IRIS Accounts Production v24.2.0.383 02727601 Board of Directors 1.1.23 31.12.23 31.12.23 the supply of landscaping products and heavyside building materials. 0 0 true false true true false false false true false A Ordinary 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 D Ordinary 1.00000 A Ordinary 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 D Ordinary 1.00000 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2022-12-31027276011ns10:Director12023-12-31027276011ns10:Director12022-12-31
REGISTERED NUMBER: 02727601 (England and Wales)






















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

ADRIAN WHITE BUILDING SUPPLIES LTD.

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


ADRIAN WHITE BUILDING SUPPLIES LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: A V White
A L Y Stockford
R White



REGISTERED OFFICE: 83 Cambridge Street
London
SW1V 4PS



REGISTERED NUMBER: 02727601 (England and Wales)



AUDITORS: George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS



BANKERS: Barclays Bank plc
PO Box 858
Wytham Court
11 West Way, Botley
Oxford
OX2 0XP

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The principal activity of the company continued to be that of supplying building materials and aggregates as well as gardening and landscaping products.

The company has a team of highly experienced and knowledgeable staff and operates from four regional depots supplying goods to its customers and runs a separate retail garden centre as well as operating its own aggregated bagging facility. Goods are either collected from site or delivered to customers using a fleet of commercial delivery vehicles.

The company owns two freehold sites, which were secured in previous years utilizing bank funding with other sites rented on short-term leases.

2023 was a year of consolidation, it was predicted to be difficult and competitive and the AWBS sales teams had a good hard look at our pricing in January and this set the tone for being able to match the previous year's turnover with a very slight increase in GP.

The directors are pleased with this performance, purchasing price increases have levelled out and the ability to negotiate better rates, especially in the second half of the year where it became more noticeable. Stock availability also got back to some sort of normality allowing the company to reduce its stock levels by about a quarter million pounds (£).

AWBS has a very hard working and loyal team, and the directors believe 2023 was a good performance all round. The immense effort from the staff has put the company in a great position to grow further in 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's key financial instruments comprise of cash at bank, bank loans and trade creditors.

The company is exposed to risks including credit risk, liquidity risk, cash flow risk, market risk, competition risk and laws and regulations risk, all of which arise from the company's normal business activities. The directors review and agree policies for managing each of these risks and they are summarised below:

Credit risk
The company monitors credit risk closely and considers that its current policies of credit checks and credit limits meet its objectives of managing exposure to credit risk.

Liquidity risk
The company closely monitors its bank balance and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due.

Cash flow risk
Remains low due to high bank balances retained and also the company's policy to take the majority of it payments upfront.

Market risk
There are no specific risks over and above those to the economy as a whole. The company monitors its stock levels constantly to ensure that goods ordered both locally or globally are delivered in good time.

Competition risk
The company regularly monitors its own prices against prices from local merchants to ensure it has competitive pricing to compete.

Laws and regulation risk
The company must adhere to the laws set by its regulators. Management ensure rules are not breached by: implementing safeguards; undergoing vigorous staff training; and using service organisations, where specialists are required.


ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
The financial key performance indicators used by the directors to assess the performance of the business are illustrated below:

12 month 13 month
Period Period
1.1.23 1.12.21
to to
31.12.23 31.12.22

Turnover 10,518,358 10,531,885
Gross profit margin 46.62% 45.94%
Net profit before tax £480,721 £245,308
Current ratio (current assets:current liabilities) 2.73 2.78
Net assets £4,044,779 £3,979,493

ON BEHALF OF THE BOARD:





A V White - Director


17th September 2024

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £ 290,860 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

A V White
A L Y Stockford
R White

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently;
-make judgements 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A V White - Director


17th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADRIAN WHITE BUILDING SUPPLIES LTD.

