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Registration number: 04631406

Blue Bay Building Products Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Blue Bay Building Products Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 23

 

Blue Bay Building Products Limited

Company Information

Directors

Mr N J Howell

Mr M Cleverley

Mr P A Thomas

Registered office

Unit 51
Portmanmoor Road Industrial Estate
Ocean Park
Cardiff
CF24 5HB

Solicitors

Mctaggart Solicitors
St Andrew's House
24 St Andrew's Crescent
Cardiff
CF10 3DD

Auditors

LHP Auditors Ltd
Statutory Auditors
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Blue Bay Building Products Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of a specialist distributor to the construction industry

Fair review of the business

The directors are pleased with the results of the year as the turnover was comparable with the previous year, the increase being mainly attributable to increases in prices. The directors are particularly please that the gross profit margins have increased to 29% up from 27% in the previous year.

Principal risks and uncertainties

The directors are hopeful that results will continue to improve into 2025 due to the ongoing civil engineering projects that the company continues to supply.

The company is exposed to relatively low levels of financial risk and seeks to implement policies to mitigate such exposure where possible, including but not confined to regular credit risk evaluation, financial performance review and the maintenance of positive cash reserves.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr N J Howell
Director

 

Blue Bay Building Products Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr N J Howell

Mr M Cleverley

Mr P A Thomas

Financial instruments

Objectives and policies

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

Price risk, credit risk, liquidity risk and cash flow risk

In respect of the bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of the money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debts.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr N J Howell
Director

 

Blue Bay Building Products Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Blue Bay Building Products Limited

Independent Auditor's Report to the Members of Blue Bay Building Products Limited

Opinion

We have audited the financial statements of Blue Bay Building Products Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 March 2024 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Blue Bay Building Products Limited

Independent Auditor's Report to the Members of Blue Bay Building Products Limited

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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 4], 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 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.

 

Blue Bay Building Products Limited

Independent Auditor's Report to the Members of Blue Bay Building Products Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, 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 obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

Reviewing minutes of meetings of those charged with governance;

Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operation of the entity through enquiry and inspection;

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Blue Bay Building Products Limited

Independent Auditor's Report to the Members of Blue Bay Building Products Limited

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.

......................................
Mr M Williams (Senior Statutory Auditor)
For and on behalf of LHP Auditors Ltd, Statutory Auditor

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

30 October 2024

 

Blue Bay Building Products Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

18,396,359

17,599,276

Cost of sales

 

(13,042,909)

(12,747,429)

Gross profit

 

5,353,450

4,851,847

Distribution costs

 

(2,108,810)

(1,723,750)

Administrative expenses

 

(1,722,599)

(1,665,213)

Operating profit

4

1,522,041

1,462,884

Interest payable and similar expenses

5

(11,621)

(7,051)

Profit before tax

 

1,510,420

1,455,833

Tax on profit

9

(387,968)

(259,380)

Profit for the financial year

 

1,122,452

1,196,453

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Blue Bay Building Products Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

1,122,452

1,196,453

Total comprehensive income for the year

1,122,452

1,196,453

 

Blue Bay Building Products Limited

(Registration number: 04631406)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

447,747

459,528

Current assets

 

Stocks

11

1,701,686

1,634,728

Debtors

12

3,502,231

3,959,219

Cash at bank and in hand

 

2,155,461

1,368,606

 

7,359,378

6,962,553

Creditors: Amounts falling due within one year

13

(4,007,580)

(4,308,243)

Net current assets

 

3,351,798

2,654,310

Total assets less current liabilities

 

3,799,545

3,113,838

Creditors: Amounts falling due after more than one year

13

(149,225)

(142,533)

Provisions for liabilities

15

(51,843)

(45,280)

Net assets

 

3,598,477

2,926,025

Capital and reserves

 

Called up share capital

70,002

70,002

Capital redemption reserve

30,000

30,000

Retained earnings

3,498,475

2,826,023

Shareholders' funds

 

3,598,477

2,926,025

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr N J Howell
Director

 

Blue Bay Building Products Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

70,002

30,000

2,826,023

2,926,025

Profit for the year

-

-

1,122,452

1,122,452

Dividends

-

-

(450,000)

(450,000)

At 31 March 2024

70,002

30,000

3,498,475

3,598,477

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2022

70,000

30,000

2,079,570

2,179,570

Profit for the year

-

-

1,196,453

1,196,453

Dividends

-

-

(450,000)

(450,000)

New share capital subscribed

2

-

-

2

At 31 March 2023

70,002

30,000

2,826,023

2,926,025

 

Blue Bay Building Products Limited

Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,122,452

1,196,453

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

162,939

148,598

Profit on disposal of tangible assets

(26,200)

(6,686)

Finance costs

5

11,621

7,051

Income tax expense

9

387,968

259,380

 

1,658,780

1,604,796

Working capital adjustments

 

Increase in stocks

11

(66,958)

(235,294)

Decrease/(increase) in trade debtors

12

456,988

(441,750)

(Decrease)/increase in trade creditors

13

(428,425)

699,556

Cash generated from operations

 

1,620,385

1,627,308

Income taxes paid

9

(267,266)

(194,565)

Net cash flow from operating activities

 

1,353,119

1,432,743

Cash flows from investing activities

 

Acquisitions of tangible assets

(155,624)

(168,738)

Proceeds from sale of tangible assets

 

30,666

6,686

Net cash flows from investing activities

 

(124,958)

(162,052)

Cash flows from financing activities

 

Interest paid

5

(11,621)

(7,051)

Proceeds from issue of ordinary shares, net of issue costs

 

-

2

Payments to finance lease creditors

 

20,315

71,354

Dividends paid

(450,000)

(450,000)

Net cash flows from financing activities

 

(441,306)

(385,695)

Net increase in cash and cash equivalents

 

786,855

884,996

Cash and cash equivalents at 1 April

 

1,368,606

483,610

Cash and cash equivalents at 31 March

 

2,155,461

1,368,606

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Unit 51
Portmanmoor Road Industrial Estate
Ocean Park
Cardiff
CF24 5HB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention unless otherwise specified within these accounting policies.

