Company registration number 12107415 (England and Wales)
NWT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
NWT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr F Newell
Mr S Lawtey
Mr S J Newell
Company number
12107415
Registered office
Templeborough Depot
Sheffield Road
Sheffield
South Yorkshire
S9 1RT
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Bankers
HSBC
5 Market Hill
Barnsley
South Yorkshire
S70 2PY
NWT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditors' report
8 - 10
Income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 38
NWT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 31 August 2025.

Review of the business

Turnover has increased this year by 5.8% to £110,549,645. The directors consider the profit on ordinary activities before taxation to be as expected.

All companies traded profitably and had a combined profit before tax of £3,226,408.

The key financial highlights are as follows:

2025 2024 2023 20 2 2 2021

Turnover 110,549,645 104,446,504 92,184,885 97,627,426 77,171,341

Turnover growth (%) 5.8 13.3 (5.6) 26.5 5.6

Gross profit margin (%) 13.5 13.1 13.3 11.8 11.3

(Loss)/ p rofit before tax 3,226,406 3,546,822 3,027,016 3,389,296 1,520,781

NWT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
Promoting the success of the company

The directors in line with their duties under s172 of the Companies Act 2006, act individually and collectively in the way they consider what, in good faith, would be most likely to promote the success of the Company for the benefit of its members, and in doing so have regard, amongst other matters, to the:

- Likely consequences of any decision in the long term.

- Interests of the company’s employees.

- Need to foster the company’s business relationships with suppliers, customers and others.

- Impact of the company’s operations on the community and the environment.

- Desirability of the company maintaining a reputation for high standards of business conduct.

- Need to act fairly as between members of the company.

Stakeholders Engagement

The company’s business strategy is focused on achieving success for the Company in the long term. In setting this strategy, the Board takes into account their duty to promote the success of the company for the benefit of its shareholders whilst having regard to other stakeholders.

The board regularly discusses issues concerning employees, customers, suppliers, community and environment, regulators and its shareholders. All of these are taken into account in its discussions and in its decision-making process.

In addition to this, the board seeks to understand the interests and views of the Company’s stakeholders by engaging with them directly when required.

The following section summarises the key stakeholders and how we engage with each:

Employees

Our employees contribute to a positive working culture and healthy working environment. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our teams to ascertain the training and development opportunities that should be made available to improve productivity and our individual employee’s potential within the business.

Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued for their hard work.

Customers

By partnering with our customers, we create solutions for the future. It is essential that we can consistently and continuously design and offer innovative, high quality products to new and existing customers at an accessible price. In doing so we will build our brand value and loyalty.

We are in regular contact with our customers in order to understand their requirements and ensure that service levels are maintained to a high standard. This communication includes regular update calls or face to face meetings depending on the customers preference and location.

We actively encourage customer feedback as a means to further improve our service levels.

NWT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

Suppliers

As a global business, we work with a wide range of suppliers both in the UK and globally. We remain committed to being fair and transparent in our dealings with all of our suppliers.

Our suppliers are fundamental to the quality of our products. Having a range of suppliers that constitute successful partnerships ensures value for the business and provides resilience in case of supply chain disruption.

The company has systems and processes in place to ensure suppliers are paid in a timely manner. At the year end, creditor days were 70 days.

Community and Environment

The boards approach to social responsibility, d iversity and the community is of high importance.

Regulators

We work with our regulators and the government in an open and proactive manner.

The boards intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a business like ours. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector.

We have a number of documented procedures to ensure that the Company complies with all legal and regulatory requirements relating to the provision of products to our customers and sourcing of materials from suppliers.

Shareholders

The board also seeks to behave in a responsible manner towards our shareholders. The Board regularly communicates information relevant to its shareholders, such as financial reporting, capex requirements and business growth strategies.

Through our engagement activities we strive to obtain investor buy-in into our strategic objectives and how we go about executing them.

On behalf of the board

Mr S Lawtey
Director
26 February 2026
NWT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company and group is that of a holding company for its investments.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £295,000. 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 F Newell
Mr S Lawtey
Mr S J Newell
Financial instruments

The group's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the group and finance lease agreements. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. The group's approach to managing risks is shown below.

