Introduction:

NWF Group Plc, a leading specialist distributor of fuel, food, and feed throughout the UK, has a rich history dating back to 1871. With its headquarters located in Nantwich, England, the company operates a vast network of over 200 branches and employs more than 2,000 dedicated professionals. As the company continued to grow and expand its operations, the need for streamlined financial reporting processes and improved corporate governance became evident. To address these challenges, NWF Group Plc engaged TaxStats, a trusted financial consultancy service provider, for their expertise in optimising financial reporting frameworks and implementing industry best practices.

Engagement Details:

TaxStats assigned a skilled Financial Consultant to collaborate closely with NWF Group Plc’s finance team from April to August 2023. The consultant’s primary responsibilities included reviewing subsidiary accounts and preparing the Group statutory accounts in compliance with International Financial Reporting Standards (IFRS) and Financial Reporting Standard 101 (FRS 101). Additionally, the consultant played a vital role in designing the half-year and year-end reporting processes, liaising with external auditors, and assisting divisions in establishing robust financial standards and corporate governance practices.

Key Contributions:

Strengthening Financial Reporting: The Financial Consultant successfully completed the annual audit performance, working closely with external advisors to ensure a smooth and error-free process. This achievement demonstrates TaxStats’ commitment to delivering accurate and reliable financial information.

Internal Controls Framework: By implementing a new internal controls framework across the Group, TaxStats significantly improved the efficiency and effectiveness of NWF Group Plc’s financial reporting process. This enhancement reduced the risk of errors and provided a solid foundation for accurate decision-making.

ESG Reporting Framework: Recognising the growing importance of Environmental, Social, and Governance (ESG) reporting, TaxStats spearheaded the development and implementation of a new ESG reporting framework. This framework enabled NWF Group Plc to enhance its ESG performance and effectively communicate its sustainability initiatives to stakeholders.

Streamlined Reporting Process: Through continuous improvement initiatives, TaxStats expedited the reporting process, ensuring timely delivery of high-quality management information to the Board. The consultant’s efforts resulted in increased efficiency and accuracy in financial reporting, enabling faster and more informed decision-making.

Collaborative Relationships: The Financial Consultant fostered strong working relationships with external auditors, NWF Group Plc’s divisions, and the Chief Financial Officer (CFO) and Chief Executive Officer (CEO). These collaborative partnerships facilitated seamless information flow, fostering transparency and efficient coordination within the organisation.

Conclusion:

TaxStats played a crucial role in enhancing NWF Group Plc’s financial reporting practices and overall performance. Through the implementation of a robust internal controls framework, the development of an ESG reporting framework, and the streamlining of reporting processes, TaxStats demonstrated their expertise in optimising financial operations. By building strong relationships with key stakeholders and successfully completing the annual audit with no findings, TaxStats solidified its position as a trusted partner and contributed to NWF Group Plc’s continued success in the highly competitive distribution industry.