Company registration number 00288407 (England and Wales)
BUILDING AND PLUMBING SUPPLIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
BUILDING AND PLUMBING SUPPLIES LIMITED
COMPANY INFORMATION
DIRECTORS
J R Dibble
D I Battin
G N Stanley
A Collins
M Cook
SECRETARY
D I Battin
COMPANY NUMBER
00288407
REGISTERED OFFICE
Tachbrook Park Drive
Tachbrook Park
Leamington Spa
Warwickshire
CV34 6RH
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
BUILDING AND PLUMBING SUPPLIES LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' responsibilities statement
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of total comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
BUILDING AND PLUMBING SUPPLIES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the Period ended 30 June 2023.

FAIR REVIEW OF THE BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.

 

Turnover and gross margin of the company were as follows:

 

2023
2021
£
£
Turnover
27,812,561
18,721,466
Gross profit
9,693,062
6,976,136
Gross profit (%)
34.85%
37.26%

The company operates builders merchants with kitchen and bathroom centres from sites in Warwickshire and Gloucestershire, with a focus on providing full project service to independent builders and the general public. The company is an active member of the National Merchant Buying Society, a buying group that supported some £2.25 billion of transactions in the 2022 calendar year for it membership.

 

Trading performance in the 18 month period to June 2023

The reported period shows stable trading as compared to the prior financial period with a reduction in gross margin as a result of absorbing inflationary cost pressures to help support customers and the long term strategy of the business. .

 

The business continued a cautious investment policy during this period focusing on promoting efficient practices and projects making the business more environmentally friendly. The prior financial period is considered as being unusually profitable due to the impact of Covid and government interventions on consumer spending in the sector as improving home environments for changing working practises was an obvious driver of demand and has continued in to the current period to a lesser extent.

 

Business Environment in the 18 month period to June 2023

The period has seen continuing supply chain management impact and price volatility from the ongoing war in Ukraine, continuing fuel price volatility, 2 substantial national living wage rises, rising Bank of England Base Rate and these factors combining to cause a cost of living crisis for some, tempering demand from others. Considering the overall net trading loss despite strong margins and the overall business conditions at the end of the period as confirmed by BMF and other industry data, the board has instigated a strategic review. All aspects of the business have been subject to this review with a focus on maintaining high levels of customer service, providing optimal product ranges, replacing and streamlining where appropriate as well as introducing new software and reporting structures to support greater control, efficiency and responsiveness. The business continues to prioritise providing a good working environment for its valued staff enabling skills development and career progression.

 

Since the period end, the business has achieved key parts of its strategic review, divesting of one branch to a trade buyer and reduced its substantial freehold property estate to improve focus on core activity and ensure high levels of liquidity are maintained.

On behalf of the board

J R Dibble
DIRECTOR
29 March 2024
BUILDING AND PLUMBING SUPPLIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2023
- 2 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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:

 

 

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.

BUILDING AND PLUMBING SUPPLIES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the Period ended 30 June 2023.

DIRECTORS

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

J R Dibble
E M Dibble
(Resigned 24 October 2023)
D I Battin
G N Stanley
A Collins
M Cook

In accordance with the Articles of Association, A Collins and M Cook will retire at the forthcoming Annual General Meeting and, being eligible, will stand for re-election.

RESULTS AND DIVIDENDS

Dividends paid during the year totalled £186,709 (2021: £169,200).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial instruments comprise cash and bank loans. The main purpose of these financial instruments is to raise finance for the company's operations and expansion plans. The company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations. The company does not enter into derivative transactions.

 

It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are interest rate risk, credit risk and liquidity risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidty risk

The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and short term deposits.

Interest rate risk

The company's exposure to market risk for changes in interest rates is limited to the company's bank loans. The additional requirement for medium to long term debt finance will be reviewed by the directors based on the company's forecast working capital requirements.

Credit risk

The company trades with only recognised, credit worthy third parties. It is the company policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is minimal.

POST REPORTING DATE EVENTS

Information relating to events since the end of the year is given in the notes to the financial statements.

AUDITOR

The auditors, J W Hinks LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

CLOSE COMPANY STATUS

The company is a close company within the meaning of the Income and Corporation Taxes Act 1988.

BUILDING AND PLUMBING SUPPLIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 4 -
On behalf of the board
J R Dibble
DIRECTOR
29 March 2024
BUILDING AND PLUMBING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUILDING AND PLUMBING SUPPLIES LIMITED
- 5 -
OPINION

We have audited the financial statements of Building and Plumbing Supplies Limited (the 'company') for the Period ended 30 June 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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:

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:

BUILDING AND PLUMBING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUILDING AND PLUMBING SUPPLIES LIMITED
- 6 -
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor's report.

