Registered number:
For the year ended
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Company Information
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Contents
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Strategic report
For the year ended 30 June 2024
The Directors present their strategic report for the year ended 30 June 2024.
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 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.
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.
The Directors closely monitor complaints and returns to ensure that high quality and customer service are maintained.
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
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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.
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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.
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).
The Directors who served during the year were:
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 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.
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Directors' report (continued)
For the year ended 30 June 2024
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.
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
There have been no significant events affecting the Company since the year end.
The auditor, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd
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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd (continued)
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 report. 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. 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.
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.
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.
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Independent Auditor's Report to the Members of Traditional Brick & Stone Ltd (continued)
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.
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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.
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.
for and on behalf of
Statutory Auditor
Chartered Accountants
Birmingham
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Statement of comprehensive income
For the year ended 30 June 2024
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Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 27 form part of these financial statements.
Page 10
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Statement of changes in equity
For the year ended 30 June 2024
Statement of changes in equity
For the year ended 30 June 2023
Page 11
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Notes to the financial statements
For the year ended 30 June 2024
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
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:
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.
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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:
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.
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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.
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (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.
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (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.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 30 June 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 30 June 2024
The whole of the turnover is attributable to the principal activity of the Company.
Page 19
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Notes to the financial statements
For the year ended 30 June 2024
Page 20
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Notes to the financial statements
For the year ended 30 June 2024
Page 21
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Notes to the financial statements
For the year ended 30 June 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 22
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Notes to the financial statements
For the year ended 30 June 2024
Page 23
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Notes to the financial statements
For the year ended 30 June 2024
Page 24
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Notes to the financial statements
For the year ended 30 June 2024
Profit and loss account
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.
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Notes to the financial statements
For the year ended 30 June 2024
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.
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.
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Notes to the financial statements
For the year ended 30 June 2024
At 30 June 2024, the Directors considered there to be no ultimate controlling party.
Page 27
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