Opinion
We have audited the financial statements of Adrian White Building Supplies Ltd. (the 'company') for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 31st December 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADRIAN WHITE BUILDING SUPPLIES LTD.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to trade regulations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where operations of the business may curtail. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as income tax, payroll tax, VAT and deferred tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements,
(including the risk of override of controls) and determined there were no principal risks directly impacting the company's revenue and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud
- Evaluating management's controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADRIAN WHITE BUILDING SUPPLIES LTD.


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 a Report of the Auditors 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.




Andrew Fox FCA (Senior Statutory Auditor)
for and on behalf of George Hay & Company
Chartered Accountants
& Statutory Auditors
83 Cambridge Street
London
SW1V 4PS

17th September 2024

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

Period
1.12.21
Year Ended to
31.12.23 31.12.22
Notes £    £   

TURNOVER 4 10,518,358 10,531,885

Cost of sales 5,615,005 5,693,762
GROSS PROFIT 4,903,353 4,838,123

Administrative expenses 4,321,451 4,519,064
581,902 319,059

Other operating income 6,561 1,007
OPERATING PROFIT 6 588,463 320,066

Interest receivable and similar income 9,141 1,078
597,604 321,144

Interest payable and similar expenses 7 116,883 75,836
PROFIT BEFORE TAXATION 480,721 245,308

Tax on profit 8 124,575 67,929
PROFIT FOR THE FINANCIAL YEAR 356,146 177,379

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

356,146

177,379

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 4,014,995 3,696,168
4,014,995 3,696,168

CURRENT ASSETS
Stocks 12 1,518,066 1,779,595
Debtors 13 409,273 822,780
Cash at bank and in hand 828,590 816,265
2,755,929 3,418,640
CREDITORS
Amounts falling due within one year 14 1,007,994 1,230,775
NET CURRENT ASSETS 1,747,935 2,187,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,762,930

5,884,033

CREDITORS
Amounts falling due after more than one
year

15

(1,395,219

)

(1,682,719

)

PROVISIONS FOR LIABILITIES 19 (322,932 ) (221,821 )
NET ASSETS 4,044,779 3,979,493

CAPITAL AND RESERVES
Called up share capital 20 14,476 14,476
Retained earnings 4,030,303 3,965,017
SHAREHOLDERS' FUNDS 4,044,779 3,979,493

The financial statements were approved by the Board of Directors and authorised for issue on 17th September 2024 and were signed on its behalf by:





A V White - Director


ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st December 2021 14,476 4,051,598 4,066,074

Changes in equity
Dividends - (263,960 ) (263,960 )
Total comprehensive income - 177,379 177,379
Balance at 31st December 2022 14,476 3,965,017 3,979,493

Changes in equity
Dividends - (290,860 ) (290,860 )
Total comprehensive income - 356,146 356,146
Balance at 31st December 2023 14,476 4,030,303 4,044,779

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023

Period
1.12.21
Year Ended to
31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,636,386 121,328
Interest paid (97,282 ) (62,514 )
Interest element of hire purchase payments
paid

(19,601

)

(13,322

)
Tax paid (76,240 ) (367,929 )
Net cash from operating activities 1,443,263 (322,437 )

Cash flows from investing activities
Purchase of tangible fixed assets (717,078 ) (165,341 )
Interest received 9,141 1,078
Net cash from investing activities (707,937 ) (164,263 )

Cash flows from financing activities
Capital repayments in year (396,899 ) 404,062
Amount introduced by directors 87,200 4,276
Amount withdrawn by directors (122,442 ) (111,666 )
Equity dividends paid (290,860 ) (263,960 )
Net cash from financing activities (723,001 ) 32,712

Increase/(decrease) in cash and cash equivalents 12,325 (453,988 )
Cash and cash equivalents at beginning of
year

