Registered number
01832731
PGR Timber Ltd
Report and Financial Statements
31 March 2023
PGR Timber Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2 - 3
Strategic report 4 - 5
Energy and Carbon Report 6 - 7
Independent auditors' report 8 - 10
Income statement 11
Statement of comprehensive income 12
Statement of financial position 13
Statement of changes in equity 14
Statement of cash flows 15
Notes to the financial statements 16 - 25
PGR Timber Ltd
Company Information
Directors
G J Toomey
S Atkins
Mrs R B Toomey
M Gunner
P R Massenhove
Auditors
Desaur LLP
CEME Campus
Marsh Way
Rainham
Essex
RM13 8EU
Registered office
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
Registered number
01832731
PGR Timber Ltd
Registered number: 01832731
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2023.
Principal activities
The company's principal activity during the year continued to be general builder merchants.
Dividends
The directors recommend a final dividend of £4,000,000 on the shares.
Events since the balance sheet date
There are no events after the balance sheet date that affects the financial statements.
Directors
The following persons served as directors during the year:
G J Toomey
S Atkins
Mrs R B Toomey
M Gunner
P R Massenhove (appointed 1 August 2023)
Auditors
The auditor, Desaur LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 27 September 2023 and signed on its behalf.
G J Toomey
Director
PGR Timber Ltd
Strategic Report
The directors present their Strategic Report for the fiscal year ended 31 March 2023.
PGR Timber Limited is an independent regional builder's merchant that sells and distributes building materials across the Southeast of England. This report provides an overview of the company's performance, key performance indicators (KPIs), business environment, strategy, future developments, and principal risks and uncertainties.
Fair review of the business
The company considers turnover and gross profit margin as the primary KPIs for assessing its performance. In 2023, there was a significant increase in turnover, mainly attributed to the lifting of Covid restrictions that had impacted previous years. PGR Timber currently operates ten branches throughout the Southeast (nine in Essex and one in Surrey), with no new branches opened during the year. 
Aside from financial KPIs, the directors prioritize strong customer service and achieve it through various measures, including assigning designated points of contact for key customers, defining service level agreements (SLAs) with customers, and closely monitoring the metrics to gauge effectiveness. 
The headline key performance indicators (KPI’s) that the directors monitor with regard to financial performance are as follows: -
2023 2022 Movement %
£ £
Turnover 61,925,898 58,405,889 6.03%
Gross profit 20,587,468 19,081,792 7.89%
Gross profit margin 33.25% 32.67%
Profit before tax 8,078,410 7,675,935 5.24%
The directors aim to continue and improve this performance by utilizing these KPIs while also focusing on non-financial matters such as health and safety, employee retention, staff welfare, stock management, operational efficiency, and customer satisfaction. 
Business environment, strategy and future developments
As a key supplier to the Southeast of England, PGR Timber continues to operate within the Repairs, Maintenance, Improvements, and New Build marketplace. The company intends to remain competitive in this market and seeks opportunities to acquire new sites for opening additional branches, enhancing its services to local communities.
Moreover, the company is committed to reducing its carbon footprint as mentioned in the Energy and Carbon report and investing in various platforms to enhance the online customer experience.
PGR Timber Ltd
Strategic Report (continued)
Principle Risks & Uncertainties
The business's principal risks and uncertainties are primarily economic and financial in nature.
Economic Risk
Economic risks arise from potential downturns in the economy, which may lead to reduced demand in both the New Build and Improvements marketplace, impacting the company's operations. To mitigate these risks, regular reviews of the company's performance are undertaken against set targets, and appropriate actions are taken to align with the prevailing economic climate. 
Financial Risk
Financial risk mainly centres on credit risk associated with trade debtors. The company takes measures to mitigate this risk by conducting credit checks, regularly reviewing credit limits, and engaging debt collection specialists when necessary. 
