Nutley-Goring Holdings Limited

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—8
Consolidated Profit and Loss Account	9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11—12
Company Balance Sheet	13—14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Statement of Cash Flows	17
Notes to the Financial Statements	18—28

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

Review of the Business

The director's are pleased that the group has reported a profit and they consider the group to remain in a strong position.

The directors satisfied with the overall group performance and continued profitability.

The directors consider the following to be the key performance indicators

	2024	2023
Turnover	21,602,521	17,322,334
Gross profit	5,881,536	4,908,513
Gross profit margin	27.2%	28.3%

The director's are pleased that the group has maintained a consistent gross profit margin.

The director's are positive for the future of the group and in particular are pleased that they have a new supply area available. This is expected to double the number of distribution opportunities which should lead to higher future turnover and profits.

There are also additional opportunities to increase the sale of the stone products department and we are actively developing a new furniture range. Discussions have been held with other significant suppliers with the view to increasing the distribution range. This should help the company stay relevant with current trends and reduce risk exposure.

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Nutley-Goring Holdings Limited

Strategic Report (continued)

For The Year Ended 31 December 2024

Principal Risks and Uncertainties

The key risks and uncertainties to the business include the potential threat of our competitors which could put a downward pressure on gross margins. In particular a national distributor which sells the same products is currently offering heavily discounted products. The director's are not overly concerned with this as they believe that the level of service they offer is superior and this will ultimately protect them from losing too much custom.

Our relationship with key suppliers is also fundamental to the business. The group is aware of market conditions which include regular innovations which we must embrace and adapt to.

As our most significant supplier is based in Germany the group has been impacted by the additional regulations around imports which has led to additional costs. The group is currently in an expansion phase so these regulations will add to the burden in the short term.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the group's business may be subject to unforeseen future events outside of our control. We shall therefore continue to monitor all of the key risks and uncertainties and will take appropriate actions to mitigate these risks and their potential outcomes.

On behalf of the board

D R Gaylor (Jnr)

Director

30/09/2025

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Nutley-Goring Holdings Limited

Company No. 01034334

Directors' Report For The Year Ended 31 December 2024

Directors' Report

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

Principal Activity

The group's principal activity continues to be that of the manufacture of fireplaces and the wholesale and retail of home improvement goods.

Dividends

The total distribution of dividends for the year ended 31 December 2024 will be £39,529 .

Political Donations and Expenditure

Political and charitable donations amounted to £NIL .

Directors

The directors who held office during the year were as follows:

D R Gaylor (Jnr)

C Gaylor

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Nutley-Goring Holdings Limited

Directors' Report (continued)

For The Year Ended 31 December 2024

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, A Wigglesworth and Company Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

D R Gaylor (Jnr)

Director

30/09/2025

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Independent Auditor's Report

to the Members of

Nutley-Goring Holdings Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Nutley-Goring Holdings Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

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Independent Auditor's Report (continued)

to the Members of

Nutley-Goring Holdings Limited

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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 group and 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:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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—4, 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 group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

Nutley-Goring Holdings Limited

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.

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

The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company's result for the period, and management bias in key accounting estimates.

Audit procedures performed by the engagement team included:

- Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;

- Challenging assumptions and judgements made by management in their significant accounting estimates;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that 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.

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Independent Auditor's Report (continued)

to the Members of

Nutley-Goring Holdings Limited

A Wigglesworth (Senior Statutory Auditor)

for and on behalf of A Wigglesworth and Company Ltd , Statutory Auditor

30/09/2025

A Wigglesworth and Company Ltd

Armstrong House

First Avenue

Doncaster

South Yorkshire

DN9 3GA

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Nutley-Goring Holdings Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER		21,602,521	17,322,334
Cost of sales		(15,720,985 )	(12,413,821 )

GROSS PROFIT		5,881,536	4,908,513

Distribution costs		(3,353,588 )	(2,844,131 )
Administrative expenses		(2,104,974 )	(1,746,711 )

OPERATING PROFIT	3	422,974	317,671
Other interest receivable and similar income	8	8,999	1,664
Interest payable and similar charges	9	(35,419 )	(26,218 )

PROFIT BEFORE TAXATION		396,554	293,117
Tax on Profit	10	(137,553 )	(117,643 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		259,001	175,474


Profit attributable to:
Owners of the parent		260,355	173,177
Non-controlling interest		(1,354)	2,297

		259,001	175,474

The notes on pages 17 to 28 form part of these financial statements.