2

816,265

1,270,253

Cash and cash equivalents at end of year 2 828,590 816,265

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before taxation 480,721 245,308
Depreciation charges 396,397 350,408
Loss on disposal of fixed assets 1,854 4,669
Finance costs 116,883 75,836
Finance income (9,141 ) (1,078 )
986,714 675,143
Decrease/(increase) in stocks 261,529 (189,811 )
Decrease/(increase) in trade and other debtors 445,593 (325,697 )
Decrease in trade and other creditors (57,450 ) (38,307 )
Cash generated from operations 1,636,386 121,328

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 828,590 816,265
Period ended 31st December 2022
31.12.22 1.12.21
£    £   
Cash and cash equivalents 816,265 1,270,253


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 816,265 12,325 828,590
816,265 12,325 828,590
Debt
Finance leases (827,531 ) 338,279 (489,252 )
Debts falling due within 1 year (159,597 ) (41,169 ) (200,766 )
Debts falling due after 1 year (1,228,024 ) 99,789 (1,128,235 )
(2,215,152 ) 396,899 (1,818,253 )
Total (1,398,887 ) 409,224 (989,663 )

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Adrian White Building Supplies Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, was amortised evenly over it's estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Portable & permanent buildings - 10% on cost or 15% on reducing balance
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20 to 25% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Revenue in respect of partially completed service contracts is recognised as work in progress to reflect the partial performance of the company's contractual obligations.

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, investments, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates. The directors consider the following items to be areas subject to estimation and judgement.

Tangible fixed assets
The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively.

4. TURNOVER

The company's turnover is derived 100% from within the United Kingdom.

5. EMPLOYEES AND DIRECTORS

Staff costs (Including directors)
Year Period
1.1.231.12.21
toto
31.12.2331.12.22
££

Salary costs1,992,7502,163,717
Social security costs181,838201,573
Other pension costs202,734182,313
2,377,3222,547,603

The average number of employees during the period was:
Year Period
1.1.231.12.21
toto
31.12.2331.12.22

Directors 3 3
General staff77 80
8083

Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Directors' remuneration 61,764 40,948

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

6. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Hire of plant and machinery 31,216 43,209
Depreciation - owned assets 218,177 250,743
Depreciation - assets on hire purchase contracts 178,220 99,665
Loss on disposal of fixed assets 1,854 4,669
Auditors' remuneration 11,000 11,100

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Bank & loan interest 97,282 62,514
Hire purchase interest 19,601 13,322
116,883 75,836

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 23,464 76,240

Deferred tax 101,111 (8,311 )
Tax on profit 124,575 67,929

UK corporation tax has been charged at 23.52% (2022 - 19%).

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Profit before tax 480,721 245,308
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

113,070

46,609

Effects of:
Expenses not deductible for tax purposes 1,466 2,152
Capital allowances in excess of depreciation (89,459 ) -
Depreciation in excess of capital allowances - 27,479
Deferred tax movement 101,111 (8,311 )
Marginal relief (1,613 ) -
Total tax charge 124,575 67,929

9. DIVIDENDS
Period
1.12.21
Year Ended to
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 290,860 263,960

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 30,000
AMORTISATION
At 1st January 2023
and 31st December 2023 30,000
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

11. TANGIBLE FIXED ASSETS
Portable
Freehold & permanent Plant and
property buildings machinery
£    £    £   
COST
At 1st January 2023 2,903,370 135,885 1,028,814
Additions - - 181,705
Disposals - - -
At 31st December 2023 2,903,370 135,885 1,210,519
DEPRECIATION
At 1st January 2023 251,687 116,402 639,648
Charge for year 57,948 5,441 98,672
Eliminated on disposal - - -
At 31st December 2023 309,635 121,843 738,320
NET BOOK VALUE
At 31st December 2023 2,593,735 14,042 472,199
At 31st December 2022 2,651,683 19,483 389,166