Employees, Customers and Suppliers
PGR Timber recognizes the importance of its employees, customers, and suppliers in the success of the business. The company actively engages with its employees through various channels, such as meetings, newsletters, direct contact, and open-door policies with line managers and senior staff. Key areas of focus include health and safety in the workplace, meeting customer and supplier needs to excellent standards, employee welfare, compliance, and addressing relevant issues as they arise. 
Similarly, the company maintains close contact with its customers and suppliers through personal interactions, emails, telephone calls, and the company's website and portal. Service level agreements ensure timely and high-quality interactions with both customers and suppliers, emphasizing excellent service throughout their respective journeys
Conclusion
In conclusion, PGR Timber Limited had a notable performance in 2023, marked by increased turnover and a focus on customer service and satisfaction. The company remains committed to sustainable growth, reducing its carbon footprint, and investing in technological advancements to enhance its services. Despite the risks and uncertainties in the economic landscape, the directors are proactively managing the potential impacts. Moving forward, PGR Timber aims to maintain its position as a competitive and customer-centric builder's merchant in the Southeast of England. 
Approved on behalf of the Board
G J Toomey
Director
PGR Timber Ltd
Energy and Carbon Report
for the year ended 31 March 2023
1 Introduction:
PGR Timber Builders Merchants is committed to sustainability and reducing our carbon footprint. As a supplier of building materials, we recognise the significant impact our operations can have on the environment. This carbon energy report aims to provide an overview of our carbon emissions associated with electricity consumption, gas usage, and fuel consumption for transport in the Southeast region. 
2 Methodology:
The data presented in this report is based on energy consumption and fuel usage records for the past year (from 01/04/2022 to 31/03/2023). We have used standard emission factors provided by recognised authorities to calculate the carbon dioxide equivalent (CO2e) emissions associated with each energy source. 
3 Electricity Consumption:
Total electricity consumption in the Southeast region for the specified period was 452,945 kWh. Based on the region's electricity grid emission factor, our electricity-related emissions are estimated to be 159.06 metric tons CO2e. 
4 Gas Usage:
The Company does not consume Gas at any of its sites. 
5 Fuel for Road Transport:
In the Southeast region, our fleet of vehicles consumed a total of 392,795 litres of fuel during the reporting period. Our transportation-related emissions are estimated to be 1001.08 metric tons CO2e. 
6 Fuel for Plant & Machinery
Plant Fuel used for Forklift trucks at our sites based in the Southeast. Fuel is purchased and stored onsite; we have therefore estimated the CO2e based on fuel purchased rather than fuel consumed for forklift trucks. A total of 17,716 litres of fuel was purchased during the reporting period. Our plant fuel emissions are estimated to be 6.16 metric tons of CO2e.
7 Total Carbon Emissions:
Adding up the CO2e emissions from electricity, gas, and fuel for transport, the total carbon emissions for PGR Timber Builders Merchants in the Southeast region during the reporting period are estimated to be 1,166.3 metric tons CO2e. 
8 Initiatives and Reduction Efforts:
As part of our commitment to sustainability, we have implemented several initiatives to reduce our carbon emissions. These include: 
- Investing in energy-efficient lighting and equipment at our facilities. 
- Encouraging our employees to adopt sustainable commuting practices, such as carpooling and using public transportation. 
- Exploring alternative fuel options for our transport fleet to reduce reliance on traditional fossil fuels. 
- Collaborating with suppliers to source eco-friendly building materials and products. 
- Implementing recycling and waste reduction programs to minimize our environmental impact. 
9 Future Goals:
PGR Timber Builders Merchants aims to continue our efforts in reducing carbon emissions and transitioning towards a more sustainable business model. Our future goals include: 
- Achieving a 50% reduction in carbon emissions by 2035
- Increasing the adoption of renewable energy sources, such as solar power, at our facilities. 
- Expanding our fleet of electric or hybrid vehicles for transportation needs. 
- Encouraging our customers to choose environmentally friendly building materials and sustainable construction practices.
10 Conclusion:
This carbon energy report highlights our commitment to environmental responsibility and our ongoing efforts to minimize our carbon footprint. PGR Timber Builders Merchants will continue to prioritise sustainability and work towards creating a greener future in the Southeast region. 
