Registered number
12437168
BUILDSTOP LIMITED
Report and Financial Statements
31 December 2023
BUILDSTOP LIMITED
Company Information
Directors
Mrs Tatiana Fomcenko (appointed 01/01/2023)
Mr Gerhards Rekke
Mr Aleksejs Sepelis
Auditors
Adam & Co Accountancy Ltd
Chartered Certified Accountants
1 Edmund Street
Bradford
West Yorkshire
BD5 0BH
Bankers
HSBC
PO Box 68
130 New Street
Birmingham
West Midlands
B2 4JU
Registered office
65 Faringdon Avenue
Romford
London
RM3 8ST
Registered number
12437168
BUILDSTOP LIMITED
Registered number: 12437168
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be selling timber and building materials.
Directors
The following persons served as directors during the year:
Mrs Tatiana Fomcenko
Mr Gerhards Rekke
Mr Aleksejs Sepelis
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 23 July 2024 and signed on its behalf.
Mrs Tatiana Fomcenko
Director
BUILDSTOP LIMITED
Strategic Report
for the year ended 31 December 2023
The directors present their strategic report and the financial statements for the year ended.
Business review
The company's principle activity continued to be that of retailing wood and building
materials.
The company is favourably placed in a very competitive market. It continues to supply
quality goods to its customer based throughout the UK. The company is continually improving
its products to increase market share.
Turnover for the 12 month period to 31 December 2023 improved compared to the previous year.
The company continues to maintain its current market share.
Principal risks and uncertainties
The directors of the business recognise the commercial environment is expected to be challenging
with profitability being affected by competition, inflationary pressures, the cost of living crises and the
impact of the interest rate rises on consumer spending.
The company is exposed to the usual commercial and supply chain risk associated with its
operations. The company has policies in place to manage these risk as follows:
Commercial risk- Actively investing in technology and purchasing process to make economies and
retain price competitiveness and quality product offerings against other retailers.
Supply chain risk- The company has exclusive agreements in place to protect future supplies.
Financial risk-The company has simple borrowings from the bank and therefore it's not exposed
to the price risk of any financial instruments.
Financial key performance indicators
The key performance indicators on which the company basis its financial evaluations are: Turnover,
gross profits, distribution costs, employment cost and net profits.
2023 2022
£ £
Turnover 15,852,137 14,006,138
Gross profit margin has reduced because of rising costs of suppplies. 33% 35%
Distribution costs percentage is the same. 7% 7%
Net profit before tax has fallen because of the rising costs of utilities/running costs 600,752 1,327,151
Employment costs percentage 13% 12%
This report was approved by the board on 23 July 2024 and signed on its behalf.
Mrs Tatiana Fomcenko
Director
BUILDSTOP LIMITED
Independent auditor's report
to the members of BUILDSTOP LIMITED
Opinion
We have audited the financial statements of BUILDSTOP LIMITED (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position, 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).This is the company's first audited period and we did not audit the corressponding periods.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis 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 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, 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design edures 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: * Review of systems and procedures in place * Sampling records and *Analytical review. We identify and assess the risks of
material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit
procedures response to those risks, cluding obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following; • The nature of the company, the environment in which it operates and the control procedures implemented by management/directors; and • Our enquiries of management about their identification and assessment of the risks of irregularities. Based on our understanding of the company and the sector we identified that the principal risks of non compliance with laws and regulations related to, but were not limited to; • Regulations and legislation pertinent to the company’s operations; We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and Taxation Act. We evaluated management and directors’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to; • Posting inappropriate journal entries. Audit response to the risks entified; Our procedures to respond to the risks identified included the following; • Gaining an nderstanding of the legal and regulatory framework applicable to the company and the sector in which it operates; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • Enquiring of management concerning actual and potential litigation and claims; • Reading minutes of meetings of those charged with governance; • In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. 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 for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
Shahbaz Munir (FCCA)
(Senior Statutory Auditor) 1 Edmund Street
for and on behalf of Bradford
Adam & Co Accountancy Ltd West Yorkshire
Statutory Auditor BD5 0BH
23 July 2024
BUILDSTOP LIMITED
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 2 15,852,137 14,006,138
Cost of sales (10,694,357) (9,084,614)
Gross profit 5,157,780 4,921,524
Distribution costs (1,083,303) (947,661)
Administrative expenses (3,425,263) (2,620,154)
Operating profit 3 649,214 1,353,709
Interest receivable 5,539 832
