to customers for short periods.

On behalf of the board

Mr N M Northover
Director
16 June 2025
G NORTHOVER HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company and group continued to be that of the retail and distribution of fuel oil, road fuels and associated items and property investment.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £270,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr N M Northover
Mr D R Northover
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

On behalf of the board
Mr N M Northover
Director
16 June 2025
G NORTHOVER HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 group and of the profit or loss of the group for that period. In preparing the financial statements, the directors are required to:

The directors are 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 directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the group’s transactions and disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006.

G NORTHOVER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G NORTHOVER HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of G Northover Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

G NORTHOVER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G NORTHOVER HOLDINGS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

G NORTHOVER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G NORTHOVER HOLDINGS LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

To address the risk of fraud through management bias and override of controls, we:

G NORTHOVER HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G NORTHOVER HOLDINGS LTD
- 8 -

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 auditor's 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 Paul Francis (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
18 June 2025
G NORTHOVER HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
36,624,975
33,404,099
Cost of sales
(33,871,661)
(31,150,654)
Gross profit
2,753,314
2,253,445
Administrative expenses
(1,675,700)
(1,256,659)
Other operating income
29,563
24,000
Operating profit
4
1,107,177
1,020,786
Interest receivable and similar income
8
72,362
26,109
Interest payable and similar expenses
9
(64,413)
(68,826)
Profit before taxation
1,115,126
978,069
Tax on profit
10
(331,769)
(222,671)
Profit for the financial year
783,357
755,398
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 32 form part of these financial statements.

G NORTHOVER HOLDINGS LTD
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,113,917
3,188,227
Investment property
13
2,287,717
2,279,252
5,401,634
5,467,479
Current assets
Stocks
17
348,099
372,482
Debtors
18
3,984,005
3,627,482
Cash at bank and in hand
2,138,921
1,991,384
6,471,025
5,991,348
Creditors: amounts falling due within one year
19
(4,502,241)
(4,420,968)
Net current assets
1,968,784
1,570,380
Total assets less current liabilities
7,370,418
7,037,859
Creditors: amounts falling due after more than one year
20
(1,414,862)
(1,597,770)
Provisions for liabilities
Deferred tax liability
23
308,429
306,319
(308,429)
(306,319)
Net assets
5,647,127
5,133,770
Capital and reserves
Called up share capital
25
35,000
35,000
Profit and loss reserves
5,612,127
5,098,770
Total equity
5,647,127
5,133,770
The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
16 June 2025
Mr N M Northover
Director
Company registration number 13207279 (England and Wales)
G NORTHOVER HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,958,602
1,955,302
Investment property
13
2,067,717
1,760,122
Investments
14
35,000
35,000
4,061,319
3,750,424
Current assets
Debtors
18
37,209
33,708
Cash at bank and in hand
35,176
57,112
72,385
90,820
Creditors: amounts falling due within one year
19
(2,700,831)
(2,343,553)
Net current liabilities
(2,628,446)
(2,252,733)
Total assets less current liabilities
1,432,873
1,497,691
Creditors: amounts falling due after more than one year
20
(1,296,905)
(1,400,201)
Provisions for liabilities
Deferred tax liability
23
70,736
21,969
(70,736)
(21,969)
Net assets
65,232
75,521
Capital and reserves
Called up share capital
25
35,000
35,000
Profit and loss reserves
30,232
40,521
Total equity
65,232
75,521

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £259,711 (2023 - £206,767 profit).

