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Registered number: 05318781










ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr G E Rose 
Ms N L M Andrew 
Mr D C G Rose 




Registered number
05318781



Registered office
Low Cross House
Padholme Road East

Peterborough

Cambridgeshire

PE1 5XL




Independent auditor
MHA
Chartered Accountants & Statutory Auditor

1 The Forum

Minerva Business Park

Lynch Wood

Peterborough

PE2 6FT





 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11 - 12
Company Statement of Financial Position
 
13 - 14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 41


 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Rose Group Directors present their strategic report for the financial year ending 30th September 2024. 
Principal Activities
Andrews Building Supplies Holdings Limited (Rose Group) is a supplier of materials and services to the construction and DIY industry. Comprising of 4 general building and timber merchants, a specialist 1st and 2nd fix timber supplier to house developers and recycling services. The Group's activities are carried out across the subsidiaries: Pattrick & Thompsons Limited, Rose Building Supplies Limited and Rose Aggregates Limited.
Strategy and Business Model
As an independent merchant that is part of the NBG buying group its strategy remains focused on offering the best service in the industry at fair prices and adapting to ever changing customer requirements. 
Pattrick & Thompsons
• Continue to diversify the product range on offer to include all facets of general building supplies following   the recruitment of key personnel to drive both local merchanting and national sales. 
• Deploying ever stricter cash and stock control measures and reduce stock to turnover ratio.
• Reduction in overheads to create a more streamlined business. 
• Diversify into other regions in which our house developer customers operate and increase product    offering. 
• Supply of manufactured goods into a wider range of merchants. 
• Begin site redevelopment in Mar-25 to start brining benefits associated with a modern and safer working    environment but to also increase yard space for diversified product range.
Rose Building Supplies
• Continue with centralised purchasing and transport planning to ensure optimum stock levels and buying    rates as well as a more efficient transport strategy. 
• Deploy stricter cash and stock control measures and keep stock to turnover ratio low. 
• Reduction in overheads to create a more streamlined business. 
• Diversification of customer base across all branches to target growth sectors. 
• Explore diversification into light side product sectors such as plumbing and bathrooms. 
• SEO upscaling on website to create a 4th virtual branch given the higher margins that are achieved    through e-commerce.
 
Rose Aggregates
• Grow the newly streamlined business of recycling and collected aggregates following closure of skips    division. 
• Further develop plans of a reconfigured yard to create additional commercial units and boost rental    income. 
• Deploy stricter cash control methods and further reduce overheads to create more streamlined business.
General
• A Group wide effort to reduce overheads and manage cash whilst utilising specialisms of each business    across the Group.
• Sustainability focus across the wider Group to reduce Scope 1 and 2 emissions and reducing waste. 

Page 1

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Business review
 
Turnover for the period was £13m, down £4.4m from the previous year. This is largely driven by the general contraction in the new house build developments across England and subdued sales in general merchanting. This has led to a reversal of the previous year's profit making position to a loss. Price competition in the sector is fierce as the majority of companies chase what work is going on at the moment. Net assets have fallen by £701,306 with little capital expenditure and careful cashflow control.
General merchanting sales remain subdued into 2025 with the outlook expected to be neutral in the current financial year. The expectation is that Bank of England interest rate reductions in 2025 will bring some confidence back into that sector with private housebuilds growing to supplement the existing social housing demand. 
The Group loss for the year was £396,206 compared to a profit of £150,048 in the prior year.

Principal risks and uncertainties
 
Market Risk
Price competition from national merchants continues to cause issues across the Group as they chase business and tie up national deals with large developers however we continue to set ourselves aside in the market through our service, quality and continued fair price structures. We continue to maintain and build relationships with our customers to ensure their trust in us is continued. In general, the availability of materials remains good now but if demand suddenly jumps across the sector we could be met with some shortages due to suppliers cutting production capacity during the downturn. 
Credit & Liquidity Risk
Strict rules are in place with regards to the granting of credit limits across the Group. Credit limits being authorised by Directors following a thorough third party credit checks and an analysis of their trading and payment history. Additional risk management provided by our comprehensive credit insurance policies covering all Group business. 
Liquidity has become ever more critical during a prolonged contraction in the market so we tightly manage this via daily cash flow forecast checks for all business to ensure the Group enough cash to meet its short, mid and long term goals. 
Interest Rate Risk
The Group is only at risk of this should it ever exercise the need to use its overdraft with its banking provider which isn’t currently envisioned. Any remaining long term finance agreements are on a fixed interest basis and so all future repayments are fixed and known and most will finish within the next financial year.
Price Risk
As part of the NBG buying group we have access to market competitive rates and have input into these purchasing arrangements. On the 1st April 2025 not only the costs of each business will rise due to increase in Minimum Wage and Employers NI rates but so will that of our suppliers so we expect some materials cost inflation over the coming months and will need to be fed into our customers prices. 

