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Registered number: 04493268













          Traditional Brick & Stone Ltd
          Annual Report and Financial Statements
          For the year ended 30 June 2024















           img04ea.png

 
Traditional Brick & Stone Ltd
 
 
Company Information


Directors
T Robinson 
D Sims 
A Robinson 
S Sirianni 




Company secretary
S Sirianni



Registered number
04493268



Registered office
Park View House
Bow Street

Rugeley

Staffordshire

WS15 2DG




Independent auditor
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
Traditional Brick & Stone Ltd
 

Contents



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 27

 
Traditional Brick & Stone Ltd
 
 
Strategic report
For the year ended 30 June 2024

Introduction
 
The Directors present their strategic report for the year ended 30 June 2024.

Business review
 
Post COVID, the business experienced 2 very successful years in 2021 and 2022. The UK construction industry has always been prone to peaks and troughs and from 2023, the market suffered a contraction which has been one of the most severe that we have ever experienced. Looking at UK brick deliveries, there was a decrease of 32.5% in December 2023 compared to December 2022, according to the seasonally adjusted figures. This created the drop off in volumes not only because of the market conditions but also due to fact that our competitors heavily discounted their prices to try to keep their factories operational. 
Despite these challenges the Directors are pleased with the overall performance. With careful stock control and the development of several new products to cope with changing market demands, TBS is ideally positioned to take advantage of the market uplift forecasted for 2025.

Principal risks and uncertainties
 
Principal risks include financial, credit, exchange rate risk as well as competition and pressures and demands on the supply chain.  The Company’s financial reporting, monitoring of KPI’s and tight cost control will allow it to manage the risks posed.
The Board maintain a healthy working capital balance to ensure it is not reliant on the need for funding and so that it can respond quickly to demand. Credit risk and exchange rates are closely monitored to mitigate the exposure as much as possible. The Company sees to minimise these risks with the use of foregin currency forward contracts. 

Financial key performance indicators
 
The Directors use both turnover and gross margin as key performance indicators to monitor the performance of the Company against prior years and competitors and the Directors are pleased with the overall performance of the Company when measured against these indicators.

Other key performance indicators
 
The Directors closely monitor complaints and returns to ensure that high quality and customer service are maintained. 

Directors' statement of compliance with duty to promote the success of the Company
 
The Directors, present their statement of compliance with the duty under Section 172(1) of the Companies Act 2006 for the year ended 30 June 2024. This statement, forming part of the Company's strategic report, aims to provide stakeholders with an understanding of the Directors' decision-making processes and their dedication to the long-term success of the Company.
 
Page 1

 
Traditional Brick & Stone Ltd
 

Strategic report (continued)
For the year ended 30 June 2024

Understanding the Impact of their decisions on Stakeholders
The Directors' dual roles as both managers and owners uniquely position them to align the Company’s strategies with shareholder interests while considering the broader implications for all stakeholders. These stakeholders include employees, customers, suppliers, local communities, and the environment.
Engagement with Employees
The Directors have continued to invest in the workforce, recognising that the employees are integral to the success of the business. The Direcotrs have implemented training and development programs to ensure that the team has the skills and knowledge necessary to excel in their roles. Regular internal communications have been used to understand and address any concerns of our staff.
Relationships with Suppliers, Customers, and Partners
The Company has maintained strong relationships with its suppliers and customers, ensuring that it conducts business in a fair and ethical manner. Focus this year has been on enhancing our supply chain efficiencies, especially to ensure timely and reliable delivery of bricks.
Community and Environmental Considerations
The Directors are committed to responsible business practices, acknowledging the impact of the Company's operations on local communities and the environment. Their efforts include community engagement and environmentally friendly practices.
Long-Term Decisions for Shareholder Value
Directors strategic decisions are focused on enhancing shareholder value. This includes driving operational efficiencies, exploring new market opportunities, and ensuring sustainable growth.
Ethical Conduct and Reputation
The Company upholds high standards of integrity and ethical conduct. Robust policies are in place to ensure compliance with legal and regulatory standards, which are regularly reviewed and updated as necessary.
Engagement with Stakeholders
While their position as Directors provides comprehensive control over Company decisions, they place high value on the feedback and interests of all stakeholders, including employees, customers, and the communities they serve.
In every decision made throughout the year, the Directors have been mindful of the long-term implications, prioritising the success of Traditional Brick & Stone Ltd, the wellbeing of their employees, the strength of their business relationships, and their environmental and community impact.
This statement is made by the Directors in accordance with their duties under Section 172(1) of the Companies Act 2006.