Liquidity risk

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments as they fall due.

Credit risk

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Research and development

The group continues to carry out development work on its existing products in order enhance them.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

NWT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 5 -
Future developments

T he directors are taking steps to maintain the company's profitability in the year ending 31 August 20 26. The group is currently ahead of its budget in terms of performance.

Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
71,920
69,174
- Electricity purchased
1,574,500
1,467,435
- Fuel consumed for transport
1,229,457
1,086,510
2,875,877
2,623,119
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
13.23
12.72
- Fuel consumed for owned transport
295.07
260.76
308.30
273.48
Scope 2 - indirect emissions
- Electricity purchased
366.86
341.91
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
675.16
615.39
Intensity ratio
Tonnes CO2e per employee
1.2078
1.21621
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

Company

We believe in respecting the environment and conducting our business in a responsible way. The success of our business over the long term depends on the environmental sustainability of our operations, the resilience of our supply chain and our ability to manage climate change impact.

On looking to place our energy contracts the levels of renewable energy sources used is one of the key factors in making this decision and at the same time we continue to look at more efficient ways to operate the business in terms of its energy consumption and levels of waste.

NWT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S Lawtey
Director
26 February 2026
NWT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NWT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF NWT HOLDINGS LIMITED
- 8 -
Opinion

We have audited the financial statements of NWT Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, the company statement of financial position, the consolidated statement of changes in equity, the company statement of changes in equity, the consolidated 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 August 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

NWT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF NWT HOLDINGS LIMITED
- 9 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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 and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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's 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation and Bribery Act 2010.

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the group and company with those laws and regulations. These procedures included, but were not limited to; a review of the Board minutes throughout the year and post year end. A review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions for stocks and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

NWT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF NWT HOLDINGS LIMITED
- 10 -

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 auditors' report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mrs Pamela Anne Parker (Senior Statutory Auditor)
For and on behalf of GBAC Limited
26 February 2026
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
NWT HOLDINGS LIMITED
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
2025
2024
Notes
£
£
Revenue
3
110,549,645
104,446,505
Cost of sales
(95,617,878)
(90,720,800)
Gross profit
14,931,767
13,725,705
Administrative expenses
(10,792,582)
(9,596,313)
Other operating income
9,000
9,000
Exceptional item
4
(289,597)
-
0
Operating profit
5
3,858,588
4,138,392
Investment income
9
-
0
1,602
Finance costs
10
(632,182)
(593,172)
Profit before taxation
3,226,406
3,546,822
Tax on profit
11
(870,755)
(959,422)
Profit for the financial year
2,355,651
2,587,400
Profit for the financial year is all attributable to the owners of the parent company.
NWT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
2025
2024
£
£
Profit for the year
2,355,651
2,587,400
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
2,355,651
2,587,400
Total comprehensive income for the year is all attributable to the owners of the parent company.
NWT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2025
31 August 2025
- 13 -
2025
2024
Notes
£
£
£
£
Non-current assets
Intangible assets
13
15,491
22,947
Property, plant and equipment
14
21,135,790
16,200,034
21,151,281
16,222,981
Current assets
Inventories
18
14,704,752
16,017,652
Trade and other receivables
19
20,860,678
17,325,243
Cash and cash equivalents
1,625,787
1,473,833
37,191,217
34,816,728
Current liabilities
20
(33,630,163)
(32,185,401)
Net current assets
3,561,054
2,631,327
Total assets less current liabilities
24,712,335
18,854,308
Non-current liabilities
21
(8,426,494)
(5,491,462)
Provisions for liabilities
Deferred tax liability
24
2,898,351
2,036,007
(2,898,351)
(2,036,007)
Net assets
13,387,490
11,326,839
Equity
Called up share capital
26
100
100
Retained earnings
13,387,390
11,326,739
Total equity
13,387,490
11,326,839
The financial statements were approved by the board of directors and authorised for issue on 26 February 2026 and are signed on its behalf by:
26 February 2026
Mr S Lawtey
Director
Company registration number 12107415 (England and Wales)
NWT HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2025
31 August 2025
- 14 -
2025
2024
Notes
£
£
£
£
Non-current assets
Investments
15
8,040,000
8,040,000
Current assets
Trade and other receivables
19
588,204
436,706
Current liabilities
20
(4,627,939)
(3,966,024)
Net current liabilities
(4,039,735)
(3,529,318)
Total assets less current liabilities
4,000,265
4,510,682
Non-current liabilities
21
-
0
(510,417)
Net assets
4,000,265
4,000,265
Equity
Called up share capital
26
100
100
Other reserves
4,000,000
4,000,000
Retained earnings
165
165
Total equity
4,000,265
4,000,265