Page 2

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial key performance indicators
 
The Directors believe the Groups financial KPI’s demonstrate the ongoing strength and resilience of the company in what has been and continues to be a challenging and economic requirement:
    
2024  2023
Sales     £13.04m £16.30m
Gross Profit   £3.62m £4.58m
(Loss)/profit before tax (£0.43m)       £0.18m
(Loss)/profit after tax (£0.40m) £0.15m
Net assets   £6.35m £7.05m


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



................................................
Ms N L M Andrew
Director

Date: 17 April 2025

Page 3

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation and non-controlling interests, amounted to £396,206 (2023 - profit £150,078).

Details of dividends paid can be found in note 13.

Directors

The directors who served during the year were:

Mr G E Rose 
Ms N L M Andrew 
Mr D C G Rose 

Matters covered in the Group Strategic Report

Details concerning principal activities, business review, future outlook, principal risks and uncertainties, financial risk management objectives and policies and financial key performance indicators KPIs can be found in the Group Strategic Report.

Page 4

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 and the Group'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 and the Group's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

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





................................................
Ms N L M Andrew
Director

Date: 17 April 2025

Low Cross House
Padholme Road East
Peterborough
Cambridgeshire
PE1 5XL

Page 5

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Andrews Building Supplies Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's loss 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 Group 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 Group's or the parent 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 6

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED (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 Group 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiry of management and those charged with governance around actual and potential litigation and    claims;
•  Enquiry of entity staff in tax and compliance functions to identify any instance of non-compliance with    laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustment for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business and reviewing accounting estimates for bias.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance  with applicable laws and regulations.


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.


Page 8

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED (CONTINUED)

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.





Ian Jacobs BA FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
Peterborough, United Kingdom
Date:
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)

23 April 2025
Page 9

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,040,748
16,301,656

Cost of sales
  
(9,423,006)
(11,725,533)

Gross profit
  
3,617,742
4,576,123

Distribution costs
  
(865)
(23,391)

Administrative expenses
  
(4,165,075)
(4,411,335)

Other operating income
 5 
118,870
78,320

Operating (loss)/profit
 6 
(429,328)
219,717

Interest receivable and similar income
 10 
20,211
1,044

Interest payable and similar expenses
 11 
(24,447)
(43,754)

(Loss)/profit before taxation
  
(433,564)
177,007

Taxation
 12 
37,358
(26,959)

(Loss)/profit for the financial year
  
(396,206)
150,048

Non-controlling interests
  
-
(30)

Owners of the parent Company
  
(396,206)
150,078

  
(396,206)
150,048

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

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

The notes on pages 20 to 41 form part of these financial statements.

All activities derive from continuing operations.

Page 10

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
REGISTERED NUMBER:05318781

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
632,260
723,816

Tangible assets
 16 
3,443,349
3,876,599

Investments
 17 
900
900

  
4,076,509
4,601,315

Current assets
  

Stocks
 18 
2,160,732
2,247,287

Debtors: amounts falling due within one year
 19 
2,768,034
3,224,979

Cash at bank and in hand
 20 
1,390,367
1,963,826

  
6,319,133
7,436,092

Creditors: amounts falling due within one year
 21 
(3,486,064)
(4,236,506)

Net current assets
  
 
 
2,833,069
 
 
3,199,586

Total assets less current liabilities
  
6,909,578
7,800,901

Creditors: amounts falling due after more than one year
 22 
(76,072)
(321,019)

Provisions for liabilities
  

Deferred taxation
 24 
(480,502)
(425,572)