BUILDING AND PLUMBING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUILDING AND PLUMBING SUPPLIES LIMITED
- 7 -
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 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.

MARCUS ROSE FCA CTA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF JW HINKS LLP
CHARTERED ACCOUNTANTS
19 HIGHFIELD ROAD
EDGBASTON
BIRMINGHAM
B15 3BH
29 March 2024
BUILDING AND PLUMBING SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
- 8 -
Period ended
Year
30 June
31 December
2023
2021
Notes
£
£
Turnover
4
27,812,561
18,721,466
Cost of sales
(18,119,499)
(11,745,330)
GROSS PROFIT
9,693,062
6,976,136
Administrative expenses
(10,536,548)
(6,119,270)
Other operating income
3,600
10,684
OPERATING (LOSS)/PROFIT
5
(839,886)
867,550
Interest payable and similar expenses
8
(209,103)
(99,986)
(LOSS)/PROFIT BEFORE TAXATION
(1,048,989)
767,564
Taxation
9
-
0
(43,000)
(LOSS)/PROFIT FOR THE FINANCIAL PERIOD
(1,048,989)
724,564
OTHER COMPREHENSIVE INCOME
Revaluation of tangible fixed assets
3,441,305
-
0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
2,392,316
724,564

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BUILDING AND PLUMBING SUPPLIES LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 9 -
2023
2021
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
12
9,329,926
6,510,756
Investments
13
21,100
21,100
9,351,026
6,531,856
CURRENT ASSETS
Stocks
14
3,175,259
2,544,919
Debtors
16
3,784,517
3,064,077
Cash at bank and in hand
4,643
4,710
6,964,419
5,613,706
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
17
(6,058,460)
(3,606,242)
Net current assets
905,959
2,007,464
TOTAL ASSETS LESS CURRENT LIABILITIES
10,256,985
8,539,320
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
19
(560,723)
(1,048,665)
PROVISIONS FOR LIABILITIES
(43,000)
(43,000)
NET ASSETS
9,653,262
7,447,655
CAPITAL AND RESERVES
Called up share capital
25
29,707
29,707
Revaluation reserve
23
3,441,305
-
0
Profit and loss reserves
6,182,250
7,417,948
TOTAL EQUITY
9,653,262
7,447,655
The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
J R Dibble
DIRECTOR
COMPANY REGISTRATION NO. 00288407
BUILDING AND PLUMBING SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
BALANCE AT 1 JANUARY 2021
29,707
-
6,862,584
6,892,291
PERIOD ENDED 31 DECEMBER 2021:
Profit and total comprehensive income for the period
-
-
724,564
724,564
Dividends
10
-
-
(169,200)
(169,200)
BALANCE AT 31 DECEMBER 2021
29,707
-
0
7,417,948
7,447,655
PERIOD ENDED 30 JUNE 2023:
Loss for the period
-
-
(1,048,989)
(1,048,989)
Other comprehensive income:
Revaluation of tangible fixed assets
-
3,441,305
-
3,441,305
Total comprehensive income for the period
-
0
3,441,305
(1,048,989)
2,392,316
Dividends
10
-
-
(186,709)
(186,709)
BALANCE AT 30 JUNE 2023
29,707
3,441,305
6,182,250
9,653,262
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 11 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

Building and Plumbing Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office and primary trading address is Tachbrook Park Drive, Tachbrook Park, Leamington Spa, Warwickshire, CV34 6RH.

1.1
ACCOUNTING CONVENTION

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 amounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

Building and Plumbing Supplies Limited is a wholly owned subsidiary of BPS Warwick Limited and the results of Building and Plumbing Supplies Limited are included in the consolidated financial statements of BPS Warwick Limited which are available from Tachbrook Park Drive, Tachbrook Park, Leamington Spa, Warwick, CV34 6RH.

The current year amounts presented in the financial statements (including the related notes) are not entirely comparable as they relate to a 18 months period to 30 June 2023. The period was extended as part of an internal reorganisation.

1.2
GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future on the grounds that their bankers have confirmed continued support. There has also been the sale of a freehold property and sale of trade and assets post year end which has improved cashflow. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 12 -
1.3
TURNOVER

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received 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.