As permitted by s408 Companies Act 2006, the c ompany has not presented its own income statement and related notes. The c ompany’s profit for the year was £295,000 (2024 - £328,124 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 26 February 2026 and are signed on its behalf by:
26 February 2026
Mr S Lawtey
Director
Company registration number 12107415 (England and Wales)
NWT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 15 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 September 2023
100
9,067,339
9,067,439
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
2,587,400
2,587,400
Dividends
12
-
(328,000)
(328,000)
Balance at 31 August 2024
100
11,326,739
11,326,839
Year ended 31 August 2025:
Profit and total comprehensive income for the year
-
2,355,651
2,355,651
Dividends
12
-
(295,000)
(295,000)
Balance at 31 August 2025
100
13,387,390
13,387,490
NWT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 16 -
Share capital
Merger reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 September 2023
100
4,000,000
41
4,000,141
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
328,124
328,124
Dividends
12
-
-
(328,000)
(328,000)
Balance at 31 August 2024
100
4,000,000
165
4,000,265
Year ended 31 August 2025:
Profit and total comprehensive income
-
-
295,000
295,000
Dividends
12
-
-
(295,000)
(295,000)
Balance at 31 August 2025
100
4,000,000
165
4,000,265
NWT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
3,248,276
4,472,919
Interest paid
(632,182)
(593,172)
Income taxes paid
(320,472)
(475,555)
Net cash inflow from operating activities
2,295,622
3,404,192
Investing activities
Purchase of property, plant and equipment
(339,998)
(1,395,695)
Proceeds from disposal of property, plant and equipment
648,517
741,182
Repayment of loans
(27,825)
(15,211)
Interest received
-
0
1,602
Net cash generated from/(used in) investing activities
280,694
(668,122)
Financing activities
Repayment of bank loans
(417,167)
(410,605)
Payment of finance leases obligations
(2,427,211)
(1,984,946)
Dividends paid to equity shareholders
(295,000)
(328,000)
Net cash used in financing activities
(3,139,378)
(2,723,551)
Net (decrease)/increase in cash and cash equivalents
(563,062)
12,519
Cash and cash equivalents at beginning of year
(3,671,399)
(3,683,918)
Cash and cash equivalents at end of year
(4,234,461)
(3,671,399)
Relating to:
Cash at bank and in hand
1,625,787
1,473,833
Bank overdrafts included in creditors payable within one year
(5,860,248)
(5,145,232)
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
1
Accounting policies
Company information

NWT Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Templeborough Depot, Sheffield Road, Tinsley, Sheffield, South Yorkshire, S9 1RT.

The group consists of NWT Holdings Limited and all of its subsidiaries.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he 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. I nvestments 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 NWT Holdings Limited 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 August 2025. 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 g roup.

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.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 19 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest 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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 20 -

Amortisation 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:

Development costs
5% on straight line basis
1.8
Property, plant and equipment

Property, plant and equipment 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
2 - 10% on straight line basis
Leasehold land and buildings
2 - 10% on straight line basis/ over the lease period
Plant and equipment
15% on reducing balance
Fixtures and fittings
10 - 15% on reducing balance
Trailer costs
15% on reducing balance
Motor vehicles
15 - 25% on 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 income statement.

1.9
Non-current investments

Equity in vest ments 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.

I n 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company 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.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 21 -
1.10
Impairment of non-current assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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 company 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.

1.11
Inventories

Inventories are stated at the lower of weighted average 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 inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of average weighted 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 inventories 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.

1.12
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.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 22 -
1.13
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 statement of financial position 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 trade and other receivables 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 m ethod 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.

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.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 23 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 paymen ts 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 payables 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 payables 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 th r ough 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.