This report was approved by the board on 28 March 2025 and signed on its behalf.



___________________________
S Sirianni
Director
Page 2

 
Traditional Brick & Stone Ltd
 
 
Directors' report
For the year ended 30 June 2024

The Directors present their report and the financial statements for the year ended 30 June 2024.

Principal activity

The principal activity of the Company is the wholesale of brick and stone materials.

Results and dividends

The profit for the year, after taxation, amounted to £2,053,427 (2023 -£5,349,733).

The Directors have approved the payment of an interim dividend amounting to £2,400,000 (2023 - £2,400,000). The Directors do not propose a final dividend (2023 - £Nil).

Directors

The Directors who served during the year were:

T Robinson 
D Sims 
A Robinson 
S Sirianni 

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;
make judgments and accounting 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 3

 
Traditional Brick & Stone Ltd
 
 
Directors' report (continued)
For the year ended 30 June 2024

Future developments

Although the business is a wholly owned subsidiary of TBS Group Holdings Ltd, the Directors have no plans to change the direction of the business in the near future. They are satisfied with the results of the business and feel confident that this can be maintained.

Matters covered in the Strategic report

The following diclosures as required by S414C(11) have been elevated to the Strategic Report:
- Principal risks and uncertainties
- Engagement with suppliers, customers and others

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Dains Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 March 2025 and signed on its behalf.
 





___________________________
S Sirianni
Director
Page 4

 
Traditional Brick & Stone Ltd
 
 
Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd

Opinion


We have audited the financial statements of Traditional Brick & Stone Ltd (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 30 June 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'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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
Traditional Brick & Stone Ltd
 
 
Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd (continued)

Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 6

 
Traditional Brick & Stone Ltd
 
 
Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd (continued)

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the senior statutory auditor ensured that the engagement team collectively had the appropriate                                                      competence, capabilities and skills to identify or recognise non-compliance with applicable laws and                                     regulations;
• we identified the laws and regulations applicable to the Company through discussions with Directors and                           other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the                                financial statements or the operations of the company, including the financial reporting legislation, Companies                                     Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and  safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making                         enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team  remained alert                            to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their                         knowledge of actual, suspected and alleged fraud;and 
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and                           regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were                           indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors.

 
Page 7

 
Traditional Brick & Stone Ltd
 
 
Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Julian Townsend FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
Dains Audit Limited
 
Statutory Auditor  
Chartered Accountants
  
Birmingham

28 March 2025
Page 8

 
Traditional Brick & Stone Ltd
 
 
Statement of comprehensive income
For the year ended 30 June 2024

2024
2023
Note
£
£

  

Turnover
 4 
28,395,114
37,389,398

Cost of sales
  
(21,587,713)
(26,692,245)

Gross profit
  
6,807,401
10,697,153

Administrative expenses
  
(4,038,001)
(3,941,236)

Operating profit
 5 
2,769,400
6,755,917

Interest receivable and similar income
 9 
1,732
1,017

Interest payable and similar expenses
 10 
(1,008)
(48)

Profit before tax
  
2,770,124
6,756,886

Tax on profit
 11 
(716,697)
(1,407,153)

Profit for the financial year
  
2,053,427
5,349,733

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 27 form part of these financial statements.
Page 9

 
Traditional Brick & Stone Ltd
Registered number:04493268

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 13 
615,200
437,860

Current assets
  

Stocks
 14 
5,094,608
7,668,449

Debtors: amounts falling due within one year
 15 
11,326,192
11,026,746

Cash at bank and in hand
 16 
1,719,697
1,098,206

  
18,140,497
19,793,401

Creditors: amounts falling due within one year
 17 
(2,907,327)
(4,030,318)

Net current assets
  
 
 
15,233,170
 
 
15,763,083

Total assets less current liabilities
  
15,848,370
16,200,943

Provisions for liabilities
  

Deferred tax
 18 
(38,000)
(44,000)