Computer development
50% on cost
1.4
TANGIBLE FIXED ASSETS

Tangible fixed assets 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% on cost
Leasehold land and buildings
- 2% on cost
Plant and equipment
- at varying rates on cost
Motor vehicles
- 25% on cost

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 credited or charged to profit or loss.

Tangible fixed assets are initially recorded at cost other than freehold property which is valued under the revaluation model.

1.5
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company 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.

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.

1.6
STOCKS

Goods for resale are valued on a moving average basis using the cost of the stock. The year end valuation is calculated using the average cost and the physical stock held.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 13 -
1.7
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.

1.8
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 of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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.

Basic financial assets

Basic financial assets, which include debtors 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.

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 company 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 company after deducting all of its liabilities.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 14 -

Basic financial liabilities, including creditors, 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 payments 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 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 through 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 company’s contractual obligations expire or are discharged or cancelled.

1.9
EQUITY INSTRUMENTS

Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
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 profit and loss account 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 company’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.

 

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 profit and loss account, 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 when the company has 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.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.11
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 fixed 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.
1.12
RETIREMENT BENEFITS

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

1.13
LEASES

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 balance sheet 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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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 leases asset are consumed.

1.14
GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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.

CRITICAL JUDGEMENTS

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

Goods for resale are valued on a moving average basis using the cost of the stock. The year end valuation is calculated using the average cost and the physical stock held.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
- 16 -
KEY SOURCES OF ESTIMATION UNCERTAINTY

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for stock

A provision is included in the accounts for stock that has not moved in the last 12 months. Each line is categorised and an appropriate stock is provision is applied based on changes in trends and tastes.

3
CHANGE IN ACCOUNTING POLICY

During the year the company changed its accounting policy in respect of freehold property valuation from the cost model to the revaluation model. This change in policy has been done so that the financial statements can provide reliable and more relevant information.

 

4
TURNOVER AND OTHER REVENUE

An analysis of the company's turnover is as follows:

2023
2021
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Sales of building and plumbing supplies
27,812,561
18,721,466
2023
2021
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
27,812,561
18,721,466
2023
2021
£
£
OTHER REVENUE
Grants received
-
8,284

The turnover and profit before taxation are attributable to the one principal activity of the company. All the company's turnover is generated from the United Kingdom.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 17 -
5
OPERATING (LOSS)/PROFIT
2023
2021
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Government grants
-
(8,284)
Auditors' remuneration
28,068
16,400
Auditors' remuneration for non audit work
7,506
4,954
Depreciation of owned tangible fixed assets
346,366
156,180
Depreciation of tangible fixed assets held under finance leases
-
14,134
Profit/(loss) on disposal of tangible fixed assets
(21,033)
394
Amortisation of intangible assets
-
0
1,062
Cost of stocks recognised as an expense
18,119,499
11,745,330
Operating lease charges
1,358,058
840,672
6
EMPLOYEES

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

2023
2021
Number
Number
Directors
6
6
Sales and administration
123
116
129
122

Their aggregate remuneration comprised:

2023
2021
£
£
Wages and salaries
5,045,281
3,118,552
Social security costs
489,054
311,745
Pension costs
333,898
202,686
5,868,233
3,632,983
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 18 -
7
DIRECTORS' REMUNERATION
2023
2021
£
£
Remuneration for qualifying services
446,777
341,032
Company pension contributions to defined contribution schemes
46,648
38,034
493,425
379,066

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2021 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
107,017
81,161
Company pension contributions to defined contribution schemes
7,046
4,188
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2023
2021
£
£
Interest on finance leases and hire purchase contracts
10,630
9,289
Interest on bank overdrafts and loans
198,473
90,697
209,103
99,986
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 19 -
9
TAXATION
2023
2021
£
£
DEFERRED TAX
Origination and reversal of timing differences
-
0
43,000

The actual charge for the Period can be reconciled to the expected (credit)/charge for the Period based on the profit or loss and the standard rate of tax as follows:

2023
2021
£
£
(Loss)/profit before taxation
(1,048,989)
767,564
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(199,308)
145,837
Tax effect of expenses that are not deductible in determining taxable profit
78,906
3,644
Tax effect of utilisation of tax losses not previously recognised
(684)
(149,920)
Effect of change in corporation tax rate
(2,076)
-
0
Group loss surrendered
72,997
-
0
Capital allowances in excess of depreciation
50,165
439
Deferred tax movement
-
0
43,000
Taxation charge for the period
-
43,000
10
DIVIDENDS
2023
2021
£
£
Interim paid
186,709
169,200
11
INTANGIBLE FIXED ASSETS
Computer development
£
COST
At 1 January 2022 and 30 June 2023
32,700
AMORTISATION AND IMPAIRMENT
At 1 January 2022 and 30 June 2023
32,700
CARRYING AMOUNT
At 30 June 2023
-
0
At 31 December 2021
-
0
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 20 -
12
TANGIBLE FIXED ASSETS
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
COST OR VALUATION
At 1 January 2022
7,498,884
150,242
1,526,078
12,800
9,188,004
Additions
42,293
-
0
69,403
-
0
111,696
Disposals
-
0
-
0
(40,501)
-
0
(40,501)
Revaluation
1,677,055
-
0
-
0
-
0
1,677,055
Transfers
174,233
-
0
(174,233)
-
0
-
0
Impairment
(387,465)
-
0
-
0
-
0
(387,465)
At 30 June 2023
9,005,000
150,242
1,380,747
12,800
10,548,789
DEPRECIATION AND IMPAIRMENT
At 1 January 2022
1,511,719
16,955
1,146,441
2,133
2,677,248
Depreciation charged in the Period
165,751
22,541
153,274
4,800
346,366
Eliminated in respect of disposals
-
0
-
0
(40,501)
-
0
(40,501)
Revaluation
(1,764,250)
-
0
-
0
-
0
(1,764,250)
Transfers
86,780
-
0
(86,780)
-
0
-
0
At 30 June 2023
-
0
39,496
1,172,434
6,933
1,218,863
CARRYING AMOUNT
At 30 June 2023
9,005,000
110,746
208,313
5,867
9,329,926
At 31 December 2021
5,987,165
133,287
379,637
10,667
6,510,756

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2021
£
£
Plant and equipment
-
0
5,580

Included in the cost of freehold property is freehold land of £1,925,613 (31 December 2021- £1,925,613) which is not depreciated.

 

 

Land and buildings with a carrying amount of £ £9,005,000 were revalued by as follows:

 

1) Bidford - Harris Lamb Property Consultancy on 13 January 2022

2) Tachbrook Park - FHP on 15 September 2023

3) Tewksbury - Harrislamb Property Consultancy on 4 February 2021

4) Shipston - Innes England on 13 December 2023

5) Hermes Close - Innes England on 14 December 2023

 

The independent valuers were not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 23.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
12
TANGIBLE FIXED ASSETS
(Continued)
- 21 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold and and buildings
2023
2021
£
£
Cost
7,940,039
7,498,884
Accumulated depreciation
(1,822,866)
(1,511,719)
Carrying value
6,117,173
5,987,165
13
FIXED ASSET INVESTMENTS
2023
2021
£
£
Unlisted investments
21,100
21,100
MOVEMENTS IN FIXED ASSET INVESTMENTS
Shares
£
COST OR VALUATION
At 1 January 2022 and 30 June 2023
21,100
CARRYING AMOUNT
At 30 June 2023
21,100
At 31 December 2021
21,100
14
STOCKS
2023
2021
£
£
Finished goods and goods for resale
3,175,259
2,544,919
15
FINANCIAL INSTRUMENTS
2023
2021
£
£
CARRYING AMOUNT OF FINANCIAL ASSETS
Debt instruments measured at amortised cost
3,278,747
2,781,132
Equity instruments measured at cost less impairment
21,100
21,100
CARRYING AMOUNT OF FINANCIAL LIABILITIES
Measured at amortised cost
6,338,822
4,341,975
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 22 -
16
DEBTORS
2023
2021
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
2,003,420
1,495,356
Amounts owed by group undertakings
1,263,608
1,275,963
Other debtors
11,719
9,813
Prepayments and accrued income
505,770
282,945
3,784,517
3,064,077
17
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2021
Notes
£
£
Bank loans and overdrafts
18
2,384,416
1,152,901
Obligations under finance leases
20
-
0
11,736
Trade creditors
2,849,593
1,511,581
Amounts owed to group undertakings
158,914
204,185
Taxation and social security
280,361
312,932
Other creditors
133,547
67,930
Accruals and deferred income
251,629
344,977
6,058,460
3,606,242
18
LOANS AND OVERDRAFTS
2023
2021
£
£
Bank loans
879,182
1,347,385
Bank overdrafts
2,065,957
847,860
2,945,139
2,195,245
Payable within one year
2,384,416
1,152,901
Payable after one year
560,723
1,042,344

 

 

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 23 -
19
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2021
Notes
£
£
Bank loans and overdrafts
18
560,723
1,042,344
Obligations under finance leases
20
-
0
6,321
560,723
1,048,665
20
FINANCE LEASE OBLIGATIONS
2023
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
11,736
In two to five years
-
0
6,321
-
0
18,057

Finance lease payments represent rentals payable by the company 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Hire purchase liabilities are secured against the assets to which they relate.

