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CARTMORE BUILDING SUPPLY COMPANY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

COMPANY INFORMATION


Directors
Mr R Purvis 
Mr G Banks 
Mr J Wardrope 
Mr C Purvis 
Mr J Fairley 




Registered number
SC100217



Registered office
New Thistle House
The Avenue

Lochgelly

Fife

KY5 9HG




Independent auditors
Sumer Auditco Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 2
Directors' report
 
 
3 - 4
Independent auditors' report
 
 
5 - 8
Statement of comprehensive income
 
 
9
Statement of financial position
 
 
10
Statement of changes in equity
 
 
11
Statement of cash flows
 
 
12 - 13
Analysis of net debt
 
 
13
Notes to the financial statements
 
 
14 - 28


 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

Introduction
 
The directors have pleasure in presenting their strategic report for the year ended 31 October 2023.

Business review
 
The principal activity of the Company during the period continued to be the supply of building materials.
Despite the disruption within the construction sector, the Company's trading performance has remained stable. The directors are pleased to report further positive results in the year under review with only a small decrease in turnover and profitability.
The directors consider the key performance indicators to be turnover, operating profit and working capital management.
Although turnover has fell by 5.0% from £19,584,317 to £18,613,419, the gross profit margin has increased from 15.9% to 16.1%. Net current assets decreased from £2,066,818 to £1,795,341 and net bank balances remained stable, only decreasing by £2,084 during the year to 31 October 2023.
The directors are hopeful that the results will remain positive in the year ahead with high demand for the Company's new products and services. Despite ongoing optimism the directors are mindful of national and worldwide economic and political factors which could potentially impact on the Company's trading.

Principal risks and uncertainties
 
The Company operates wholly in the supply of building materials and as such commercial risks include the level of construction and house building ongoing at anytime along with individual consumer confidence which can impact on sales to individual households.
There is continuing pressure on pricing and in dealing with many of Scotland's leading house builders. There is a need for the sector to remain buoyant and develop over time. However, with government targets to grow home ownership there is a belief that medium to long term growth is still possible in this sector. Despite this the Company are aware of the impacts that short term contractions in the market and developer consolidations can have on the business and these are being managed by a strong board of directors looking at innovative methods to solidify the business.
The Company's principal financial instruments comprise bank balances, loans to the company and hire purchase agreements. The main purpose of these instruments is to finance Company operations
Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is detailed below.
In respect of bank balances the liquidity risk is managed by operating within in a cash positive position to ensure there are enough funds to meet repayments of creditors.
In respect of loans these comprise of a bank loan. The interest rate on the loan is fixed. The Company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
In respect of hire purchase assets, the liquidity risk in respect of these is managed to ensure sufficient funds are available to meet repayments.

Page 1

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

Safety and health, environment and quality
 
The Company recognises the importance of, and has policies and procedures in place to ensure its environmental, health and safety requirements are met at all times.


This report was approved by the board on 18 March 2024 and signed on its behalf.



Mr G Banks
Director

Page 2

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £341,203 (2022 - £587,013).

Particulars of dividends paid are detailed in the notes to the financial statements.

Directors

The directors who served during the year were:

Mr R Purvis 
Mr G Banks 
Mr J Wardrope 
Mr C Purvis 
Mr J Fairley 

Page 3

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 March 2024 and signed on its behalf.
 





Mr G Banks
Director

Page 4

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

Opinion


We have audited the financial statements of Cartmore Building Supply Company Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 October 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 5

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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.


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 set out on page 3, 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.


Page 6

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)


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 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.
We focused 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, enquiries with management and enquiries of legal counsel. 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.


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 Auditors' report.


Page 7

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)


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 2006Our 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.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

18 March 2024
Page 8

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

  

Turnover
 4 
18,613,419
19,584,317

Cost of sales
  
(15,615,082)
(16,472,370)

Gross profit
  
2,998,337
3,111,947

Administrative expenses
  
(2,523,124)
(2,363,170)

Operating profit
 5 
475,213
748,777

Interest receivable and similar income
 8 
1,132
207

Interest payable and similar expenses
 9 
(20,460)
(5,949)

Profit before tax
  
455,885
743,035

Tax on profit
 10 
(114,682)
(156,022)

Profit for the financial year
  
341,203
587,013

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
REGISTERED NUMBER: SC100217

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 12 
8,917
9,917

Tangible assets
 13 
1,511,327
857,816

Investments
 14 
1,325
1,325

  
1,521,569
869,058

Current assets
  

Stocks
 15 
845,817
830,711

Debtors: amounts falling due within one year
 16 
2,417,224
3,221,349

Cash at bank and in hand
 17 
1,932,036
1,934,120

  
5,195,077
5,986,180

Creditors: amounts falling due within one year
 18 
(3,399,736)
(3,919,362)

Net current assets
  
 
 
1,795,341
 
 
2,066,818

Total assets less current liabilities
  
3,316,910
2,935,876

Creditors: amounts falling due after more than one year
 19 
(199,571)
(92,588)

Provisions for liabilities
  

Deferred tax
 23 
(224,665)
(109,983)

  
 
 
(224,665)
 
 
(109,983)

Net assets
  
2,892,674
2,733,305


Capital and reserves
  

Called up share capital 
 24 
18,500
18,500

Share premium account
 25 
68,500
68,500

Profit and loss account
 25 
2,805,674
2,646,305

  
2,892,674
2,733,305


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2024.