The financial statements are presented in Sterling (£).

Revenue recognition

Turnover comprises the value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customers' place of business. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

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

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property

Over the terms of the lease

Plant & Machinery

20% Straight Line Basis

Fixtures & Fittings

20% Straight Line Basis

Motor Vehicles

20% Straight Line Basis

Office Equipment

20% Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are declared.

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

18,396,359

17,599,276

All trading activity is within the UK.

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

162,939

148,598

Profit on disposal of property, plant and equipment

(26,200)

(6,686)

5

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

11,621

7,051

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,469,423

1,408,128

Social security costs

144,888

134,990

Pension costs, defined contribution scheme

30,485

33,131

1,644,796

1,576,249

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

6

Staff costs (continued)

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

23

25

Sales

5

5

Distribution

18

19

46

49

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

-

-

-

8

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

7,500

6,500


 

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

381,405

247,266

Deferred taxation

Arising from origination and reversal of timing differences

6,563

12,114

Tax expense in the income statement

387,968

259,380

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Taxation (continued)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,510,420

1,455,833

Corporation tax at standard rate

377,605

276,608

Tax increase/(decrease) from effect of capital allowances and depreciation

10,363

(17,228)

Total tax charge

387,968

259,380

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

51,843

51,843

2023

Liability
£

Accelerated tax depreciation

45,280

45,280

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

336,808

16,010

113,972

268,744

1,022,439

1,757,973

Additions

11,467

-

10,000

-

134,157

155,624

Disposals

-

-

-

-

(68,308)

(68,308)

At 31 March 2024

348,275

16,010

123,972

268,744

1,088,288

1,845,289

Depreciation

At 1 April 2023

313,607

13,989

101,490

152,483

716,876

1,298,445

Charge for the year

12,972

1,314

4,746

25,079

118,828

162,939

Eliminated on disposal

-

-

-

-

(63,842)

(63,842)

At 31 March 2024

326,579

15,303

106,236

177,562

771,862

1,397,542

Carrying amount

At 31 March 2024

21,696

707

17,736

91,182

316,426

447,747

At 31 March 2023

23,201

2,021

12,482

116,261

305,563

459,528

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor Vehicles

273,054

235,334

   

11

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,701,686

1,634,728

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,020,617

3,289,116

Amounts owed by related parties

19

300,000

400,000

Other debtors

 

130,439

225,711

Prepayments

 

51,175

44,392

   

3,502,231

3,959,219

13

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

14

70,273

56,650

Trade creditors

 

3,261,459

3,691,728

Social security and other taxes

 

209,406

159,083

Other creditors

 

85,037

133,516

Corporation tax liability

9

381,405

267,266

 

4,007,580

4,308,243

Due after one year

 

Loans and borrowings

14

149,225

142,533

14

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

149,225

142,533

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

70,273

56,650

The aggregate value of secured creditors is £219,498(2023: £199,183) which includes vehicles purchased on hire purchase agreements where the liability is secured on the vehicles concerned.

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

45,280

45,280

Additional provisions

6,563

6,563

At 31 March 2024

51,843

51,843

The deferred tax provision arises as a result of accelerated capital allowances.

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £30,485 (2023 - £33,131).

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

70,000

70,000

70,000

70,000

Ordinary B Shares of £1 each

1

1

1

1

Ordinary C Shares of £1 each

1

1

1

1

70,002

70,002

70,002

70,002

Rights, preferences and restrictions

Ordinary Shares have the following rights, preferences and restrictions:
There are no restrictions on the distribution of dividends and the repayment of capital.

Ordinary B have the following rights, preferences and restrictions:
No voting rights

Ordinary C have the following rights, preferences and restrictions:
No voting rights

 

Blue Bay Building Products Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Obligations under leases and hire purchase contracts

Hire purchases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

70,273

56,650

Later than one year and not later than five years

149,225

142,533

219,498

199,183

19

Related party transactions

Summary of transactions with other related parties

Blue Bay Building Products Limited and Blue Bay Consolidated Investments Limited are related by virtue of common control
 Blue Bay Consolidated Investments Limited owns property from which Blue Bay Building Products Limited operates. Blue Bay Building Products are charged a market-rate rent for the use of these buildings, being £207,084 (2023: 178,542).
 Loans are unsecured and have no fixed rate of interest. The loans are repayable on demand. As at the balance sheet date, the related party owed the company £300,000 (2023: £400,000).
 

20

Limitation of liability

The members have agreed, in a general meeting on the 19th September 2024, to the auditors placing a limit on their liability in respect of audit work of £3,000,000.