Net assets
  
15,810,370
16,156,943


Capital and reserves
  

Called up share capital 
 19 
30
30

Profit and loss account
 20 
15,810,340
16,156,913

  
15,810,370
16,156,943


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




___________________________
S Sirianni
Director

The notes on pages 12 to 27 form part of these financial statements.
Page 10

 
Traditional Brick & Stone Ltd
 

Statement of changes in equity
For the year ended 30 June 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
30
16,156,913
16,156,943


Comprehensive income for the year

Profit for the year
-
2,053,427
2,053,427
Total comprehensive income for the year
-
2,053,427
2,053,427


Contributions by and distributions to owners

Dividends paid
-
(2,400,000)
(2,400,000)


Total transactions with owners
-
(2,400,000)
(2,400,000)


At 30 June 2024
30
15,810,340
15,810,370



Statement of changes in equity
For the year ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
30
13,207,180
13,207,210


Comprehensive income for the year

Profit for the year
-
5,349,733
5,349,733
Total comprehensive income for the year
-
5,349,733
5,349,733


Contributions by and distributions to owners

Dividends paid
-
(2,400,000)
(2,400,000)


Total transactions with owners
-
(2,400,000)
(2,400,000)


At 30 June 2023
30
16,156,913
16,156,943


The notes on pages 12 to 27 form part of these financial statements.
Page 11

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

Traditional Brick & Stone Ltd is a private company, limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given in the company information section.
The nature of the Company's operation and its principal activities are set out in the Strategic report and the Directors' report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of TBS Group Holdings Ltd as at 30 June 2024 and these financial statements may be obtained from Crossley Stone House, Crossley Stone, Rugeley, Staffordshire, WS15 2DQ.

Page 12

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods 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 be 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.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures, fittings and equipment
-
20%
reducing balance
Computer equipment
-
33%
reducing balance
Land is not depreciated


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet 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 liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Page 14

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 15

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.  The financial statements are presented in pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or 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.

Page 16

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases: the Company as lessee

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

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 17

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the Directors believe that the critical accounting policies where judgement or estimating is necessarily applied is in connection with retrospective discounts and the Directors have reviewed the likely discounts to be received and allowed for the period with estimated amounts of trading turnover and concluded they are reasonable. In addition, the Directors have also assessed the carrying values of connected company debtors. Determining whether these debts are impaired requires a comparison of the carrying value in the financial statements to the reported net assets at the balance sheet date together with a consideration of future expected financial performance. An impairment charge is made if the net assets are less than the carrying value of the assets and there is no reasonably foreseeable reversal of these circumstances.

Page 18

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

2024
2023
£
£

United Kingdom
28,205,054
37,319,226

Rest of Europe
190,060
70,172

28,395,114
37,389,398



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
82,006
53,122

Operating lease rentals - motor vehicle leasing
229,403
179,635

Operating lease rentals - land and buildings
195,676
215,514

Exchange differences
14,105
(27,897)

Equipment hire
37,549
38,108

Management charges
720,000
720,000


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,500
18,100

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 19

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries (including benefits in kind)
1,638,693
1,681,307

Social security costs
185,822
199,241

Defined contribution pension scheme
120,951
72,038

1,945,466
1,952,586


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Selling and distribution
12
11



Administration
26
28

38
39


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
170,436
169,292

Company contributions to defined contribution pension schemes
44,721
4,300

215,157
173,592


During the year retirement benefits were accruing to 4 Directors (2023 -4) in respect of defined contribution pension schemes.

Page 20

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

9.