Mr R Purvis
Mr G Banks
Director
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2022
18,500
68,500
2,646,305
2,733,305


Comprehensive income for the year

Profit for the year
-
-
341,203
341,203


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(181,834)
(181,834)


At 31 October 2023
18,500
68,500
2,805,674
2,892,674



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 November 2021
18,500
68,500
2,299,292
2,386,292


Comprehensive income for the year

Profit for the year
-
-
587,013
587,013


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(240,000)
(240,000)


At 31 October 2022
18,500
68,500
2,646,305
2,733,305


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
341,203
587,013

Adjustments for:

Amortisation of intangible assets
1,000
83

Depreciation of tangible assets
326,387
266,368

Loss on disposal of tangible assets
(64,838)
(52,128)

Interest paid
20,460
5,949

Interest received
(1,132)
(207)

Taxation charge
114,682
156,022

(Increase) in stocks
(15,106)
(88,944)

Decrease/(increase) in debtors
804,125
(591,152)

(Decrease)/increase in creditors
(752,067)
737,840

Corporation tax received/(paid)
-
(82,048)

Net cash generated from operating activities

774,714
938,796


Cash flows from investing activities

Purchase of intangible fixed assets
-
(10,000)

Purchase of tangible fixed assets
(992,560)
(337,195)

Sale of tangible fixed assets
77,500
65,500

Interest received
1,132
207

HP interest paid
(20,456)
(4,861)

Net cash from investing activities

(934,384)
(286,349)
Page 12

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(12,346)
(9,561)

Repayment of/new finance leases
351,770
(79,883)

Dividends paid
(181,834)
(240,000)

Interest paid
(4)
(1,088)

Net cash used in financing activities
157,586
(330,532)

Net (decrease)/increase in cash and cash equivalents
(2,084)
321,915

Cash and cash equivalents at beginning of year
1,934,120
1,612,205

Cash and cash equivalents at the end of year
1,932,036
1,934,120


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,932,036
1,934,120

1,932,036
1,934,120



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2023





At 1 November 2022
Cash flows
New finance leases
At 31 October 2023
£

£

£

£

Cash at bank and in hand

1,934,120

(2,084)

-

1,932,036

Debt due after 1 year

(27,487)

13,170

-

(14,317)

Debt due within 1 year

(9,824)

(824)

-

(10,648)

Finance leases

(114,105)

243,769

(595,539)

(465,875)


1,782,704
254,031
(595,539)
1,441,196

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

The company is limited by shares and incorporated in Scotland; Registration Number: SC100217. The registered office address is New Thistle House, The Avenue, Lochgelly, Scotland, KY5 9HG.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

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

Page 14

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
10% straight line


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of 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 liability simultaneously.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimations within the company's financial statements relates to depreciation of fixed assets. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of the fixed assets over their predicted useful lives for each specific category of fixed asset.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.
Other areas of significant estimation within the company's financial statement relate to the valuation of stock. The directors review the valuation methodology on a regular basis to ensure the carrying value of stock remains appropriate.


4.


Turnover

The whole of the turnover is attributable to building supplies.

2023
2022
£
£

Building supplies
18,613,419
19,584,317


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
8,000
7,500

Depreciation of tangible fixed assets
326,387
266,368

Other operating lease rentals
-
968

Page 18

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Employees

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


2023
2022
£
£

Wages and salaries
1,065,769
1,079,188

Social security costs
108,439
120,127

Cost of defined contribution scheme
73,642
71,616

1,247,850
1,270,931


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Number of production staff
22
21



Number of administrative staff
2
2



Number of management staff
5
5

29
28


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
157,470
279,647

Company contributions to defined contribution pension schemes
44,448
44,448

201,918
324,095


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
1,132
207

Page 19

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
4
1,088

Finance leases and hire purchase contracts
20,456
4,861

20,460
5,949


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
-
95,873

Adjustments in respect of previous periods
-
(82,136)


Total current tax
-
13,737

Deferred tax


Origination and reversal of timing differences
114,682
44,412

Changes to tax rates
-
15,737

Prior year adjustment
-
82,136

Total deferred tax
114,682
142,285


Tax on profit
114,682
156,022
Page 20

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
455,885
743,035


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
86,618
141,177

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,229
4,595

Capital allowances for year in excess of depreciation
(6,688)
(16,146)

Adjustments to tax charge in respect of prior periods
-
15,737

Adjustments to tax charge in respect of rate change
27,523
10,659

Total tax charge for the year
114,682
156,022


Factors that may affect future tax charges

In the Spring Budget 2021, the UK government announced an increase in the main corporation tax rate from 19% to 25% for profits above £250,000 with effect from 1 April 2023.


