Registered number
01832731
PGR Timber Ltd
Report and Financial Statements
31 March 2024
PGR Timber Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2 - 3
Strategic report 4 - 7
Energy and Carbon Report 8-11
Independent auditors' report 12-14
Income statement 15
Statement of comprehensive income 16
Statement of financial position 17
Statement of changes in equity 18
Statement of cash flows 19
Notes to the financial statements 20 - 29
PGR Timber Ltd
Company Information
Directors
G J Toomey
S Atkins
M Gunner
P R Massenhove
Mrs R B Toomey
Auditors
Desaur LLP
5 Margaret Road
Romford
Essex
RM2 5SH
Registered office
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
Registered number
01832731
PGR Timber Ltd
Registered number: 01832731
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be general builder merchants.
Dividends
The directors recommend a final dividend of £5,000,000 on the shares.
Events since the balance sheet date
There are no events after the balance sheet date that affects the financial statements.
Directors
The following persons served as directors during the year:
G J Toomey
S Atkins
M Gunner
P R Massenhove
Mrs R B Toomey
Auditors
The auditor, Desaur LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 13/11/2024 and signed on its behalf.
G J Toomey
Director
PGR Timber Ltd
Strategic Report
The directors present their Strategic Report for the fiscal year ended 31 March 2024.
PGR Timber Limited is an independent regional builder's merchant that sells and distributes building materials across the Southeast of England. This report provides an overview of the company's performance, key performance indicators (KPIs), business environment, strategy, future developments, and principal risks and uncertainties.
Fair review of the business
The company considers turnover and gross profit margin as the primary KPIs for assessing its performance. In 2024, there was a significant increase in turnover, mainly attributed to the lifting of Covid restrictions that had impacted previous years. PGR Timber currently operates ten branches throughout the Southeast (nine in Essex and one in Surrey), PGR opened a new warehouse in the Essex region during the year.
Aside from financial KPIs, the directors prioritize strong customer service and achieve it through various measures, including assigning designated points of contact for key customers, defining service level agreements (SLAs) with customers, and closely monitoring the metrics to gauge effectiveness. 
The headline key performance indicators (KPI’s) that the directors monitor with regard to financial performance are as follows: -
2024 2023 Movement %
£ £
Turnover 58,098,319 61,925,898 -6.18%
Gross profit 19,754,130 20,587,468 -4.05%
Gross profit margin 34.00% 33.25%
Profit before tax 6,835,482 8,078,410 -15.39%
The directors aim to continue and improve this performance by utilizing these KPIs while also focusing on non-financial matters such as health and safety, employee retention, staff welfare, stock management, operational efficiency, and customer satisfaction. 
Business environment, strategy and future developments
As a key supplier to the Southeast of England, PGR Timber continues to operate within the Repairs, Maintenance, Improvements, and New Build marketplace. The company intends to remain competitive in this market and seeks opportunities to acquire new sites for opening additional branches, enhancing its services to local communities.
Moreover, the company is committed to reducing its carbon footprint as mentioned in the Energy and Carbon report and investing in various platforms to enhance the online customer experience.
Principle Risks & Uncertainties
The business's principal risks and uncertainties are primarily economic and financial in nature.
Economic Risk
Economic risks arise from potential downturns in the economy, which may lead to reduced demand in both the New Build and Improvements marketplace, impacting the company's operations. To mitigate these risks, regular reviews of the company's performance are undertaken against set targets, and appropriate actions are taken to align with the prevailing economic climate. 
Financial Risk
Financial risk mainly centres on credit risk associated with trade debtors. The company takes measures to mitigate this risk by conducting credit checks, regularly reviewing credit limits, and engaging debt collection specialists when necessary. 
PGR Timber Ltd
Strategic Report (continued)
Employees, Customers and Suppliers
PGR Timber recognizes the importance of its employees, customers, and suppliers in the success of the business. The company actively engages with its employees through various channels, such as meetings, newsletters, direct contact, and open-door policies with line managers and senior staff. Key areas of focus include health and safety in the workplace, meeting customer and supplier needs to excellent standards, employee welfare, compliance, and addressing relevant issues as they arise. 