Approved on behalf of the Board
G J Toomey
Director
PGR Timber Ltd
Independent auditor's report
to the member of PGR Timber Ltd
Opinion
We have audited the financial statements of PGR Timber Ltd for the year ended 31 March 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicbale law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdon Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of 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 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 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 report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
PGR Timber Ltd
Independent auditor's report (continued)
to the member of PGR Timber Ltd
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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.
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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that 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. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
PGR Timber Ltd
Independent auditor's report (continued)
to the member of PGR Timber Ltd
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
J S Vasir
(Senior Statutory Auditor) CEME Campus
for and on behalf of Rainham
Desaur LLP Essex
Chartered Certified Accountants and Statutory Auditors RM13 8EU
02/10/2023
PGR Timber Ltd
Income Statement
for the year ended 31 March 2023
Notes 2023 2022
£ £
Turnover 3 61,925,898 58,405,889
Cost of sales (41,338,430) (39,324,097)
Gross profit 20,587,468 19,081,792
Administrative expenses (12,952,606) (11,843,051)
Government grants received - 10,050
Other operating income 370,590 424,572
Operating profit 4 8,005,452 7,673,363
Gain on sale of fixed assets 35,000 -
Interest receivable 37,958 2,572
Profit on ordinary activities before taxation 8,078,410 7,675,935
Tax on profit on ordinary activities 7 (1,532,681) (1,597,780)
Profit for the financial year 6,545,729 6,078,155
The Notes on pages 16 to 25 form part of these financial statements.
PGR Timber Ltd
Statement of comprehensive income
for the year ended 31 March 2023
Notes 2023 2022
£ £
Profit for the financial year 6,545,729 6,078,155
Total comprehensive income for the year 6,545,729 6,078,155
PGR Timber Ltd
Registration number 01832731
Statement of Financial Position
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 8 1,465,662 1,297,405
Investment property 9 538,958 538,958
Investments 10 1,528 1,528
2,006,148 1,837,891
Current assets
Stock 11 9,546,583 8,706,966
Debtors 12 7,856,934 7,443,497
Cash at bank and in hand 8,554,837 6,094,173
25,958,354 22,244,636
Creditors: amounts falling due within one year 13 (9,968,804) (8,617,299)
Net current assets 15,989,550 13,627,337
Total assets less current liabilities 17,995,698 15,465,228
Provisions for liabilities
Deferred taxation 15 (146,805) (162,064)
Net assets 17,848,893 15,303,164
Capital and reserves
Called up share capital 16 800 800
Profit and loss account 17 17,848,093 15,302,364
Total equity 17,848,893 15,303,164
These financial statements were approved and authorised for issue by the Board on 27 September 2023
Signed on behalf of the board of directors
G J Toomey
Director
The Notes on pages 16 to 25 form part of these financial statements.