1.14
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.

1.15
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 income statement 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.

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.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 24 -

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 income statement, 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.

1.16
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 non-current 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
Leases
As lessee

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 statement of financial position 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 lease d asset are consumed.

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.

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 25 -
3
Revenue
2025
2024
£
£
Revenue analysed by class of business
Distribution of fuel oils
22,560,545
23,541,640
Transport and haulage contractors
42,018,791
32,237,778
Freight Forwarding and haulage
1,057,576
973,069
Fabrication and sale of road tankers
44,912,733
47,694,018
110,549,645
104,446,505
2025
2024
£
£
Revenue analysed by geographical market
United Kingdom
110,403,706
103,860,313
Other EEC countries
145,939
586,192
110,549,645
104,446,505
2025
2024
£
£
Other revenue
Interest income
-
1,602
4
Exceptional item
2025
2024
£
£
Expenditure
Contract acquisition costs
289,597
-

During the year, Newell & Wright Transport Contractors (Sheffield) Limited acquired a sales contract and incurred exceptional fees in order to secure this.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(15,247)
(13,360)
Depreciation of property, plant and equipment
2,706,736
2,323,839
Profit on disposal of property, plant and equipment
(28,983)
(149,778)
Amortisation of intangible assets
7,456
7,456
Operating lease charges
699,800
449,800
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
6
Auditors' remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
57,750
55,000
For other services
Taxation compliance services
11,515
8,350
All other non-audit services
7,010
709
18,525
9,059
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
253
255
3
3
Distribution
298
230
-
-
Administration
64
62
-
-
Sales
15
12
-
-
Total
630
559
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
24,010,615
20,409,175
-
0
-
0
Social security costs
2,770,181
2,043,411
-
-
Pension costs
639,005
470,929
-
0
-
0
27,419,801
22,923,515
-
0
-
0
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
280,998
255,322
Company pension contributions to defined contribution schemes
98,713
8,461
379,711
263,783
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
99,000
125,925
Company pension contributions to defined contribution schemes
97,392
8,461
9
Investment income
2025
2024
£
£
Interest income
Other interest income
-
1,602
10
Finance costs
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
288,384
374,271
Other finance costs:
Interest on finance leases and hire purchase contracts
343,798
202,515
Other interest
-
16,386
Total finance costs
632,182
593,172
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
275,404
Adjustments in respect of prior periods
8,411
23,114
Total current tax
8,411
298,518
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
11
Taxation
2025
2024
£
£
(Continued)
- 28 -
Deferred tax
Origination and reversal of timing differences
862,344
660,904
Total tax charge
870,755
959,422

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:

2025
2024
£
£
Profit before taxation
3,226,406
3,546,822
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
806,602
886,706
Tax effect of expenses that are not deductible in determining taxable profit
8,911
6,616
Unutilised tax losses carried forward
254,633
-
0
Adjustments in respect of prior years
8,411
23,114
Group relief
2,793
-
0
Permanent capital allowances in excess of depreciation
(1,070,146)
(617,918)
Other non-reversing timing differences
859,551
660,904
Taxation charge
870,755
959,422

Tax losses available to be carried froward and utilised in the future periods amounted to £1,018,531.

12
Dividends
Group
2025
2024
£
£
Recognised as distributions to equity holders:
Interim paid
295,000
168,085
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 29 -
13
Intangible fixed assets
Group
Development costs
£
Cost
At 1 September 2024 and 31 August 2025
85,961
Amortisation and impairment
At 1 September 2024
63,014
Amortisation charged for the year
7,456
At 31 August 2025
70,470
Carrying amount
At 31 August 2025
15,491
At 31 August 2024
22,947
The company had no intangible fixed assets at 31 August 2025 or 31 August 2024.
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 30 -
14
Property, plant and equipment
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Trailer costs
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 September 2024
1,393,236
4,977,886
3,302,870
1,587,238
2,451,331
18,552,590
32,265,151
Additions
-
0
102,091
39,343
88,788
618,114
7,413,690
8,262,026
Disposals
-
0
-
0
-
0
-
0
(20,700)
(697,864)
(718,564)
At 31 August 2025
1,393,236
5,079,977
3,342,213
1,676,026
3,048,745
25,268,416
39,808,613
Depreciation and impairment
At 1 September 2024
175,770
934,668
2,353,731
1,251,299
1,433,612
9,916,037
16,065,117
Depreciation charged in the year
10,792
184,664
148,288
50,088
183,424
2,129,480
2,706,736
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(19,511)
(79,519)
(99,030)
At 31 August 2025
186,562
1,119,332
2,502,019
1,301,387
1,597,525
11,965,998
18,672,823
Carrying amount
At 31 August 2025
1,206,674
3,960,645
840,194
374,639
1,451,220
13,302,418
21,135,790
At 31 August 2024
1,217,466
4,043,218
949,139
335,939
1,017,719
8,636,553
16,200,034
The company had no property, plant and equipment at 31 August 2025 or 31 August 2024.
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
14
Property, plant and equipment
(Continued)
- 31 -