Similarly, the company maintains close contact with its customers and suppliers through personal interactions, emails, telephone calls, and the company's website and portal. Service level agreements ensure timely and high-quality interactions with both customers and suppliers, emphasizing excellent service throughout their respective journeys
SECTION 172(1) STATEMENT
Directors' statement of compliance with duty to promote success of the Company
The directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) Companies Act 2006) in the decisions taken during the year ended 31 March 2024. Further details are provided in the following paragraphs as to how these matters have been considered in the directors' decision-making, including with regard to the likely long-term consequences of decisions where applicable.
Business relationships with customers, suppliers, and partners
The directors recognize that PGR Timber Ltd.’s primary customers have traditionally been trade professionals in the construction industry. Our focus has been on providing high-quality building materials to meet the needs of these trade customers efficiently and effectively.
During the year ended 31 March 2024, the directors made a significant decision to invest in a new marketing strategy, including the development of a new website. This strategic move was aimed at expanding our customer base to include retail customers while also enhancing self-service capabilities for our existing trade customers. The directors believe that this decision will promote the long-term success of the company by diversifying our customer base and improving customer service across all segments.
The new website is designed to:
1 Attract and serve retail customers, opening up a new market segment for the company.
2 Provide self-service options for existing trade customers, improving their experience and potentially reducing operational costs.
3 Showcase our full product range more effectively to all customer types.
4 Enhance our digital presence in an increasingly online marketplace.
This decision reflects the directors' consideration of evolving market trends and customer preferences, as well as the potential for long-term growth and improved operational efficiency.
The directors continue to receive regular feedback from our trade customers through various channels, including direct interactions at our merchant locations, customer surveys, and engagement at industry events. We have also implemented mechanisms to gather feedback from our new retail customers through the website. Our customers across all segments value reliability, product quality, competitive pricing, and efficient service.
PGR Timber Ltd
Strategic Report (continued)
In addition to the new marketing strategy, the directors made a significant decision to acquire a new warehouse during the year ended 31 March 2024. This warehouse will serve as a central distribution hub for the company. The strategic investment was made with several key objectives in mind:
To improve our ability to serve both trade and retail customers more efficiently by centralising our distribution operations.
To enhance our inventory management capabilities, ensuring better product availability and reducing lead times for our customers.
To support the company's growth and expansion plans, including our move into other markets.
This decision reflects the directors' long-term view of the business, considering both the immediate benefits of bulk purchasing discounts and the long-term advantages of an optimized distribution network. It demonstrates the directors' commitment to improving our service to customers while also seeking to enhance the company's financial performance through more efficient purchasing and inventory management.
The directors maintain a strong focus on our relationships with suppliers of building materials. The new central distribution hub and bulk purchasing strategy have allowed us to strengthen these relationships further. During this period, the directors recognized the importance of these relationships in ensuring a stable supply chain, negotiating better prices through bulk purchases, and gaining access to a wider range of building products that appeal to both trade and retail customers. We have worked closely with suppliers to improve lead times and product availability, which directly benefits all our customer segments. The directors maintain a strong focus on our relationships with suppliers of building materials. During this period, the directors recognized the importance of these relationships in ensuring a stable supply chain, competitive pricing, and access to innovative building products that appeal to both trade and retail customers. We have worked closely with suppliers to improve lead times and product availability, which directly benefits all our customer segments.
Employees
The directors are committed to ensuring PGR Timber Ltd is a responsible employer, with consultation processes in place to allow views of employees to be taken into account when decisions are made that are likely to affect their interests. During the year, the Company commissioned an employee engagement survey to provide the directors with greater insights into topics of importance to our workforce.
The implementation of the new marketing strategy and website has necessitated additional training for our employees, particularly in areas of online customer service and digital sales. The Company has invested in these training programmes to ensure our workforce is well-equipped to manage the evolving nature of our business.