Net assets
  
6,353,004
7,054,310


Capital and reserves
  

Called up share capital 
 25 
761
761

Share premium account
 26 
1,017,021
1,017,021

Profit and loss account
 26 
5,329,693
6,030,999

Equity attributable to owners of the parent Company
  
6,347,475
7,048,781

Non-controlling interests
  
5,529
5,529

  
6,353,004
7,054,310


Page 11

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
REGISTERED NUMBER:05318781
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Ms N L M Andrew
Director

Date: 17 April 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 12

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
REGISTERED NUMBER:05318781

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
996,711
1,010,398

Investments
 17 
2,687,954
2,687,954

  
3,684,665
3,698,352

Current assets
  

Debtors: amounts falling due within one year
 19 
1,646,046
1,571,276

Cash at bank and in hand
 20 
124,298
303,171

  
1,770,344
1,874,447

Creditors: amounts falling due within one year
 21 
(1,925,517)
(2,069,104)

Net current liabilities
  
 
 
(155,173)
 
 
(194,657)

Total assets less current liabilities
  
3,529,492
3,503,695

  

  

Net assets
  
3,529,492
3,503,695


Capital and reserves
  

Called up share capital 
 25 
761
761

Share premium account
 26 
1,017,021
1,017,021

Profit and loss account brought forward
  
2,485,913
2,460,704

Profit for the year
  
330,897
291,309

Dividends paid

 13 

(305,100)
(266,100)

Profit and loss account carried forward
  
2,511,710
2,485,913

  
3,529,492
3,503,695


Page 13

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
REGISTERED NUMBER:05318781
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Ms N L M Andrew
Director

Date: 17 April 2025

The notes on pages 20 to 41 form part of these financial statements.

Page 14
 

ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024



Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 October 2022
761
1,017,021
6,147,021
7,164,803
5,559
7,170,362



Comprehensive income for the year


Profit for the year
-
-
150,078
150,078
(30)
150,048


Dividends paid
-
-
(266,100)
(266,100)
-
(266,100)





At 1 October 2023
761
1,017,021
6,030,999
7,048,781
5,529
7,054,310



Comprehensive income for the year


Loss for the year
-
-
(396,206)
(396,206)
-
(396,206)


Dividends paid
-
-
(305,100)
(305,100)
-
(305,100)



At 30 September 2024
761
1,017,021
5,329,693
6,347,475
5,529
6,353,004



The notes on pages 20 to 41 form part of these financial statements.

Page 15
 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
761
1,017,021
2,460,704
3,478,486


Comprehensive income for the year

Profit for the year
-
-
291,309
291,309

Dividends paid
-
-
(266,100)
(266,100)



At 1 October 2023
761
1,017,021
2,485,913
3,503,695


Comprehensive income for the year

Profit for the year
-
-
330,897
330,897

Dividends paid
-
-
(305,100)
(305,100)


At 30 September 2024
761
1,017,021
2,511,710
3,529,492


The notes on pages 20 to 41 form part of these financial statements.

Page 16

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(396,206)
150,048

Adjustments for:

Amortisation of intangible assets
91,556
91,555

Depreciation of tangible assets
421,004
464,749

Profit on disposal of tangible assets
(9,040)
(6,622)

Interest paid
24,447
43,754

Interest paid received
(20,211)
(1,044)

Taxation charge
(37,358)
26,959

Decrease in stocks
86,555
210,310

Decrease in debtors
456,945
1,022,550

Decrease in creditors
(426,193)
(619,619)

Corporation tax paid
-
(230,797)

Net cash generated from operating activities

191,499
1,151,843


Cash flows from investing activities

Purchase of tangible fixed assets
(36,109)
(782,730)

Sale of tangible fixed assets
57,395
144,792

Interest received
20,211
1,044

HP interest paid
(20,697)
(40,004)

Net cash from investing activities

20,800
(676,898)
Page 17

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of other loans
(100,000)
(100,000)

Repayment of finance leases
(430,827)
(221,393)

Dividends paid
(305,100)
(266,100)

Interest paid
(3,750)
(3,750)

Net cash used in financing activities
(839,677)
(591,243)

Net decrease in cash and cash equivalents
(627,378)
(116,298)

Cash and cash equivalents at beginning of year
1,909,337
2,025,635

Cash and cash equivalents at the end of year
1,281,959
1,909,337


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,390,367
1,963,826

Bank overdrafts
(108,408)
(54,489)

1,281,959
1,909,337


The notes on pages 20 to 41 form part of these financial statements.