Interest receivable

2024
2023
£
£


Bank interest receivable
1,732
1,017


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,008
48


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
722,488
1,389,442

Adjustments in respect of previous periods
209
(289)

Total current tax
722,697
1,389,153

Deferred tax


Origination and reversal of timing differences
(6,000)
18,000

Total deferred tax
(6,000)
18,000


Tax on profit
716,697
1,407,153
Page 21

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -20.5%). The differences are explained below: 
2024
2023
£
£


Profit before tax
2,770,124
6,756,886


Profit multiplied by rate of corporation tax in the UK of 25% (2023 -20.5%)
692,531
1,385,162

Effects of:


Expenses not deductible for tax purposes
27,329
18,863

Adjustments to tax charge in respect of prior periods
(209)
(289)

Other differences leading to an increase in taxation
(2,954)
3,417

Total tax charge for the year
716,697
1,407,153


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid
2,400,000
2,400,000

Page 22

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Computer equipment
Total

£
£
£
£
£
£



Cost 


At 1 July 2023
322,467
106,261
184,987
33,473
96,735
743,923


Additions
-
-
258,671
-
675
259,346



At 30 June 2024

322,467
106,261
443,658
33,473
97,410
1,003,269



Depreciation


At 1 July 2023
111,856
56,350
40,166
16,575
81,116
306,063


Charge for the year on owned assets
4,212
12,476
56,660
3,360
5,298
82,006



At 30 June 2024

116,068
68,826
96,826
19,935
86,414
388,069



Net book value



At 30 June 2024
206,399
37,435
346,832
13,538
10,996
615,200



At 30 June 2023
210,611
49,911
144,821
16,898
15,619
437,860


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
5,094,608
7,668,449


Page 23

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

15.


Debtors

2024
2023
£
£


Trade debtors
5,231,489
5,951,853

Amounts owed by group undertakings
5,513,528
5,013,501

Corporation tax
477,512
-

Prepayments and accrued income
103,663
61,392

11,326,192
11,026,746



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,719,697
1,098,206



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,668,905
2,552,697

Amounts owed to group undertakings
276,479
225,900

Corporation tax
-
6,315

Other taxation and social security
871,873
1,056,657

Other creditors
23,635
24,480

Accruals and deferred income
66,435
164,269

2,907,327
4,030,318


Page 24

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

18.


Deferred taxation




2024
2023


£

£






At beginning of year
(44,000)
(26,000)


Charged to profit or loss
6,000
(18,000)



At end of year
(38,000)
(44,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(40,000)
(45,000)

Short term timing differences
2,000
1,000

(38,000)
(44,000)


19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30 (2023 -30) Ordinary shares of £1.00 each
30
30



20.


Reserves

Profit and loss account

The profit and loss account represents the cumulative profits and losses, net of dividends paid and other adjustments


21.


Contingent liabilities

At the balance sheet date, the Company has provided a guarantee for certain lease agreements entered into by a fellow subsidiary within the Group. The outstanding commitments covered by this guarantee amount to £509,000.

Page 25

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120,951 (2023 - £72,038). Contributions totalling £9,201 (2023 - £8,005) were payable to the fund at the balance sheet date.

23.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
19,250
33,000

Later than 1 year and not later than 5 years
-
19,250

19,250
52,250

2024
2023

£
£

Other


Not later than 1 year
124,304
64,615

Later than 1 year and not later than 5 years
188,379
41,747

312,683
106,362


24.


Transactions with directors

During the year, the Company sold currency to the Directors. The total value of currency sold amounted to £35,785 (2023: £94,864). There were no outstanding balances with the Directors at the balance sheet date.
Page 26

 
Traditional Brick & Stone Ltd
 
 
Notes to the financial statements
For the year ended 30 June 2024

25.


Related party transactions

The Company has taken advantage of the exemption conferred by section 33 of Financial Reporting Standard 102 not to disclose transactions between the parent and wholly owned subsidiaries.
During the year the Company entered into transactions, in the ordinary course of business, with other group companies, not wholly owned. Transactions entered into, and trading balances outstanding at 30 June are as follows:

Sales, loans and management charges
Purchases and recharges
Debtor at year end
Creditor at year end
        £
        £
        £
        £
Entities within the same group

2024

1,279,341

609,805

5,513,528
 
50,579
 
2023

856,110

502,848

5,013,501
 
20,597
 


26.
Controlling Party

At 30 June 2024, the immediate and ultimate parent undertaking is TBS Group Holdings Ltd, a Company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for TBS Group Holdings Ltd can be obtained from its registered office, Crossley Stone House, Crossley Stone, Rugeley, Staffordshire, WS15 2DQ.
At 30 June 2024, the Directors considered there to be no ultimate controlling party.
 
Page 27