The directors promote a high-performance culture which includes clear articulation of business objectives and alignment with personal goals and development. The Company continues to invest in employee training and development programmes, covering areas such as customer service, product knowledge, health and safety, and now digital skills. Annual performance reviews remain a key part of our employee development process.
The Company is also committed to providing tools and resources to assist employees with the management of their health and well-being, including awareness programmes, policies and training courses relevant to the builders’ merchant industry and our expanding digital presence.
Environment and the wider community
In the year ended 31 March 2024, alongside the implementation of our new digital strategy, the directors initiated a review of our product range to identify and promote more environmentally friendly building materials to both our trade and retail customers. We also implemented measures to reduce waste and improve energy efficiency across our merchant locations and in our delivery processes.
PGR Timber Ltd
Strategic Report (continued)
The new website includes features to highlight eco-friendly products and provide information on sustainable building practices, reflecting our commitment to environmental responsibility. The Company's environmental performance is reviewed at least annually, and the directors' report includes further details of the Company's environmental initiatives and performance in the period.
Members
PGR Timber Ltd is a wholly owned subsidiary of PGR Enterprises Ltd. The directors of PGR Timber Ltd govern the company and make strategic decisions through monthly board meetings. These regular meetings serve as the primary forum for discussing and deciding on:
·         The overall strategy of the business
·         Potential new business opportunities
·         Expansion plans for our merchant network
·         Progress on our digital transformation initiatives
·         Financial performance and planning
·         Operational efficiencies and improvements
·         Alignment with the long-term objectives of our parent company, PGR Enterprises Ltd
The board meetings ensure that decisions are made collectively, drawing on the diverse expertise of all directors. This governance structure allows for thorough consideration of all relevant factors, including the interests of our parent company, employees, customers, suppliers, and other stakeholders.
The directors ensure that the interests of the parent company are aligned with the long-term sustainable growth of PGR Timber Ltd and our evolving position in the builders’ merchant industry, including our expansion into the retail market. While direct engagement with PGR Enterprises Ltd management is not part of the regular governance process, the directors remain cognizant of the parent company's strategic direction and ensure that PGR Timber Ltd.’s operations and growth plans support the overall group objectives.
PGR Timber Ltd
Energy and Carbon Report
for the year ended 31 March 2024
The environment 
Scope of disclosures 
In accordance with the Companies Act 2006 (Strategic Report and Directors' Reports) Regulations 2013 and the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (SECR), we report on our greenhouse gas (GHG) emissions as part of the annual Strategic Report. Our GHG reporting period is the same as our financial period and the previous period's figures have been provided as comparators. 
Scope 1 covers emissions from the combustion of fuel and operation of facilities owned/operated by the Company (e.g. diesel and unleaded fuel usage), and scope 2 covers emissions from purchased electricity. 
UK energy use 
Consumption in metric tonnes CO2e  Year ended  Year ended  Change 
31 March  31 March 
2024  2023 
Fuels (scope 1)  1,028.10  1,048.55  -1.95% 
Electricity (scope 2)  87.99  87.59  +0.46% 
Total consumption in metric tonnes CO2e  1,116.09  1,136.14  -1.76% 
Total energy usage in kWh  4,598,092  4,688,294  -1.92% 
Efficiency ratio
Year ended  Year ended  Change 
31 March  31 March 
2024  2023 
Total emissions in tonnes CO2e 1116.09 1136.14 -1.76% 
Number of employees 153 147 +4.01% 
Efficiency ratio in tonnes CO2e per employee 7.29 7.73 +5.69% 
Methodology 
We have followed the guidance to the SECR in making these disclosures. The methodology used to calculate our emissions is based on the UK Government's Environmental Reporting Guidelines (2013) and emission factors from the UK Government GHG Conversion Factors for Company Reporting 2023. For scope 2 emissions we have reported using the location-based method of calculation. For fuel conversions, we have used the factors provided by the UK Government GHG Conversion Factors for Company Reporting 2023. 