Page 18

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

1,963,826

(573,459)

1,390,367

Bank overdrafts

(54,489)

(53,919)

(108,408)

Debt due within 1 year

(300,000)

100,000

(200,000)

Finance leases

(755,219)

430,827

(324,392)


854,118
(96,551)
757,567

The notes on pages 20 to 41 form part of these financial statements.

Page 19

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Andrews Building Supplies Holdings Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office are given in the Company information.
The nature of the Group and Company's operations and its principal activities are set out in the Group Strategic Report on page 1.
The functional and presentational currency of the Group and Company is pounds sterling (£) and rounded to the nearest whole pound.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company and Group will continue in operational existence for the foreseeable future. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regards to the resources available to the entity and group, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 20

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 21

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.


Page 22

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.12

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 Group 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.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 23

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
15%
per annum reducing balance
Plant and machinery
-
15%
per annum reducing balance
Motor vehicles
-
20%
straight line and 25% per annum reducing balance
Fixtures and fittings
-
15%
straight line and 33% per annum straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.15

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.

Page 24

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

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.

 
2.18

Financial instruments

The Group 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 Group's Statement of Financial Position when the Group 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
 
Page 25

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.19

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.

Page 26

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The following are the critical judgments, apart from those involving estimations (which are dealt with
separately below), that the director has made in the process of applying the Group’s accounting
policies and that have the most significant effect on the amounts recognised in the financial statements.
Key source of estimation uncertainty - Determining residual values and useful economic lives of property, plant and equipment
The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgment is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value, management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
Key source of estimation uncertainty - Recoverability of trade debtors
The Group recognises a provision for trade debtors that are estimated not to be recoverable. When assessing recoverability, the director considers factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
Key source of estimation uncertainty - Stock obsolescence
The Company establishes a provision for obsolescent stock. When assessing the stock value, the directors consider factors such as the nature, condition and aging of the stock, as well as past experience of saleability. 


4.


Turnover

The whole of the turnover is attributable to the sale of goods and services.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Net rents receivable
118,870
78,320


Page 27

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
95,500
95,500

Profit on sale of tangible assets
(9,040)
(6,622)

86,460
88,878


7.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
2,365,335
2,671,279

Social security costs
238,599
255,624

Cost of defined contribution scheme
128,709
92,705

2,732,643
3,019,608


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


        2024
        2023
            No.
            No.







Directors
3
3



Employees
83
87

86
90


8.


Auditor's remuneration

2024
2023
£
£



Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
70,500
64,000

Fees payable to the Company's auditor for non audit services totalled £59,591 (2023: £87,859) 

Page 28

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Directors' remuneration

2024
2023
£
£



Directors' emoluments
70,880
70,880

Group contributions to defined contribution pension scheme
2,126
1,946

73,006
72,826

During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
20,211
1,044


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
3,750
3,750

Finance leases and hire purchase contracts
20,697
40,004

24,447
43,754

Page 29

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
30,987
60,476

Adjustments in respect of previous periods
(123,275)
(24,582)


Total current tax
(92,288)
35,894

Deferred tax


Origination and reversal of timing differences
54,930
(8,935)

Total deferred tax
54,930
(8,935)


Taxation
(37,358)
26,959
Page 30

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(433,564)
177,007


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(108,390)
44,252

Effects of:


Non-tax deductible amortisation of goodwill and impairment
22,889
22,889

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
23,555
2,228

Capital allowances for year in excess of depreciation
106,141
(112,970)

Profit on disposal of fixed assets
(2,260)
(1,656)

Adjustments to tax charge in respect of prior periods
(123,275)
(24,582)

Origination and reversal of timing differences
54,930
(8,935)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(813)
-

Unrelieved tax losses carried forward
(9,706)
113,955

Change in tax rates
(429)
(8,222)

Total tax charge for the year
(37,358)
26,959


Factors that may affect future tax charges

There are no factors affecting the future tax charge.