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st January 2023 152,611 1,631,105 104,106 5,955,891
Additions - 529,125 6,248 717,078
Disposals - (7,500 ) - (7,500 )
At 31st December 2023 152,611 2,152,730 110,354 6,665,469
DEPRECIATION
At 1st January 2023 100,434 1,074,471 77,081 2,259,723
Charge for year 10,436 217,870 6,030 396,397
Eliminated on disposal - (5,646 ) - (5,646 )
At 31st December 2023 110,870 1,286,695 83,111 2,650,474
NET BOOK VALUE
At 31st December 2023 41,741 866,035 27,243 4,014,995
At 31st December 2022 52,177 556,634 27,025 3,696,168

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 186,564 369,104 555,668
Additions 49,366 493,485 542,851
At 31st December 2023 235,930 862,589 1,098,519
DEPRECIATION
At 1st January 2023 60,354 138,905 199,259
Charge for year 32,792 145,428 178,220
At 31st December 2023 93,146 284,333 377,479
NET BOOK VALUE
At 31st December 2023 142,784 578,256 721,040
At 31st December 2022 126,210 230,199 356,409

12. STOCKS
2023 2022
£    £   
Stocks 1,518,066 1,779,595

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 240,074 209,101
Directors' current accounts 114,542 82,456
Prepayments and other debtors 54,657 531,223
409,273 822,780

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 200,766 159,597
Hire purchase contracts (see note 17) 222,268 372,836
Trade creditors 332,015 440,180
Tax 23,464 76,240
Social security and other taxes 55,171 78,919
VAT 108,586 13,967
Directors' current accounts 2,564 5,720
Accrued expenses and deferred
income 63,160 83,316
1,007,994 1,230,775

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 1,128,235 1,228,024
Hire purchase contracts (see note 17) 266,984 454,695
1,395,219 1,682,719

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 200,766 159,597

Amounts falling due between one and two years:
Bank loans repayable 1-2 years 200,766 159,597

Amounts falling due between two and five years:
Bank loans repayable 2-5 years 602,298 478,790

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable > 5 years 325,171 589,637

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 222,268 372,836
Between one and five years 266,984 454,695
489,252 827,531



Non-cancellable operating
leases
2023 2022
£ £
Net obligations repayable:
Within one year 124,672 155,332
Between one and five years 230,098 339,722
In more than five years 214,434 229,482
569,204 724,536

Within the non-cancellable operating leases are land and building commitments with remaining years of 1, 3 and 19.

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,329,001 1,387,621

The company's bankers have registered a fixed charge over two freehold properties in respect of legal mortgages and a fixed and floating charge over the assets of the company securing all monies and liabilities due to the bank by the company.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 322,932 221,821

Deferred
tax
£   
Balance at 1st January 2023 221,821
Provided during year 101,111
Balance at 31st December 2023 322,932

ADRIAN WHITE BUILDING SUPPLIES LTD. (REGISTERED NUMBER: 02727601)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,666 A Ordinary £1 8,666 8,666
730 B Ordinary £1 730 730
730 C Ordinary £1 730 730
725 D Ordinary £1 725 725
725 E Ordinary £1 725 725
725 F Ordinary £1 725 725
725 G Ordinary £1 725 725
725 H Ordinary £1 725 725
725 I Ordinary £1 725 725
14,476 14,476

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st December 2023 and the period ended 31st December 2022:

2023 2022
£    £   
A V White
Balance outstanding at start of year 82,456 (19,735 )
Amounts advanced 119,686 134,369
Amounts repaid (87,600 ) (32,178 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 114,542 82,456

22. RELATED PARTY DISCLOSURES

The directors hold current accounts with the company. At 31 December 2023 the sum of £114,542 was due to the company from Mr A White (2022 - £82,456 due to the company) and the sum of £2,564 (2022 - £5,720) was due from the company to Mrs A Stockford.

During the period, advances of £119,686 (2022 - £134,369) were made to a director, Mr A White and interest totalling £1,917 (2022 - £510) was charged by the company relating to these transactions at interest rates between 2.0% - 2.5%. The maximum balance outstanding to the company from Mr White in the period was £114,542.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr A White and Ms A L Y Stockford, both directors of Adrian White Building Supplies Ltd.