The financial statements were approved by the board of directors and authorised for issue on 16 June 2025 and are signed on its behalf by:
16 June 2025
Mr N M Northover
Director
Company registration number 13207279 (England and Wales)
G NORTHOVER HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
35,000
4,532,372
4,567,372
Year ended 31 October 2023:
Profit and total comprehensive income
-
755,398
755,398
Dividends
11
-
(189,000)
(189,000)
Balance at 31 October 2023
35,000
5,098,770
5,133,770
Year ended 31 October 2024:
Profit and total comprehensive income
-
783,357
783,357
Dividends
11
-
(270,000)
(270,000)
Balance at 31 October 2024
35,000
5,612,127
5,647,127
G NORTHOVER HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
35,000
22,754
57,754
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
206,767
206,767
Dividends
11
-
(189,000)
(189,000)
Balance at 31 October 2023
35,000
40,521
75,521
Year ended 31 October 2024:
Profit and total comprehensive income
-
259,711
259,711
Dividends
11
-
(270,000)
(270,000)
Balance at 31 October 2024
35,000
30,232
65,232
G NORTHOVER HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,117,444
1,234,945
Interest paid
(64,413)
(68,826)
Income taxes paid
(175,899)
(278,254)
Net cash inflow from operating activities
877,132
887,865
Investing activities
Purchase of tangible fixed assets
(236,821)
(438,614)
Proceeds on disposal of tangible fixed assets
6,000
85,899
Purchase of investment property
(8,465)
(1,195)
Loans made to directors
(58,266)
(37,367)
Interest received
72,362
26,109
Net cash used in investing activities
(225,190)
(365,168)
Financing activities
Repayment of bank loans
(100,369)
(94,510)
Proceeds of new finance leases
116,851
209,500
Payment of finance leases obligations
(250,887)
(260,075)
Dividends paid to equity shareholders
(270,000)
(189,000)
Net cash used in financing activities
(504,405)
(334,085)
Net increase in cash and cash equivalents
147,537
188,612
Cash and cash equivalents at beginning of year
1,991,384
1,802,772
Cash and cash equivalents at end of year
2,138,921
1,991,384
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information

G Northover Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 22a Butts Pond Industrial Estate, Sturminster Newton, Dorset, DT10 1AZ.

 

The group consists of G Northover Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company G Northover Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of fuel and associated products provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when goods are physically delivered to the customer. Uninvoiced deliveries are included in accrued income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the term of the lease.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
cost less the estimated residual value over 50 years
Plant and equipment
25% reducing balance
Motor vehicles
25% reducing balance
Office equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

An assessment of the net realisable value of the freehold property at historic cost has been undertaken. On the basis that the property will be well maintained and such repair costs will be charged to the profit and loss account, it is the view of the directors that the net realisable value at historic cost equates to cost. Depreciation is charged on freehold property on the cost less the estimated residual value over 50 years. On the basis of the above no charge is deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value of the property is at least as much as the carrying value in the accounts. Provision is made for any permanent fall in value.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for trade debtors

Where a debt is considered doubtful, a provision is made for the full outstanding invoice value.

Fair value of investment properties

Where investment property is held at fair value, management value the properties using their own valuation technique.

Depreciation and Useful Economic Life

Depreciation charges in the year are based off the deemed useful economic life of the asset, which is estimated by the directors.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
36,488,005
33,293,722
Rental income
136,970
110,377
36,624,975
33,404,099
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
174,677
172,247
Depreciation of tangible fixed assets held under finance leases
133,097
136,131
Profit on disposal of tangible fixed assets
(2,643)
(32,803)
Operating lease charges
18,061
14,997
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,500
5,000
Audit of the financial statements of the company's subsidiaries
22,000
20,500
27,500
25,500
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
19,182
20,069
Company pension contributions to defined contribution schemes
49,500
3,600
68,682
23,669
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support
18
11
2
2
Distribution
12
13
-
-
Total
30
24
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,256,174
896,483
-
0
-
0
Social security costs
135,129
94,044
-
-
Pension costs
88,984
23,669
-
0
-
0
1,480,287
1,014,196
-
0
-
0
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
57,335
14,418
Other interest income
15,027
11,691
Total income
72,362
26,109
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
57,335
14,418
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
39,811
45,670
Other finance costs:
Interest on finance leases and hire purchase contracts
18,821
23,156
Other interest
5,781
-
Total finance costs
64,413
68,826
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
329,659
223,230
Adjustments in respect of prior periods
-
0
(20,084)
Total current tax
329,659
203,146
Deferred tax
Origination and reversal of timing differences
2,110
19,525
Total tax charge
331,769
222,671
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,115,126
978,069
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
278,782
220,066
Tax effect of expenses that are not deductible in determining taxable profit
27,865
21,027
Permanent capital allowances in excess of depreciation
23,158
(17,673)
Under/(over) provided in prior years
-
0
(20,084)
Tax at marginal rate
(146)
(190)
Deferred tax movement
2,110
19,525
Taxation charge
331,769
222,671
11
Dividends
Group
Company
2024
2023
2024
2023
Recognised as distributions to equity holders:
£
£
£
£
Final paid
270,000
189,000
270,000
189,000
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 November 2023
1,955,302
122,879
562,756
2,018,049
90,459
4,749,445
Additions
3,300
15,850
19,019
175,479
23,173
236,821
Disposals
-
0
-
0
(18,546)
(84,900)
(8,585)
(112,031)
At 31 October 2024
1,958,602
138,729
563,229
2,108,628
105,047
4,874,235
Depreciation and impairment
At 1 November 2023
-
0
-
0
389,489
1,117,314
54,415
1,561,218
Depreciation charged in the year
-
0
-
0
46,818
246,819
14,137
307,774
Eliminated in respect of disposals
-
0
-
0
(18,546)
(81,741)
(8,387)
(108,674)
At 31 October 2024
-
0
-
0
417,761
1,282,392
60,165
1,760,318
Carrying amount
At 31 October 2024
1,958,602
138,729
145,468
826,236
44,882
3,113,917
At 31 October 2023
1,955,302
122,879
173,267
900,735
36,044
3,188,227
Company
Freehold land and buildings
£
Cost
At 1 November 2023
1,955,302
Additions
3,300
At 31 October 2024
1,958,602
Depreciation and impairment
At 1 November 2023 and 31 October 2024
-
0
Carrying amount
At 31 October 2024
1,958,602
At 31 October 2023
1,955,302
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 26 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
471,447
530,600
-
0
-
0