Our environmental commitment 
he Company has aligned its environment objectives with the wider SS&C group, and we will aspire to meet the following commitments: 
Comply with local environmental compliance obligations as they relate to our operations. 
Implement risk management systems that assess the environmental impact of our operations and seek to prevent pollution and ensure continual improvement. 
Set targets to improve our performance and encourage the implementation of energy and water efficiency and waste measures into the premises and promote waste minimisation, re-use, recovery and recycling. 
Seek to use renewable sources of energy where commercially feasible. 
In conjunction with our IT and Procurement teams, seek to source IT and office equipment which minimises energy consumption. 
Maximise the use of video conferencing applications to reduce the need to travel. 
Encourage our suppliers and business partners, to adopt good environmental practices and where appropriate, collaborate with them on solutions to mitigate our own impacts. 
Raise staff awareness of their role in adopting environmentally responsible behaviour. 
Take into consideration environmental performance and energy efficiency during the operation of our facilities including renewal of equipment; and 
Support initiatives in our local areas and collaborate with others to deliver a more sustainable future. 
This report was approved by the board and signed on its behalf:
G J Toomey
Director
13/11/2024
PGR Timber Ltd
Independent auditor's report
to the member of PGR Timber Ltd
Opinion
We have audited the financial statements of PGR Timber Ltd for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the 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 applicbale law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdon 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;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors’ with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
PGR Timber Ltd
Independent auditor's report (continued)
to the member of PGR Timber 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
PGR Timber Ltd
Independent auditor's report (continued)
to the member of PGR Timber Ltd
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 auditor’s 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.
J S Vasir
(Senior Statutory Auditor) 5 Margaret Road
for and on behalf of Romford
Desaur LLP Essex
Chartered Certified Accountants and Statutory Auditors RM2 5SH
13/11/2024
PGR Timber Ltd
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 3 58,098,319 61,925,898
Cost of sales (38,344,189) (41,338,430)
Gross profit 19,754,130 20,587,468
Administrative expenses (13,567,690) (12,952,606)
Other operating income 449,696 370,590
Operating profit 4 6,636,136 8,005,452
Gain on sale of fixed assets - 35,000
Interest receivable 199,346 37,958
Profit on ordinary activities before taxation 6,835,482 8,078,410
Tax on profit on ordinary activities 7 (1,734,394) (1,532,681)
Profit for the financial year 5,101,088 6,545,729
The Notes on pages 20 to 28 form part of these financial statements.
PGR Timber Ltd
Statement of comprehensive income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Profit for the financial year 5,101,088 6,545,729
Total comprehensive income for the year 5,101,088 6,545,729
PGR Timber Ltd
Registration number 01832731
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 8 1,465,913 1,465,662
Investment property 9 538,958 538,958
Investments 10 1,528 1,528
2,006,399 2,006,148
Current assets
Stock 11 10,268,916 9,546,583
Debtors 12 7,523,825 7,856,934
Cash at bank and in hand 6,567,519 8,554,837
24,360,260 25,958,354
Creditors: amounts falling due within one year 13 (8,277,331) (9,968,804)
Net current assets 16,082,929 15,989,550
Total assets less current liabilities 18,089,328 17,995,698
Provisions for liabilities
Deferred taxation 15 (139,347) (146,805)
Net assets 17,949,981 17,848,893
Capital and reserves
Called up share capital 16 800 800
Profit and loss account 17 17,949,181 17,848,093
Total equity 17,949,981 17,848,893
These financial statements were approved and authorised for issue by the Board on 13 November 2024
Signed on behalf of the board of directors
G J Toomey
Director
The Notes on pages 20 to 28 form part of these financial statements.