21
SECURED DEBTS

HSBC Bank Plc hold a legal mortgage dated 6 April 2018 over the freehold property known as land at Shannon Way, Tewkesbury.

 

HSBC Bank Plc Multilateral Guarantee dated 2 June 2016 given by BPS Warwick Limited, Building Plumbing Supplies Limited, John Grimes Fencing Limited and Dibble Developments Limited.

 

HSBC Bank Plc hold a legal mortgage dated 1 December 2014 over the freehold property known as land at Tachbrook Park Estate, Leamington Spa.

 

They also hold a first legal charge dated 20 September 2011 over land lying to the South West of, Queensway, Leamington Spa.

 

They also hold a debenture including a fixed charge over all present freehold and leasehold property. First fixed charge over book and other debts, chattels, goodwill and uncalled capital. both present and future, and first floating charge over all assets and undertaking both present and future dated 19 May 2010.

 

They also hold a legal mortgage over the freehold property known as unit 5A and plot 5B, Waterloo Industrial Estate, Waterloo Road, Bidford-on-Avon, Alcester, B50 4JH dated 8 February 2019.

 

They also hold a legal charge dated 2 February 2024 over Unit 5 Hermes court and Unit 1 Shipston.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 24 -
22
DEFERRED TAXATION

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2021
BALANCES:
£
£
Accelerated Capital Allowances
43,000
43,000
There were no deferred tax movements in the Period.

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

23
REVALUATION RESERVE
2023
2021
£
£
At the beginning of the Period
-
0
-
0
Revaluation surplus arising in the Period
3,441,305
-
0
At the end of the Period
3,441,305
-
24
RETIREMENT BENEFIT SCHEMES
2023
2021
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
333,898
202,686

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

25
SHARE CAPITAL
2023
2021
£
£
ORDINARY SHARE CAPITAL
ISSUED AND FULLY PAID
29,707 Ordinary of £1 each
29,707
29,707
BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 25 -
26
OPERATING LEASE COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2021
£
£
Within one year
628,004
900,639
Between two and five years
1,380,012
1,846,367
In over five years
25,550
247,979
2,033,566
2,994,985
27
CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements:

2023
2021
£
£
Acquisition of tangible fixed assets
124,088
-
28
RELATED PARTY TRANSACTIONS

Total key management compensation for the year totalled £537,073(2021: £387,680).

The company has taken advantage of exemption of Section 33 of FRS 102 Related Party Disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

 

J R Dibble is a director of the company and purchased goods at arms length amounting to £32,436 during the period (2021: £973). At 30 June 2023 the amount due from J R Dibble was £44,892 (2021: £nil).

 

E M Dibble is a director of the company and purchased goods at arms length amounting to £316 during the period (2021: £448). At 30 June 2023 the amount due from E M Dibble was £1,760 (2021: £nil).

 

G N Stanley is a director of the company and purchased goods at arms length amounting to £154 during the period (2021: £568). At 30 June 2023 the amount due from G N Stanley was £3 (2021: £143).

 

D I Battin is a director of the company and purchased goods at arms length amounting to £295 during the period (2021: £230). At 30 June 2023 the amount due from D I Battin was £53 (2021: £14).

 

M Cook is a director of the company and purchased goods at arms length amounting to £188 during the period (2021: £1,621). At 30 June 2023 the amount due from M Cook was £98 (2021: £480).

 

A Collins is a director of the company and purchased goods at arms length amounting to £1,340 during the period (2021: £2,055). At 30 June 2023 the amount due from A Collins was £2 (2021: £85).

 

 

29
EVENTS AFTER THE REPORTING DATE

During 2024, the company sold a property for £1.2m and assets of one branch for a total of £1,532,468.

BUILDING AND PLUMBING SUPPLIES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 26 -
30
ULTIMATE CONTROLLING PARTY

The immediate parent company and controlling party is BPS Warwick Limited, a company registered in England and Wales.

 

BPS Warwick Limited is under the ultimate control of the Dibble family due to owning 100% of the issued share capital.

 

The consolidated financial statements of BPS Warwick Limited are available from their registered office, Tachbrook Park Drive, Tachbrook Park, Leamington Spa, Warwick, CV34 6RH.

 

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