11.


Dividends

2023
2022
£
£


Equity dividends on ordinary shares
181,834
240,000

Page 21

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Intangible assets




Patents

£



Cost


At 1 November 2022
10,000



At 31 October 2023

10,000



Amortisation


At 1 November 2022
83


Charge for the year on owned assets
1,000



At 31 October 2023

1,083



Net book value



At 31 October 2023
8,917



At 31 October 2022
9,917



Page 22

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
533,467
573,603
785,519
70,031
1,962,620


Additions
65,152
313,548
613,860
-
992,560


Disposals
-
-
(463,324)
-
(463,324)



At 31 October 2023

598,619
887,151
936,055
70,031
2,491,856



Depreciation


At 1 November 2022
132,738
327,353
584,305
60,408
1,104,804


Charge for the year on owned assets
109,743
89,048
124,840
2,756
326,387


Disposals
-
-
(450,662)
-
(450,662)



At 31 October 2023

242,481
416,401
258,483
63,164
980,529



Net book value



At 31 October 2023
356,138
470,750
677,572
6,867
1,511,327



At 31 October 2022
400,729
246,250
201,214
9,623
857,816

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
68,193
96,462

Motor vehicles
504,043
83,057

572,236
179,519


14.


Fixed asset investments





Trade investments

£





At 1 November 2022
1,325




Page 23

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
845,817
830,711



16.


Debtors

2023
2022
£
£


Trade debtors
2,048,309
2,865,681

Other debtors
100,500
100,000

Prepayments and accrued income
268,415
255,668

2,417,224
3,221,349



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,932,036
1,934,120



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,648
9,824

Trade creditors
2,944,894
3,484,441

Other taxation and social security
110,980
211,508

Net obligations under hire purchase contracts
280,621
49,004

Accruals and deferred income
52,593
164,585

3,399,736
3,919,362


Net obligations under hire purchase contracts are secured by the relevant assets.

Page 24

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,317
27,487

Net obligations under hire purchase contracts
185,254
65,101

199,571
92,588


Net obligations under hire purchase contracts are secured by the relevant assets.


20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,648
9,824


10,648
9,824

Amounts falling due 1-2 years

Bank loans
10,648
10,088


10,648
10,088

Amounts falling due 2-5 years

Bank loans
3,669
17,399


3,669
17,399


24,965
37,311



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
280,621
49,004

Between 1-5 years
185,254
65,101

465,875
114,105

Page 25

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

22.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,932,036
1,934,120

Financial assets that are debt instruments measured at amortised cost
2,148,809
2,965,500

4,080,845
4,899,620


Financial liabilties


Financial liabilities measured at amortised cost
3,435,734
3,635,857


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand


Financial assets measured at amortised cost comprise trade debtors, other debtors and loans.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors and loans.


23.


Deferred taxation




2023


£






At beginning of year
(109,983)


Charged to profit or loss
(114,682)



At end of year
(224,665)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(300,737)
(109,983)

Tax losses carried forward
76,072
-

(224,665)
(109,983)

Page 26

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



15,995 (2022 - 15,995) Ordinary A shares of £1.00 each
15,995
15,995
1,850 (2022 - 1,850) Ordinary B shares of £1.00 each
1,850
1,850
555 (2022 - 555) Ordinary C shares of £1.00 each
555
555
100 (2022 - 100) Ordinary D shares of £1.00 each
100
100

18,500

18,500



25.


Reserves

Share premium account

The capital reserve includes amounts arising on the acquisition of shares.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


26.


Capital commitments


At 31 October 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
46,880
565,480


27.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,642 (2022 - £71,616). Contributions totalling £nil (2022 - £nil) were payable to the fund at the reporting date.

Page 27

 
CARTMORE BUILDING SUPPLY COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

28.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
25,000
25,000

Later than 1 year and not later than 5 years
-
25,000

25,000
50,000


29.


Related party transactions

During the year, the Company entered into the following transactions with related parties:


2023
2022
£
£

Sales to other related parties
2,850,199
3,012,147
Purchases from other related parties
514,966
507,375
Net trading balances due from other related parties
410,763
625,915
Amounts due from other related parties
100,000
100,000
3,875,928
4,245,437


Page 28