PGR Timber Ltd
Statement of Changes in Equity
for the year ended 31 March 2023
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2021 800 - - 12,224,209 12,225,009
Profit for the financial year 6,078,155 6,078,155
Dividends (3,000,000) (3,000,000)
At 31 March 2022 800 - - 15,302,364 15,303,164
At 1 April 2022 800 - - 15,302,364 15,303,164
Profit for the financial year 6,545,729 6,545,729
Dividends (4,000,000) (4,000,000)
At 31 March 2023 800 - - 17,848,093 17,848,893
PGR Timber Ltd
Statement of Cash Flows
for the year ended 31 March 2023
Notes 2023 2022
£ £
Operating activities
Operating profit 8,005,452 7,673,363
Adjustments for:
Depreciation 291,607 237,008
8,297,059 7,910,371
Increase in stocks (839,617) (2,940,900)
Increase in debtors (413,437) (565,917)
Increase in creditors 836,109 1,384,859
7,880,114 5,788,413
Interest received 37,958 2,572
Corporation tax paid (1,020,000) (898,290)
Cash generated by operating activities 6,898,072 4,892,695
Investing activities
Payments to acquire tangible fixed assets (459,864) (611,599)
Proceeds from sale of tangible fixed assets 35,000 -
Cash used in investing activities (424,864) (611,599)
Financing activities
Equity dividends paid (4,000,000) (3,000,000)
Capital element of finance lease payments 2,611 -
Cash used in financing activities (3,997,389) (3,000,000)
Net cash generated
Cash generated by operating activities 6,898,072 4,892,695
Cash used in investing activities (424,864) (611,599)
Cash used in financing activities (3,997,389) (3,000,000)
Net cash generated 2,475,819 1,281,096
Cash and cash equivalents at 1 April 6,076,716 4,795,620
Cash and cash equivalents at 31 March 8,552,535 6,076,716
Cash and cash equivalents comprise:
Cash at bank 8,554,837 6,094,173
Bank overdrafts 13 (2,302) (17,457)
8,552,535 6,076,716
PGR Timber Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Summary of significant accounting policies
Basis of preparation
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" ('FRS102'), and with the Companies Act 2006.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impariment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit and loss
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the latest cost.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 laibility simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are clasiified 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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using effective interest method.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
In the application of the company’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.
The directors have made a 10% provision for stock obsolescence in the financial statements consistent with previous years. The directors review this regularly and believe it to be an accurate provision based on their knowledge of the business and industry in which it operates.
3 Analysis of turnover 2023 2022
£ £
Builders merchant 61,761,798 58,405,889
Services rendered 164,100 -
61,925,898 58,405,889
By geographical market:
UK 61,925,898 58,405,889
4 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 291,607 237,008
Operating lease rentals - plant and machinery 673,583 600,797
Operating lease rentals - land and buildings 1,800,814 1,059,392
Auditors' remuneration for audit services 7,750 7,750
Carrying amount of stock sold 42,178,047 42,274,902
Auditor's remuneration
Fess payable to the company's auditors and associates
For audit services
Audit of the financial statements of the company 7,750 7,750
5 Directors' emoluments 2023 2022
£ £
Emoluments 866,471 730,155
Highest paid director:
Emoluments 443,379 372,964
6 Staff costs 2023 2022
£ £
Wages and salaries 6,575,405 6,215,771
Social security costs 722,279 629,122
Other pension costs 129,002 98,735
7,426,686 6,943,628
Average number of employees during the year Number Number
Administration 21 28
Distribution 80 97
Sales 46 26
147 151
7 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 1,547,940 1,440,111
Adjustments in respect of previous periods - 27,689
1,547,940 1,467,800
Deferred tax:
Origination and reversal of timing differences (15,259) 129,980
Tax on profit on ordinary activities 1,532,681 1,597,780
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 8,078,410 7,675,935
Standard rate of corporation tax in the UK 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 1,534,898 1,458,428
Effects of:
Expenses not deductible for tax purposes 7,976 (78,805)
Capital allowances for period in excess of depreciation 5,066 60,488
Adjustments to tax charge in respect of previous periods - 27,689
Current tax charge for period 1,547,940 1,467,800
8 Property plant and equipment
Land and buildings Plant and machinery Total
At cost At cost
£ £ £
Cost or valuation
At 1 April 2022 864,719 3,681,655 4,546,374
Additions 282,989 176,875 459,864
Disposals - (177,480) (177,480)
At 31 March 2023 1,147,708 3,681,050 4,828,758
Depreciation
At 1 April 2022 365,749 2,883,220 3,248,969
Charge for the year 31,295 260,312 291,607
On disposals - (177,480) (177,480)
At 31 March 2023 397,044 2,966,052 3,363,096
Carrying amount
At 31 March 2023 750,664 714,998 1,465,662
At 31 March 2022 498,970 798,435 1,297,405
9 Investment property 2023
£
Valuation
At 1 April 2022 538,958
At 31 March 2023 538,958
The historic cost of investment properties was £538,958 (2022- £538,958)
The freehold investment properties values are considered by the director, Mr Toomey, annually. Based on his knowledge of similar local commercial properties, Mr Toomey do not consider it necessary to carry out a revaluation at the financial year end as the market value is not believed to be materially different to the carrying amount at the year end.