13.


Dividends

2024
2023
£
£


Ordinary A shares
200,000
200,000


Ordinary B shares
105,100
66,100

305,100
266,100

Page 31

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £330,897 (2023 - £291,309).


15.


Intangible assets

Group





Goodwill

£



Cost


At 1 October 2023
915,558



At 30 September 2024

915,558



Amortisation


At 1 October 2023
191,742


Charge for the year on owned assets
91,556



At 30 September 2024

283,298



Net book value



At 30 September 2024
632,260



At 30 September 2023
723,816



Page 32

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 October 2023
1,467,863
2,422,892
291,782
1,711,041
5,893,578


Additions
-
13,555
-
22,554
36,109


Disposals
-
(34,750)
(40,281)
(103,050)
(178,081)



At 30 September 2024

1,467,863
2,401,697
251,501
1,630,545
5,751,606



Depreciation


At 1 October 2023
195,820
979,047
257,926
584,186
2,016,979


Charge for the year on owned assets
34,012
217,528
21,939
147,525
421,004


Disposals
-
(28,155)
(37,885)
(63,686)
(129,726)



At 30 September 2024

229,832
1,168,420
241,980
668,025
2,308,257



Net book value



At 30 September 2024
1,238,031
1,233,277
9,521
962,520
3,443,349



At 30 September 2023
1,272,043
1,443,845
33,856
1,126,855
3,876,599

The net book value of assets held under finance leases or hire purchase contracts, included within plant and machinery above, totals £1,346,388 (2023: £1,672,350).

Page 33

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           16.Tangible fixed assets (continued)


Company






Freehold property

£

Cost


At 1 October 2023
1,089,363



At 30 September 2024

1,089,363



Depreciation


At 1 October 2023
78,965


Charge for the year on owned assets
13,687



At 30 September 2024

92,652



Net book value



At 30 September 2024
996,711



At 30 September 2023
1,010,398







17.


Fixed asset investments

Group





Other investments

£



Cost


At 1 October 2023
900



At 30 September 2024
900






Page 34

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
2,687,954



At 30 September 2024
2,687,954





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Andrews Building Supplies Huntingdon Limited
Low Cross House, Padholme Road East, Peterborough, Cambridgeshire, PE1 5XL
Ordinary
75%
Rose Building Supplies Limited
Low Cross House, Padholme Road East, Peterborough, Cambridgeshire, PE1 5XL
Ordinary
100%
Pattrick & Thompsons Limited
12 Carden Place, Aberdeen, Scotland, AB10 1UR
Ordinary
100%
Rose Plant Hire Holdings Limited
Low Cross House, Padholme Road East, Peterborough, Cambridgeshire, PE1 5XL
Ordinary
100%
Rose Plant Hire (Whittlesey) Holdings Limited
Low Cross House, Padholme Road East, Peterborough, Cambridgeshire, PE1 5XL
Ordinary
100%
Rose Aggregates Limited
Low Cross House, Padholme Road East, Peterborough, Cambridgeshire, PE1 5XL
Ordinary
100%

Page 35

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Stocks

Group
Group
2024
2023
£
£

Work in progress
43,411
76,973

Finished goods and goods for resale
2,117,321
2,170,314

2,160,732
2,247,287


The difference between purchase price or production cost of stocks and their replacement cost is not material.


19.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,138,088
1,666,302
-
-

Amounts owed by group undertakings
-
-
1,234,800
1,231,200

Other debtors
1,237,389
1,266,092
411,170
340,000

Called up share capital not paid
76
76
76
76

Prepayments and accrued income
392,481
292,509
-
-

2,768,034
3,224,979
1,646,046
1,571,276


Amounts owed by group undertakings are unsecured, are interest free and repayable on demand.