Included within property, plant and equipment are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
1,109,161
769,107
-
0
-
0
Motor vehicles
11,763,593
5,909,290
-
0
-
0
12,872,754
6,678,397
-
-
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
8,040,000
8,040,000
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2024 and 31 August 2025
8,040,000
Carrying amount
At 31 August 2025
8,040,000
At 31 August 2024
8,040,000
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 32 -
16
Subsidiaries

Details of the company's subsidiaries at 31 August 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Apollo Fuels Limited
England and Wales
Distribution of fuel oils
Ordinary
0
100.00
Lakeland Tankers Limited
England and Wales
Fabrication and sale of road tankers
Ordinary
0
100.00
Newell & Wright Transport Contractors (Sheffield) Limited
England and Wales
Transport Contractors
Ordinary
0
100.00
NWT Freight Forwarding Limited
England and Wales
Freight Forwarding and haulage
Ordinary
0
100.00
Road Tankers (Northern) Limited
England and Wales
Fabrication and sale of road tankers
Ordinary
0
100.00
RTN Clayton Vallely Limited
England and Wales
Fabrication and sale of road tankers
Ordinary
0
100.00
Newell & Wright (Holdings) Limited
England and Wales
Holding company
Ordinary
100.00
-
17
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
18,215,567
15,143,644
588,204
436,706
Carrying amount of financial liabilities
Measured at amortised cost
39,571,804
35,579,727
4,627,939
4,476,441
18
Inventories
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
5,922,835
6,663,274
-
-
Work in progress
8,781,917
9,354,378
-
-
14,704,752
16,017,652
-
-
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 33 -
19
Trade and other receivables
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
17,376,448
14,568,578
-
0
-
0
Amounts owed by group undertakings
-
-
588,204
436,706
Other receivables
2,230,489
1,186,012
-
0
-
0
Prepayments and accrued income
1,253,741
1,570,653
-
0
-
0
20,860,678
17,325,243
588,204
436,706
20
Current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
6,728,551
5,580,997
-
0
-
0
Obligations under finance leases
23
3,019,857
1,820,194
-
0
-
0
Trade payables
15,448,233
15,349,208
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,115,835
3,090,411
Corporation tax payable
196,209
508,270
-
0
-
0
Other taxation and social security
2,288,644
1,588,866
-
-
Other payables
2,076,776
2,315,479
512,104
875,613
Accruals and deferred income
3,871,893
5,022,387
-
0
-
0
33,630,163
32,185,401
4,627,939
3,966,024

The HSBC Bank plc loans and overdraft is secured by a debenture giving a fixed and floating charge over the assets of the company.

The finance leases are secured on the assets to which they are connected.

21
Non-current liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
143,941
993,646
-
0
-
0
Obligations under finance leases
23
8,282,553
3,987,399
-
0
-
0
Other payables
-
0
510,417
-
0
510,417
8,426,494
5,491,462
-
510,417
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
21
Non-current liabilities
(Continued)
- 34 -

The bank loans and bank overdraft are secured by a fixed and floating charge over the assets of the group and company.

The finance leases are secured on the assets to which they are connected.