PGR Timber Ltd
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 800 - - 15,302,364 15,303,164
Profit for the financial year 6,545,729 6,545,729
Dividends (4,000,000) (4,000,000)
At 31 March 2023 800 - - 17,848,093 17,848,893
At 1 April 2023 800 - - 17,848,093 17,848,893
Profit for the financial year 5,101,088 5,101,088
Dividends (5,000,000) (5,000,000)
At 31 March 2024 800 - - 17,949,181 17,949,981
PGR Timber Ltd
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Operating profit 6,636,136 8,005,452
Adjustments for:
Depreciation 323,120 291,607
6,959,256 8,297,059
Increase in stocks (722,333) (839,617)
Decrease/(increase) in debtors 333,109 (413,437)
(Decrease)/increase in creditors (1,117,384) 836,109
5,452,648 7,880,114
Interest received 199,346 37,958
Corporation tax paid (2,311,028) (1,020,000)
Cash generated by operating activities 3,340,966 6,898,072
Investing activities
Payments to acquire tangible fixed assets (323,371) (459,864)
Proceeds from sale of tangible fixed assets - 35,000
Cash used in investing activities (323,371) (424,864)
Financing activities
Equity dividends paid (5,000,000) (4,000,000)
Capital element of finance lease payments (2,611) 2,611
Cash used in financing activities (5,002,611) (3,997,389)
Net cash (used)/generated
Cash generated by operating activities 3,340,966 6,898,072
Cash used in investing activities (323,371) (424,864)
Cash used in financing activities (5,002,611) (3,997,389)
Net cash (used)/generated (1,985,016) 2,475,819
Cash and cash equivalents at 1 April 8,552,535 6,076,716
Cash and cash equivalents at 31 March 6,567,519 8,552,535
Cash and cash equivalents comprise:
Cash at bank 6,567,519 8,554,837
Bank overdrafts 13 - (2,302)
6,567,519 8,552,535
PGR Timber Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS102'), and with the Companies Act 2006.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not depreciated
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impariment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit and loss
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the latest cost.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the laibility simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are clasiified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using effective interest method.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).

Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors have made a 10% provision for stock obsolescence in the financial statements consistent with previous years. The directors review this regularly and believe it to be an accurate provision based on their knowledge of the business and industry in which it operates.
3 Analysis of turnover 2024 2023
£ £
Builders merchant 57,885,566 61,761,798
Services rendered 212,753 164,100
58,098,319 61,925,898
By geographical market:
UK 58,098,319 61,925,898
4 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 323,120 291,607
Operating lease rentals - plant and machinery 751,691 673,583
Operating lease rentals - land and buildings 1,020,748 1,800,814
Auditors' remuneration for audit services 7,750 7,750
Carrying amount of stock sold 39,066,522 42,178,047
Auditor's remuneration
Fess payable to the company's auditors and associates
For audit services
Audit of the financial statements of the company 7,750 7,750
5 Directors' emoluments 2024 2023
£ £
Emoluments 878,204 866,471
Highest paid director:
Emoluments 344,769 443,379
6 Staff costs 2024 2023
£ £
Wages and salaries 6,585,499 6,575,405
Social security costs 688,868 722,279
Other pension costs 141,921 129,002
7,416,288 7,426,686
Average number of employees during the year Number Number
Administration 24 21
Distribution 85 80
Sales 37 46
146 147
7 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 1,715,824 1,547,940
Adjustments in respect of previous periods 26,028 -
1,741,852 1,547,940
Deferred tax:
Origination and reversal of timing differences (7,458) (15,259)
Tax on profit on ordinary activities 1,734,394 1,532,681
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 6,835,482 8,078,410
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 1,708,871 1,534,898
Effects of:
Expenses not deductible for tax purposes 10,953 7,976
Capital allowances for period in excess of depreciation (4,000) 5,066
Adjustments to tax charge in respect of previous periods 26,028 -
Current tax charge for period 1,741,852 1,547,940
8 Property plant and equipment
Land and buildings Plant and machinery Total
At cost At cost
£ £ £
Cost or valuation
At 1 April 2023 1,147,708 3,681,050 4,828,758
Additions 59,454 263,917 323,371
At 31 March 2024 1,207,162 3,944,967 5,152,129
Depreciation
At 1 April 2023 397,044 2,966,052 3,363,096
Charge for the year 42,292 280,828 323,120
At 31 March 2024 439,336 3,246,880 3,686,216
Carrying amount
At 31 March 2024 767,826 698,087 1,465,913
At 31 March 2023 750,664 714,998 1,465,662
9 Investment property 2024
£
Valuation
At 1 April 2023 538,958
At 31 March 2024 538,958
The historic cost of investment properties was £538,958 (2023- £538,958)
The freehold investment properties values are considered by the director, Mr Toomey, annually. Based on his knowledge of similar local commercial properties, Mr Toomey do not consider it necessary to carry out a revaluation at the financial year end as the market value is not believed to be materially different to the carrying amount at the year end.