10 Investments 2023 2022
£ £
Unlisted investments 1,528 1,528
11 Stocks 2023 2022
£ £
Finished goods and goods for resale 9,546,583 8,706,966
The difference between purchase price or production cost of stocks and their replacement cost is not material.
12 Debtors 2023 2022
£ £
Trade debtors 4,730,677 3,864,805
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,698,669 1,698,669
Other debtors 1,035,413 1,531,211
Prepayments and accrued income 392,175 348,812
7,856,934 7,443,497
13 Creditors: amounts falling due within one year 2023 2022
£ £
Bank overdrafts 2,302 17,457
Obligations under finance lease and hire purchase contracts 2,611 -
Trade creditors 6,361,780 5,749,778
Corporation tax 1,584,573 1,056,633
Other taxes and social security costs 314,083 201,014
Other creditors 1,548,944 1,457,624
Accruals and deferred income 154,511 134,793
9,968,804 8,617,299
There is a fixed and floating charge on the assets of the company to the benefit of National Westminster Bank for the company's banking facility.
14 Obligations under finance leases and hire purchase 2023 2022
contracts £ £
Amounts payable:
Within one year 2,611 -
15 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 146,805 162,064
At 1 April 162,064 32,084
(Credited)/charged to the profit and loss account (15,259) 129,980
At 31 March 146,805 162,064
Tax rate at 25% (2022-19%) was applied to deferred tax calculation in line with corporation tax rate increase.
16 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 800 800 800
17 Profit and loss account 2023 2022
£ £
At 1 April 15,302,364 12,224,209
Profit for the financial year 6,545,729 6,078,155
Dividends (4,000,000) (3,000,000)
At 31 March 17,848,093 15,302,364
18 Dividends 2023 2022
£ £
Equity-ordinary
Final paid £5,000 (2022-£3,750) per ordinary share 4,000,000 3,000,000
19 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
2023 2022
£ £
Falling due:
within one year 2,002,049 1,827,622
within two to five years 7,668,665 6,298,668
in over five years 4,380,879 5,376,486
14,051,593 13,502,776
20 Related party transactions 2023 2022
£ £
G J Toomey
There was no transaction between the company and Mr Toomey during the year (2022-NIL).
Laindon Trading LLP
Mr G J Toomey, a director of the company is a designated partner of Laindon Trading LLP
During the period, Laindon Trading LLP provided management services for serviced accommodation, staff, plant and vehicles hire to the company. The total value of such transactions amounted to £8,002,690 (2022-£6,825,709)
Amount due (to)from the related party 121,462 (322,709)
PGR Enterprises Ltd
Mr G J Toomey, a director of the company is also a director and shareholder of PGR Enterprises Ltd
During the period, the company paid dividends of £4,000,000 (2022- £3,000,000) to PGR Enterprises Ltd.
Amount due from (to) the related party 1,698,669 1,698,669
Connect Plumbing & Heating Supplies Ltd
Mr G J Toomey, a director of the company is also a director of Connect Plumbing & Heating Supplies Ltd
During the year, the company charged management fees of £164,100 (2022-NIL) to Connect Plumbing & Heating Supplies Ltd.
During the year, sales and purchases were made between the two companies amounting to £316,335 and £1,203 (2022 - £373,131 and £1,444) respectively.
Amount due from (to) the related party 72,758 500,000
21 Controlling party
The ultimate controlling party of the company is Mr G J Toomey by virtue of his 100% holding in PGR Enterprises Ltd.
22 Presentation currency
The financial statements are presented in Sterling which is the functional currency of the Company. Monetary amounts in these fiancial statements are rounded to the nearest £.
23 Legal form of entity and country of incorporation
PGR Timber Ltd is a limited company incorporated in England.
Registration number 01832731
24 Principal place of business
The address of the company's principal place of business and registered office is:
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
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