Interest payable 5 (54,001) (27,390)
Profit on ordinary activities before taxation 600,752 1,327,151
Tax on profit on ordinary activities 6 (156,239) (222,012)
Profit for the financial year 444,513 1,105,139
BUILDSTOP LIMITED
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 7 1,055,631 390,936
Investments 8 322,000 -
1,377,631 390,936
Current assets
Stocks 9 1,889,550 2,400,962
Debtors 10 890,060 385,935
Cash at bank and in hand 370,110 433,966
3,149,720 3,220,863
Creditors: amounts falling due within one year 11 (1,932,968) (1,367,748)
Net current assets 1,216,752 1,853,115
Total assets less current liabilities 2,594,383 2,244,051
Creditors: amounts falling due after more than one year 12 (562,735) (507,237)
Provisions for liabilities
Deferred taxation 14 (10,321) -
Net assets 2,021,327 1,736,814
Capital and reserves
Called up share capital 15 20,000 20,000
Profit and loss account 16 2,001,327 1,716,814
Total equity 2,021,327 1,736,814
- -
Mrs Tatiana Fomcenko
Director
Approved by the board on 23 July 2024
BUILDSTOP LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over zero years 0%
Plant and machinery over 5 years 20%
Fixtures, fittings, tools and equipment over 5 years 20%
Motor vehicles over 5 years 20%
Computer equipment over 5 years 20%
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2023 2022
£ £
Sale of goods 15,852,137 14,006,138
By geographical market:
UK 15,852,137 14,006,138
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 175,448 80,163
Auditors' remuneration for audit services 17,500 -
Carrying amount of stock sold (purchases plus opening stock) 12,583,907 11,485,576
4 Staff costs 2023 2022
£ £
Wages and salaries 1,903,448 1,614,041
Social security costs 165,441 141,316
Other pension costs 9,824 9,568
2,078,713 1,764,925
Average number of employees during the year Number Number
68 62
68 62
5 Interest payable 2023 2022
£ £
Bank loans and overdrafts 23,755 16,312
Finance charges payable under finance leases and hire purchase contracts 30,246 11,078
54,001 27,390
6 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 156,239 222,012
Tax on profit on ordinary activities 156,239 222,012
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 600,752 1,327,151
Standard rate of corporation tax in the UK 20% 20%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 120,150 265,430
Effects of:
Expenses not deductible for tax purposes 36,089 (43,418)
Current tax charge for period 156,239 222,012
Factors that may affect future tax charges
Tax rate changes and capital allowance changes.
7 Tangible fixed assets Land and buildings Plant and machinery Fixtures, fittings, tools and equipment Motor vehicles
At cost/ leasehold At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 January 2023 17,148 - 164,468 294,325
Additions 403,910 300,161 136,072 -
At 31 December 2023 421,058 300,161 300,540 294,325
Depreciation
At 1 January 2023 - - 41,558 52,072
Charge for the year 7,517 30,124 76,228 58,864
At 31 December 2023 7,517 30,124 117,786 110,936
Carrying amount
At 31 December 2023 413,541 270,037 182,754 183,389
At 31 December 2022 17,148 - 122,910 242,253
Computers Total
£ £
Cost or valuation
At 1 January 2023 14,058 489,999
Additions - 840,143
Disposals - -
At 31 December 2023 14,058 1,330,142
Depreciation
At 1 January 2023 5,433 99,063
Charge for the year 2,715 175,448
On disposals - -
At 31 December 2023 8,148 274,511
Carrying amount
At 31 December 2023 5,910 1,055,631
At 31 December 2022 8,625 390,936
8 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2023 - - -
Additions - 322,000 322,000
Disposals - - -
At 31 December 2023 - 322,000 322,000
9 Stocks 2023 2022
£ £
Finished goods and goods for resale 1,889,550 2,400,962
10 Debtors 2023 2022
£ £
Trade debtors 163,122 154,760
Other debtors (due after more than one year) 191,342 159,622
Prepayments and accrued income 535,596 71,553
890,060 385,935
11 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,406,179 881,926
Corporation tax 156,239 173,346
Other taxes and social security costs 209,449 143,917
Other creditors 126,301 133,759
Accruals and deferred income 34,800 34,800
1,932,968 1,367,748
12 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 196,775 274,165
Obligations under finance lease and hire purchase contracts 365,960 184,406
Other creditors - 48,666
562,735 507,237
13 Obligations under finance leases and hire purchase 2023 2022
contracts £ £
Amounts payable:
Within two to five years 365,960 184,406
14 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 10,321 -
2023 2022
£ £
Charged to the profit and loss account 10,321 -
At 31 December 10,321 -
15 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £200 each 100 20,000 20,000
16 Profit and loss account 2023 2022
£ £
At 1 January 1,716,814 922,666
Profit for the financial year 444,513 1,105,139
Dividends (160,000) (310,991)
At 31 December 2,001,327 1,716,814
17 Dividends 2023 2022
£ £
Dividends on ordinary shares (note 16) 160,000 310,991
18 Presentation currency
The financial statements are presented in Sterling.
19 Legal form of entity and country of incorporation
BUILDSTOP LIMITED is a private company limited by shares and incorporated in England.
20 Principal place of business
The address of the company's principal place of business and registered office is:
65 Faringdon Avenue
Romford
London
RM3 8ST
21 Reconciliations on adoption of FRS 102
Profit and loss for the year ended 31 December 2022 £
Profit under former UK GAAP 1,105,139
Profit under FRS 102 1,105,139
Balance sheet at 31 December 2022 £
Equity under former UK GAAP 1,736,814
Equity under FRS 102 1,736,814
Balance sheet at 1 January 2022 £
Equity under former UK GAAP -
Equity under FRS 102 -
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