10 Investments 2024 2023
£ £
Unlisted investments 1,528 1,528
11 Stocks 2024 2023
£ £
Finished goods and goods for resale 10,268,916 9,546,583
The difference between purchase price or production cost of stocks and their replacement cost is not material.
12 Debtors 2024 2023
£ £
Trade debtors 4,700,468 4,730,677
Amounts owed by group undertakings and undertakings in which the company has a participating interest 648,669 1,698,669
Other debtors 1,168,449 1,035,413
Prepayments and accrued income 1,006,239 392,175
7,523,825 7,856,934
13 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts - 2,302
Obligations under finance lease and hire purchase contracts - 2,611
Trade creditors 5,886,758 6,361,780
Corporation tax 1,015,397 1,584,573
Other taxes and social security costs 36,804 314,083
Other creditors 1,237,770 1,548,944
Accruals and deferred income 100,602 154,511
8,277,331 9,968,804
There is a fixed and floating charge on the assets of the company to the benefit of National Westminster Bank for the company's banking facility.
14 Obligations under finance leases and hire purchase 2024 2023
contracts £ £
Amounts payable:
Within one year - 2,611
15 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 139,347 146,805
At 1 April 146,805 162,064
Credited to the profit and loss account (7,458) (15,259)
At 31 March 139,347 146,805
Tax rate at 25% (2023-25%) was applied to deferred tax calculation in line with corporation tax rate increase.
16 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 800 800 800
17 Profit and loss account 2024 2023
£ £
At 1 April 17,848,093 15,302,364
Profit for the financial year 5,101,088 6,545,729
Dividends (5,000,000) (4,000,000)
At 31 March 17,949,181 17,848,093
18 Dividends 2024 2023
£ £
Equity-ordinary
Final paid £6,250 (2023-£5,000) per ordinary share 5,000,000 4,000,000
19 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
2024 2023
£ £
Falling due:
within one year 1,561,504 2,002,049
within two to five years 7,713,258 7,668,665
in over five years 3,468,500 4,380,879
12,743,262 14,051,593
20 Related party transactions 2024 2023
£ £
G J Toomey
Amount due (to) from the director. NIL NIL
Laindon Trading LLP
During the period, Laindon Trading LLP, a connected company provided management services for serviced accommodation, staff, plant and vehicles hire to the company. The total value of such transactions amounted to £8,137,978 (2023-£8,002,690)
Amount due (to) from the related party (168,398) 121,462
PGR Enterprises Ltd
During the period, the company paid dividends of £5,000,000 (2023- £4,000,000) to PGR Enterprises Ltd, the parent company.
Amount due from (to) the related party 648,669 1,698,669
Connect Plumbing & Heating Supplies Ltd
During the year, the company charged management fees of £212,753 (2023-£164,100) to Connect Plumbing & Heating Supplies Ltd, a fellow subsidiary.
During the year, sales and purchases were made between the two companies amounting to £359,558 and £46,643 (2023 - £316,335 and £1,203) respectively.
