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REGISTERED NUMBER: 01095798 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 December 2023

for

Worcestershire Building Supplies Ltd

Worcestershire Building Supplies Ltd (Registered number: 01095798)






Contents of the Financial Statements
for the year ended 30 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Worcestershire Building Supplies Ltd

Company Information
for the year ended 30 December 2023







DIRECTORS: Mrs J Wells
G J Wells





REGISTERED OFFICE: Oldington Trading Estate
Stourport Road
Kidderminster
Worcestershire
DY11 7QR





REGISTERED NUMBER: 01095798 (England and Wales)





ACCOUNTANTS: Pinfields Limited
Chartered Accountants
Meryll House
57 Worcester Road
Bromsgrove
Worcestershire
B61 7DN

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Balance Sheet
30 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,192,936 1,227,928

CURRENT ASSETS
Stocks 405,000 550,000
Debtors 5 117,695 310,750
Cash at bank and in hand 1,712 1,703
524,407 862,453
CREDITORS
Amounts falling due within one year 6 1,085,718 886,978
NET CURRENT LIABILITIES (561,311 ) (24,525 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

631,625

1,203,403

CREDITORS
Amounts falling due after more than one
year

7

237,400

467,704
NET ASSETS 394,225 735,699

CAPITAL AND RESERVES
Called up share capital 9 588,235 288,235
Revaluation reserve 10 615,867 615,867
Retained earnings (809,877 ) (168,403 )
SHAREHOLDERS' FUNDS 394,225 735,699

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Balance Sheet - continued
30 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:





Mrs J Wells - Director


Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements
for the year ended 30 December 2023

1. STATUTORY INFORMATION

Worcestershire 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

GOING CONCERN
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate having regard to the circumstances outlined in the notes to the accounts (See notes 13. Going Concern and 14. Post Balance sheet events)

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods
Revenue from the sale of good is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can me measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long-term leasehold property - 10% on reducing balance and Straight line over the life of the asset
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

The directors have considered the basis for including Freehold land and buildings and Long-term leasehold property in the financial statements and concluded that it would be better represent the company if the revaluation model was adopted for both classes of assets.

The directors have considered the accounting policy on depreciation of the long leasehold property and consider that a better policy is to write off on a straight line basis over the period of the lease.

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

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

2. ACCOUNTING POLICIES - continued

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable and receivable withing one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company.

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 is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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 Income Statement, 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 balance sheet date.


Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 22 ) .

4. TANGIBLE FIXED ASSETS
Long-term
leasehold Freehold Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 31 December 2022
and 30 December 2023 725,000 400,000 70,172
DEPRECIATION
At 31 December 2022 - - 43,246
Charge for year 8,055 - 6,732
At 30 December 2023 8,055 - 49,978
NET BOOK VALUE
At 30 December 2023 716,945 400,000 20,194
At 30 December 2022 725,000 400,000 26,926

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 31 December 2022
and 30 December 2023 11,959 96,583 60,407 1,364,121
DEPRECIATION
At 31 December 2022 5,056 35,958 51,933 136,193
Charge for year 1,035 15,156 4,014 34,992
At 30 December 2023 6,091 51,114 55,947 171,185
NET BOOK VALUE
At 30 December 2023 5,868 45,469 4,460 1,192,936
At 30 December 2022 6,903 60,625 8,474 1,227,928

Cost or valuation at 30 December 2023 is represented by:

Long-term
leasehold Freehold Plant and
property property machinery
£    £    £   
Valuation in 2022 420,443 89,056 -
Cost 304,557 310,944 70,172
725,000 400,000 70,172

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 - - - 509,499
Cost 11,959 96,583 60,407 854,622
11,959 96,583 60,407 1,364,121

The long-term leasehold property is included on the balance sheet at a Fair value professional valuation by Fisher German Chartered Surveyors, at 30/12/2022.

The freehold land an buildings are included on the balance sheet at a Fair value professional valuation by Fisher German Chartered Surveyors, at 30/12/2022.

See the reserves note in respect of deferred taxation on these revalued properties.

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 95,597 183,771
Other debtors - 400
Tax - 41,878
VAT - 56,285
Prepayments and accrued income 22,098 28,416
117,695 310,750

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 231,137 185,766
Other loans 65,310 49,625
Hire purchase contracts 8,591 7,805
Trade creditors 629,495 610,604
Social security and other taxes 48,659 21,574
VAT 23,702 -
Other creditors 27,699 198
Wages control account 1,848 -
Pension control account 1,027 -
Directors' current accounts 38,050 -
Accruals and deferred income 10,200 11,406
1,085,718 886,978

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,354 10,098
Bank loans - 2-5 years 6,159 16,513
Other loans - 1-2 years 72,219 65,310
Other loans - 2-5 years - 72,219
Hire purchase contracts 24,509 33,100
Directors' loan accounts 124,159 270,464
237,400 467,704

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 220,151 175,917
Bank loans 27,499 36,460
Hire purchase contracts 33,100 40,905
Commitments- Operating lease 16,782 57,059
297,532 310,341

The bank overdraft and loans are secured by charges including a debenture, mortgage and fixed and floating charges over the properties and other assets.

The hire purchase liabilities are secured on the respective fixed assets.

There is an operating lease also secured by fixed and floating charges over the properties and other assets.

As noted in the post balance sheet events note, since the year end the directors have refinanced the company and therefore various of the above charges have been satisfied and replaced with security with alternative lenders. This includes the bank loans and operating leases.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
588,235 Ordinary £1 588,235 288,235

During the year £300,000 of additional share capital was issued at par in exchange for a reduction in a long term loan owed to a director.

10. RESERVES
Revaluation
reserve
£   
At 31 December 2022
and 30 December 2023 615,867

Revaluation reserve
The long-term leasehold property and the freehold land and buildings are included on the balance sheet at Fair value professional valuations by Fisher German chartered surveyors. These revaluations have resulted in a revaluation reserve.

No adjustment has been made to the revaluation reserve to reflect the deferred taxation in respect of the properties. It is estimated that the corporation tax liability after considering indexation allowances and other taxation losses available would currently be £Nil.

Worcestershire Building Supplies Ltd (Registered number: 01095798)

Notes to the Financial Statements - continued
for the year ended 30 December 2023

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had total commitments under operating leases of £230,982 (2022 - £312,059).

12. POST BALANCE SHEET EVENTS

Since the year end the company has completed the sale of the Freehold Property and reorganised operationally such that the company now only operates out of one long leasehold site.

It has also cancelled certain operating leases and re-financed by taking out invoice finance utilising its trade debtors. The refinancing has resulted in additional charges and a debenture over the company's assets.

The directors' believe they have taken the necessary steps they believe are appropriate in order that the company can continue to meet its liabilities as they fall due. The directors' continue to explore additional refinancing opportunities to restructure the companies liabilities.

13. GOING CONCERN

The directors have taken the steps they believe are necessary for the company to continue as a going concern, These have included various significant operational and financial restructuring, the most significant aspects for which are detailed above in 'Post balance sheet events'.