During the previous year, NWT Holdings Limited acquired 100% of the share capital in Newell & Wright (Holdings) Limited for a total consideration of £8,000,000, including £4,000,000 cash. After initial consideration of £500,000, the consideration is repayable in monthly instalments of £72,917 and will be fully paid on 31 March 2026. At the year end, the balance outstanding was £510,417.

22
Borrowings
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,012,244
1,429,411
-
0
-
0
Bank overdrafts
5,860,248
5,145,232
-
0
-
0
6,872,492
6,574,643
-
-
Payable within one year
6,728,551
5,580,997
-
0
-
0
Payable after one year
143,941
993,646
-
0
-
0

The bank loans and bank overdraft are secured by a fixed and floating charge over the assets of the group and company.

Included in bank loans and overdrafts is a loan which stands at £228,047 at the year end which currently has capital repayments of £5,795 per month. Interest is charged at a rate of 2.5% margin over bank offered rate and associated cost rate. The loan is due to be fully repaid in November 2028.

Included in bank loans and overdrafts is a loan which stands at £784,197 at the year end which currently has capital repayments of £87,915 per quarter with a final payment of £703,316. Interest is charged at a rate of 3.25% margin over bank offered rate and associated cost rate. The loan is due to be fully repaid in July 202 6. The loan is secured by a guarantee from Mr F Newell for an amount limited to £250,000.

23
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
3,019,857
1,820,194
-
0
-
0
Non-current liabilities
8,282,553
3,987,399
-
0
-
0
11,302,410
5,807,593
-
-
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
23
Finance lease obligations
(Continued)
- 35 -
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,019,857
1,820,194
-
0
-
0
In two to five years
8,178,100
3,964,076
-
0
-
0
In over five years
104,453
23,323
-
0
-
0
11,302,410
5,807,593
-
-

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 between 2 and 8 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
3,152,984
2,036,007
Tax losses
(254,633)
-
2,898,351
2,036,007
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 September 2024
2,036,007
-
Charge to profit or loss
862,344
-
Liability at 31 August 2025
2,898,351
-

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

NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 36 -
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
639,005
470,929

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.

26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
27
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee to its bankers in respect of the bank borrowings of other group companies, which at the balance sheet date amounted to £5,268,215.

The group also has a guaranteed buy back liability from Asda on a number of tankers. The buy back was to set to take place between 2024 and 2025 and now amounts to nil as it was settled within the period (20 2 4: £674,500).

28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Group
Other related parties
1,194,374
445,728
909,762
994,996

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
1,440,516
1,288,345
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
28
Related party transactions
(Continued)
- 37 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
149,730
95,607
29
Directors' transactions

Dividends totalling £295,000 (2024 - £328,000) were paid in the year in respect of shares held by the company's directors.

Transactions have been made between the group and NWT Sales and Service, of which Mr. F.R. Newell is a partner.

During the period rent totalling £2 90,820 was paid by the group to NWT Sales and Service.

All transactions with the directors and this business during the year were carried out at open market values.

30
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,355,651
2,587,400
Adjustments for:
Taxation charged
870,755
959,422
Finance costs
632,182
593,172
Investment income
-
0
(1,602)
Gain on disposal of property, plant and equipment
(28,983)
(149,778)
Amortisation and impairment of intangible assets
7,456
7,456
Depreciation and impairment of property, plant and equipment
2,706,736
2,323,839
Movements in working capital:
Decrease in inventories
1,312,900
1,114,029
(Increase)/decrease in trade and other receivables
(3,507,610)
341,431
Decrease in trade and other payables
(1,100,811)
(3,302,450)
Cash generated from operations
3,248,276
4,472,919
NWT HOLDINGS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 38 -
31
Analysis of changes in net debt - group
1 September 2024
Cash flows
New finance leases
31 August 2025
£
£
£
£
Cash at bank and in hand
1,473,833
151,954
-
1,625,787
Bank overdrafts
(5,145,232)
(715,016)
-
(5,860,248)
(3,671,399)
(563,062)
-
(4,234,461)
Borrowings excluding overdrafts
(1,429,411)
417,167
-
(1,012,244)
Obligations under finance leases
(5,807,593)
2,427,211
(7,922,028)
(11,302,410)
(10,908,403)
2,281,316
(7,922,028)
(16,549,115)
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