Amount due from (to) the related party 25,729 72,758
21 Controlling party
The ultimate controlling party of the company is Mr G J Toomey by virtue of his 100% holding in PGR Enterprises Ltd.
22 Presentation currency
The financial statements are presented in Sterling which is the functional currency of the Company. Monetary amounts in these fiancial statements are rounded to the nearest £.
23 Legal form of entity and country of incorporation
PGR Timber Ltd is a limited company incorporated in England.
Registration number 01832731
24 Principal place of business
The address of the company's principal place of business and registered office is:
Courtauld House
Courtauld Road
Basildon
Essex
SS13 1RZ
PGR Timber Ltd 01832731 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 01832731 2022-04-01 2023-03-31 01832731 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01832731 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 01832731 countries:UnitedKingdom 2022-04-01 2023-03-31 01832731 core:OwnedAssets 2022-04-01 2023-03-31 01832731 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-04-01 2023-03-31 01832731 core:LandBuildingsUnderOperatingLeases 2022-04-01 2023-03-31 01832731 bus:HighestPaidDirector 2022-04-01 2023-03-31 01832731 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01832731 core:WithinOneYear 2023-03-31 01832731 core:ShareCapital 2023-03-31 01832731 core:RetainedEarningsAccumulatedLosses 2023-03-31 01832731 core:SharePremium 2023-03-31 01832731 core:OtherReservesSubtotal 2023-03-31 01832731 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01832731 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01832731 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01832731 core:MoreThanFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01832731 core:AllPeriods core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-03-31 01832731 2022-03-31 01832731 core:ShareCapital 2022-03-31 01832731 core:SharePremium 2022-03-31 01832731 core:OtherReservesSubtotal 2022-03-31 01832731 core:RetainedEarningsAccumulatedLosses 2022-03-31 01832731 2023-04-01 2024-03-31 01832731 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01832731 bus:Audited 2023-04-01 2024-03-31 01832731 bus:Director1 2023-04-01 2024-03-31 01832731 bus:Director3 2023-04-01 2024-03-31 01832731 bus:Director4 2023-04-01 2024-03-31 01832731 bus:Director5 2023-04-01 2024-03-31 01832731 1 2023-04-01 2024-03-31 01832731 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01832731 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 01832731 1 2023-04-01 2024-03-31 01832731 2 2023-04-01 2024-03-31 01832731 countries:UnitedKingdom 2023-04-01 2024-03-31 01832731 core:OwnedAssets 2023-04-01 2024-03-31 01832731 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-04-01 2024-03-31 01832731 core:LandBuildingsUnderOperatingLeases 2023-04-01 2024-03-31 01832731 bus:HighestPaidDirector 2023-04-01 2024-03-31 01832731 core:LandBuildings 2023-04-01 2024-03-31 01832731 core:VehiclesPlantMachinery 2023-04-01 2024-03-31 01832731 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01832731 countries:England 2023-04-01 2024-03-31 01832731 bus:FRS102 2023-04-01 2024-03-31 01832731 bus:FullAccounts 2023-04-01 2024-03-31 01832731 2024-03-31 01832731 core:WithinOneYear 2024-03-31 01832731 core:ShareCapital 2024-03-31 01832731 core:RetainedEarningsAccumulatedLosses 2024-03-31 01832731 core:SharePremium 2024-03-31 01832731 core:OtherReservesSubtotal 2024-03-31 01832731 core:LandBuildings 2024-03-31 01832731 core:VehiclesPlantMachinery 2024-03-31 01832731 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01832731 bus:OrdinaryShareClass1 2024-03-31 01832731 core:WithinOneYear core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01832731 core:BetweenOneFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01832731 core:MoreThanFiveYears core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01832731 core:AllPeriods core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-03-31 01832731 2023-03-31 01832731 core:LandBuildings 2023-03-31 01832731 core:VehiclesPlantMachinery 2023-03-31 iso4217:GBP iso4217:GBP xbrli:shares xbrli:pure xbrli:shares