Depreciation charged for the year in respect of leased assets was £133,097 (2023: £136,131).

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023
2,279,252
1,760,122
Additions
8,465
307,595
At 31 October 2024
2,287,717
2,067,717

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 October 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

There has been no valuation of investment property by an independent valuer.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
35,000
35,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
35,000
Carrying amount
At 31 October 2024
35,000
At 31 October 2023
35,000
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
15
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
G. Northover & Sons Limited
England & Wales
Ordinary
100.00
-
Northover Energy Ltd
England & Wales
Ordniary
0
100.00
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
2,511,398
2,271,272
8,766
2,308
Other debtors
1,238,622
1,102,069
-
-
3,750,020
3,373,341
8,766
2,308
Carrying amount of financial liabilities measured at amortised cost
Trade creditors
3,732,539
3,890,639
6,228
28,151
Bank loans and hire purchase
1,702,155
1,936,560
1,399,882
1,500,251
Other creditors
68,945
31,201
2,537,697
2,199,711
Accruals
132,141
47,268
25,408
6,919
5,635,780
5,905,668
3,969,215
3,735,032
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
348,099
372,482
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,511,398
2,271,272
8,766
2,308
Other debtors
1,334,746
1,225,696
-
0
3,629
Prepayments and accrued income
137,861
130,514
28,443
27,771
3,984,005
3,627,482
37,209
33,708
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
102,977
100,050
102,977
100,050
Obligations under finance leases
22
184,316
238,740
-
0
-
0
Trade creditors
3,732,539
3,890,639
6,228
28,151
Amounts owed to group undertakings
-
0
-
0
2,524,947
2,190,711
Corporation tax payable
236,232
82,472
27,937
8,722
Other taxation and social security
45,091
30,598
584
-
Other creditors
68,945
31,201
12,750
9,000
Accruals and deferred income
132,141
47,268
25,408
6,919
4,502,241
4,420,968
2,700,831
2,343,553
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,296,905
1,400,201
1,296,905
1,400,201
Obligations under finance leases
22
117,957
197,569
-
0
-
0
1,414,862
1,597,770
1,296,905
1,400,201
Amounts included above which fall due after five years are as follows:
Payable by instalments
855,412
1,000,003
855,412
1,000,003
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,399,882
1,500,251
1,399,882
1,500,251
1,399,882
1,500,251
1,399,882
1,500,251
Payable within one year
102,977
100,050
102,977
100,050
Payable after one year
1,296,905
1,400,201
1,296,905
1,400,201
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Loans and overdrafts
(Continued)
- 29 -

The long-term loans are secured by:

 