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Nutley-Goring Holdings Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
PROFIT FOR THE FINANCIAL YEAR	259,001	175,474
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	259,001	175,474


Total comprehensive income attributable to:
Owners of the parent	260,355	173,177
Non-controlling interest	(1,354)	2,297

	259,001	175,474

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Nutley-Goring Holdings Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 01034334

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		3,024,890		2,072,012

			3,024,890		2,072,012
CURRENT ASSETS
Stocks	14	3,738,272		3,861,442
Debtors	15	3,967,984		3,019,283
Cash at bank and in hand		171,774		690,820

		7,878,030		7,571,545
Creditors: Amounts Falling Due Within One Year	16	(3,753,910 )		(3,368,264 )

NET CURRENT ASSETS (LIABILITIES)			4,124,120		4,203,281

TOTAL ASSETS LESS CURRENT LIABILITIES			7,149,010		6,275,293

Creditors: Amounts Falling Due After More Than One Year	17		(955,517 )		(377,517 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	20		(203,945 )		(127,700 )

NET ASSETS			5,989,548		5,770,076

CAPITAL AND RESERVES
Called up share capital	22		3,774		3,774
Share premium account			4,456		4,456
Profit and Loss Account			5,801,326		5,580,500

Equity attributable to owners of the parent			5,809,556		5,588,730
Non-controlling interest			179,992		181,346

TOTAL EQUITY			5,989,548		5,770,076

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Nutley-Goring Holdings Limited

Consolidated Balance Sheet (continued)

As At 31 December 2024

On behalf of the board

D R Gaylor (Jnr)

Director

30/09/2025

The notes on pages 17 to 28 form part of these financial statements.

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Nutley-Goring Holdings Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 01034334

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	13		3,694		3,694

			3,694		3,694
CURRENT ASSETS
Debtors	15	2,974		2,974

		2,974		2,974
Creditors: Amounts Falling Due Within One Year	16	(209,139 )		(209,139 )

NET CURRENT ASSETS (LIABILITIES)			(206,165 )		(206,165 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(202,471 )		(202,471 )

NET LIABILITIES			(202,471 )		(202,471 )

CAPITAL AND RESERVES
Called up share capital	22		3,774		3,774
Share premium account			4,456		4,456
Profit and Loss Account			(210,701 )		(210,701 )

SHAREHOLDERS' FUNDS			(202,471)		(202,471)

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Nutley-Goring Holdings Limited

Company Balance Sheet (continued)

As At 31 December 2024

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ (2023: £ profit/(loss)).

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr D R Gaylor (Jnr)

Director

30/09/2025

The notes on pages 17 to 28 form part of these financial statements.

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Nutley-Goring Holdings Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Share Premium	Profit and Loss Account	Total Attributable to Parent
	£	£	£	£
As at 1 January 2023	3,774	4,456	5,454,897	5,463,127
Profit for the year and total comprehensive income	-	-	173,177	173,177

Dividends paid	-	-	(47,574)	(47,574)

As at 31 December 2023 and 1 January 2024	3,774	4,456	5,580,500	5,588,730


Profit for the year and total comprehensive income	-	-	260,355	260,355

Dividends paid	-	-	(39,529)	(39,529)

As at 31 December 2024	3,774	4,456	5,801,326	5,809,556

	Non-controlling interest	Total
	£	£
As at 1 January 2023	179,049	5,642,176
Profit for the year and total comprehensive income	2,297	175,474

Dividends paid	-	(47,574)

As at 31 December 2023 and 1 January 2024	181,346	5,770,076


Profit for the year and total comprehensive income	(1,354 )	259,001

Dividends paid	-	(39,529)

As at 31 December 2024	179,992	5,989,548

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Nutley-Goring Holdings Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	124,930	816,820
Interest paid		(35,419 )	(26,218 )
Tax paid		(83,357 )	(161,007 )

Net cash generated from operating activities		6,154	629,595

Cash flows from investing activities
Purchase of tangible assets		(1,108,263 )	(104,758 )
Interest received		8,999	1,664

Net cash used in investing activities		(1,099,264 )	(103,094 )

Cash flows from financing activities
Equity dividends paid		(39,529 )	(47,574 )
Proceeds from new bank borrowings		489,945	-
Repayment of bank borrowings		-	(21,554 )
Repayment of finance leases		123,648	63,683