1. A first legal charge over property and land at Unit 22a Butts Pond Industrial Estate, Sturminster Newton, Dorset.

2. A first legal charge over property and land at Unit 22b Butts Pond Industrial Estate, Sturminster Newton, Dorset.

3. A mortgage debenture over the group's assets.

4. A first legal charge over property at 1 Market House, Market Cross, Sturminster Newton.

5. A first legal charge over property at Market Place, Market Cross, Sturminster Newton.

6. A first legal charge over property at 17 Orchard Walk, Higher Kingsbury, Milborne Port, Sherborne.

7. A first legal charge over property at 30 Filbridge Rise, Sturminster Newton.

8. A first legal charge over property at 30a Filbridge Rise, Sturminster Newton.

9. A first legal charge over property at Unit 4 Butts Pond Industrial Estate, Sturminster Newton, Dorset.

10. A first legal charge over property at Unit 4a Butts Pond Industrial Estate, Sturminster Newton, Dorset.

11. A first legal charge over property at Little Springfield Farm, Billinghurst, West Sussex.

 

The following charges were satisfied during the period:

 

1. A first legal charge over property at Westcombe Coal Yard, Westcombe, Bideford.

 

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
184,316
238,740
-
0
-
0
In two to five years
117,957
197,569
-
0
-
0
302,273
436,309
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
237,889
272,663
Investment property
70,540
33,656
308,429
306,319
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
23
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
196
1
Investment property
70,540
21,968
70,736
21,969
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
306,319
21,969
Charge to profit or loss
2,110
48,767
Liability at 31 October 2024
308,429
70,736

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,984
23,669

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date the amount due to the pension fund was £6,442 (2023: £3,664).

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
35,000
35,000
35,000
35,000
26
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the Company has entered into a cross company guarantee with G. Northover & Sons Limited, in relation to a loan facility amounting to £1,399,882 (2023: £1,500,251).

G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
27
Related party transactions
Transactions with related parties

During the year the group and company received rental payments of £nil (2023: £14,167) and paid over rental payments of £nil (2023: £66,718) on behalf of a Self Invested Personal Pension Scheme administered for certain directors of the group and company. The Self Invested Pension Scheme charged the group and company rent of £8,870 (2023: £8,870). At the balance sheet date the amount due to the scheme was £nil (2023: £nil).

 

During the year the group and company loaned a company which has certain directors in common £nil (2023: £nil) and received repayment of £1,380 (2023: £21,000). At the balance sheet date the amount due from the related company was £296,582 (2023: £297,962). Interest is applied on the loan at 1% over the base rate of NatWest bank. All interest has been waived in the current and previous year. There are no set repayments and the loan is repayable on demand.

 

During the year the group and company made sales of £9,941 (2023: £29,562) and purchases of £21,286 (2023: £43,077) to a company which has certain directors in common. At the balance sheet date the amount due to the related company was £1,197 (2023: £6,388).

 

At the balance sheet date the amount due from the parent company to G. Northover & Sons Limited was £2,524,947 (2023: £2,190,711).

 

28
Directors' transactions

During the year, a total of £162,901 (2023: £187,890) was advanced to and a total of £119,662 (2023: £162,214) was credited by the Directors in respect of their directors' current account. Interest totalling £15,027 (2023: £11,691) was charged on this balance. At the balance sheet date the amount due from the Directors was £664,264 (2023: £605,998).

The Directors have jointly given a personal guarantee to the company's bankers amounting to £50,000.

29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
783,357
755,398
Adjustments for:
Taxation charged
331,769
222,671
Finance costs
64,413
68,826
Investment income
(72,362)
(26,109)
Gain on disposal of tangible fixed assets
(2,643)
(32,803)
Depreciation and impairment of tangible fixed assets
307,774
308,378
Movements in working capital:
Decrease/(increase) in stocks
24,383
(9,030)
(Increase)/decrease in debtors
(298,257)
159,274
Decrease in creditors
(20,990)
(211,660)
Cash generated from operations
1,117,444
1,234,945
G NORTHOVER HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
30
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,991,384
147,537
2,138,921
Borrowings excluding overdrafts
(1,500,251)
100,369
(1,399,882)
Obligations under finance leases
(436,309)
134,036
(302,273)
54,824
381,942
436,766
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