Net cash generated from/(used in) financing activities		574,064	(5,445 )



(Decrease)/increase in cash and cash equivalents		(519,046 )	521,056
Cash and cash equivalents at beginning of year	2	690,820	169,764

Cash and cash equivalents at end of year	2	171,774	690,820

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Nutley-Goring Holdings Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2024	2023
	£	£
Profit for the financial year	259,001	175,474
Adjustments for:
Tax on profit	137,553	117,643
Interest expense	35,419	26,218
Interest income	(8,999 )	(1,664 )
Depreciation of tangible assets	155,385	108,116
Movements in working capital:
Decrease/(increase) in stocks	123,170	(765,114 )
(Increase)/decrease in trade and other debtors	(948,701 )	1,038,054
Increase in trade and other creditors	372,102	118,093

Net cash generated from operations	124,930	816,820

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	171,774	690,820

3. Analysis of changes in net funds/(debt)

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	690,820	(519,046)	171,774
Finance leases	(108,118)	(123,648)	(231,766)
Debts falling due within one year	(21,500 )	-	(21,500 )
Debts falling due after more than one year	(305,391)	(489,945)	(795,336)

	255,811	(1,132,639)	(876,828)

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Nutley-Goring Holdings Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Nutley-Goring Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01034334 . The registered office is The Housewarming Centre, Wheatley Hall Road, Wheatley, Doncaster, South Yorkshire, DN2 4NY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill was the amount paid in connection with the acquistion of a business in 1992 and was amortised evenly over its estimated useful life of five years. Goodwill has now been completely amortised.

2.5. Research and Development

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	1% on cost
Plant & Machinery	15% on reducing balance
Motor Vehicles	20% on reducing balance
Fixtures & Fittings	15% on reducing balance

Improvements to property are depreciated at 1/15 straight line in respect of the group's warehouse and 1/10 straight line in respect of its distribution centre.

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.11. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Operating Profit

The operating profit is stated after charging:

	2024	2023
	£	£
Bad debts	30,777	24,393
Depreciation of tangible fixed assets	155,385	108,116

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	31,050	32,070

5. Staff Costs

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

	2024	2023
	£	£
Wages and salaries	3,227,836	2,727,513
Social security costs	285,267	276,493
Other pension costs	75,424	55,459

	3,588,527	3,059,465

6. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2024	2023
Sales	21	21
Distribution	22	22
Purchased & production	26	26
Administration	13	13

	82	82

Company

Average number of employees by undertakings that were proportionately consolidated during the year was: 8 (2023: 8)

7. Directors' remuneration

	2024	2023
	£	£
Emoluments	207,495	190,267
Company contributions to money purchase pension schemes	1,321	1,321

	208,816	191,588

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	8,999	1,664

9. Interest Payable and Similar Charges

	2024	2023
	£	£
Bank loans and overdrafts	23,603	23,050
Finance charges payable under finance leases and hire purchase contracts	11,446	3,104
Other finance charges	370	64

	35,419	26,218

10. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	61,308	83,356
Deferred Tax
Deferred taxation			76,245	34,287


Total tax charge for the period			137,553	117,643


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			396,554	293,117

Tax on profit at 25% (UK standard rate)			99,139	73,279
Expenses not deductible for tax purposes			19,610	16,574
Capital allowances			(61,902 )	(669 )
Difference in tax rates			(224 )	(5,828 )
Tax losses unutilised carried forward			4,685	-
Deferred tax from unrecognised timing difference from a prior period			76,245	34,287

Total tax charge for the period			137,553	117,643

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

11. Intangible Assets

Group

	Goodwill	Development Costs	Total
	£	£	£
Cost
As at 1 January 2024	10,000	75,000	85,000

As at 31 December 2024	10,000	75,000	85,000

Amortisation
As at 1 January 2024	10,000	75,000	85,000

As at 31 December 2024	10,000	75,000	85,000

Net Book Value
As at 31 December 2024	-	-	-

As at 1 January 2024	-	-	-

Company

The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.

12. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 January 2024	1,601,975	151,347	1,382,476	295,775
Additions	685,241	-	232,960	190,062

As at 31 December 2024	2,287,216	151,347	1,615,436	485,837

Depreciation
As at 1 January 2024	84,091	151,347	1,130,615	112,446
Provided during the period	18,686	-	51,166	67,692

As at 31 December 2024	102,777	151,347	1,181,781	180,138

Net Book Value
As at 31 December 2024	2,184,439	-	433,655	305,699

As at 1 January 2024	1,517,884	-	251,861	183,329

Page 23

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024


	Fixtures & Fittings	Total
	£	£
Cost
As at 1 January 2024	698,127	4,129,700
Additions	-	1,108,263

As at 31 December 2024	698,127	5,237,963

Depreciation
As at 1 January 2024	579,189	2,057,688
Provided during the period	17,841	155,385

As at 31 December 2024	597,030	2,213,073

Net Book Value
As at 31 December 2024	101,097	3,024,890

As at 1 January 2024	118,938	2,072,012

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

13. Investments

Company

	Unlisted
	£
Cost or Valuation
As at 1 January 2024	3,694

As at 31 December 2024	3,694

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	3,694

As at 1 January 2024	3,694

Subsidiaries

Details of the group's subsidiaries as at 31 December 2024 are as follows:

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
R.O. Arnold Ltd	England and Wales	ordinary	100.00%	-
Firecraft (Doncaster) Ltd	England and Wales	ordinary	-	100.00%
Utopia Contracts Ltd	England and Wales	ordinary	-	70.00%
Hotel Spares Ltd	England	ordinary	-	70.00%

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
R.O. Arnold Ltd	5,964,478	247,539
Firecraft (Doncaster) Ltd	(372,938 )	(23,554 )
Utopia Contracts Ltd	599,872	127,250
Hotel Spares Ltd	100	-

14. Stocks

	2024	2023
	£	£
Stock	3,738,272	3,861,442

15. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	3,513,688	2,530,022	-	-
Other debtors	454,296	489,261	2,974	2,974

	3,967,984	3,019,283	2,974	2,974

16. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Net obligations under finance lease and hire purchase contracts	71,585	35,992	-	-
Trade creditors	2,763,090	2,730,988	-	-
Bank loans and overdrafts	21,500	21,500	-	-
Payments on account	298,448	271,282	-	-
Amounts owed to group undertakings	-	-	209,069	209,069
Other creditors	2,359	4,688	70	70
Corporation tax	61,308	83,357	-	-

...CONTINUED

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Taxation and social security	531,835	216,672	-	-
Accruals and deferred income	3,785	3,785	-	-

	3,753,910	3,368,264	209,139	209,139

17. Creditors: Amounts Falling Due After More Than One Year

	Group
	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	160,181	72,126
Bank loans	795,336	305,391

	955,517	377,517

The bank holds a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

The individual companies also have invoice discounting accounts which are secured on their book debts.

18. Loans

An analysis of the maturity of loans is given below:

	Group
	2024	2023
	£	£
Amounts falling due within one year or on demand:
Bank loans	21,500	21,500

	Group
	2024	2023
	£	£
Amounts falling due between one and five years:
Bank loans	795,336	305,391

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

19. Obligations Under Finance Leases and Hire Purchase

	Group
	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	71,585	35,992
Later than one year and not later than five years	160,181	72,126

	231,766	108,118

	231,766	108,118

20. Deferred Taxation

The provision for deferred tax is made up as follows:

	2024	2023
	£	£
Other timing differences	203,945	127,700

21. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	127,700	127,700
Additions	76,245	76,245

Balance at 31 December 2024	203,945	203,945

22. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
3,774 Ordinary Shares of £ 1.00 each	3,774	3,774

23. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £75,424 (2023: £55,459).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

Page 27

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Nutley-Goring Holdings Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

24. Dividends

	2024	2023
	£	£
On equity shares:
Final dividend paid	39,529	47,574

25. Non-Controlling Interest

Non-controlling interests relate to the thirty percent of Utopia Contracts Limited held by members outside of the group companies who qualify for dividends from that company only. The amount shown in group reserves amounts to thirty percent of that company's reserves.

26. Related Party Disclosures

Shoreline Ventures Limited

At the year end date £68,274 (2023: £28,028) was due from Shoreline Ventures Limited, a company owned by the directors for recharged costs.

Services bought from Shoreline Ventures Limited in the year totalled £3,450 (2023: £1,438).

27. Controlling Parties

Nutley Goring Holdings Limited, registered in England, is considered the group's ultimate holding company.

The company's ultimate controlling party is Mrs C Gaylor by virtue of their 84.17% holding of the share capital of the holding company.

Page 28