20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,390,367
1,963,826
124,298
303,171

Less: bank overdrafts
(108,408)
(54,489)
-
-

1,281,959
1,909,337
124,298
303,171


Page 36

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
108,408
54,489
-
-

Other loans
200,000
300,000
200,000
300,000

Trade creditors
1,724,205
2,023,674
6,644
4,420

Amounts owed to group undertakings
-
-
1,057,557
1,059,957

Corporation tax
30,987
60,476
29,630
60,476

Other taxation and social security
184,756
250,541
19,586
18,601

Obligations under finance lease and hire purchase contracts
248,320
434,200
-
-

Other creditors
767,638
800,937
587,150
594,200

Accruals and deferred income
221,750
312,189
24,950
31,450

3,486,064
4,236,506
1,925,517
2,069,104


Bank overdrafts of £108,408 (2023: £54,489) are secured by the assets of the company.
Amounts owed to group undertakings are unsecured, are interest free and repayable on demand.
Obligations under finance leases and hire purchase contracts amounting to £248,320 (2023: £434,200) are secured by the group against the assets to which they relate.


22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Obligations under finance leases and hire purchase contracts
76,072
321,019


Obligations under finance leases and hire purchase contracts of £76,072 (2023: £321,019) are secured by the group against the assets to which they relate.



Page 37

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within 1 year
248,320
434,200

Between 1-5 years
76,072
321,019

324,392
755,219


24.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
425,572
434,507


Charged to profit or loss
54,930
(8,935)



At end of year
480,502
425,572




Group
Group
2024
2023
£
£

Accelerated capital allowances
482,194
634,574

Short term timing differences
(1,692)
(3,774)

Losses and other deductions
-
(205,228)

480,502
425,572

Page 38

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

25.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



751 (2023 - 751) Ordinary shares of £1.00 each
751
751
5 (2023 - 5) Ordinary A shares of £1.00 each
5
5
5 (2023 - 5) Ordinary B shares of £1.00 each
5
5

761

761

Ordinary shares, Ordinary A and Ordinary B shares shall have full right and rank parri passu with each other except that dividends may be declared at different rates on each class of share or may be declared in respect of some classes of share but not in respect of others.



26.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs are associated with the issuing of shares deducted.

Profit and loss account

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


27.


Pension commitments

The Group contributes to a defined contributions pension scheme for its employees. The pension cost charge represents contributions payable by the Group to the fund and amounted to £128,709 (2023: £92,705).
At the balance sheet date, contributions totalling £14,851 (2023: £16,726) were outstanding and payable to the fund. This amount is included in other creditors. 

Page 39

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

28.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
237,293
237,455

Later than 1 year and not later than 5 years
425,127
461,146

Later than 5 years
1,617,600
1,718,700

2,280,020
2,417,301

29.


Transactions with directors

During the year, advances were made to a director totalling £780 (2023: £1,745) and repayments totalled £1,745 (2023: £Nil). The amount owed by a director at the year end totalled £780 (2023: £1,745), which is shown within other debtors. 
During the year, advances were made to a second director totalling £390 (2023: £531) and repayments totalled £531 (2023: £Nil). The amount owed by a director at the year end totalled £390 (2023: £531), which is shown within other debtors. 
These balance are unsecured, interest free and repayable on demand.

Page 40

 
ANDREWS BUILDING SUPPLIES HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

30.


Related party transactions

During the year transactions took place with Merlin 2014 Limited, a company with directors and shareholders in common. Net sales to Merlin 2014 Limited totalled £7,741 (2023: £6,154) and net purchases totalled £Nil (2023: £Nil). The net amount due from Merlin 2014 Limited at the year end was £1,100,310 (2023: £1,098,034) and is included within other debtors.
During the year transactions took place with Merlin Builders and Developments Limited, a company with directors and shareholders in common. Net sales to Merlin Builders and Developments Limited totalled £28,099 (2023: £15,949) and net purchases totalled £2,000 (2023: £170). The net amount due from Merlin Builders and Developments Limited at the year end was £46,261 (2023: £54,729) and is included within other debtors.
During the year transactions took place with Rose & Sons Pension Fund, a company with directors and shareholders in common. Net sales to Rose & Sons Pension Fund totalled £67,386 (2023: £Nil) and net purchases totalled £175,500 (2023: £233,750). The net amount due from Rose & Sons Pension Fund at the year end was £Nil (2023: £42,372) and is included within other debtors.
Included within other loans due within one year is a loan from a related pension scheme, Rose and Sons Limited Pension Fund, totaling £200,000 (2023: £300,000). Interest is being paid on this loan at a market rate.
During the year transactions took place with Rose Aggregates Corby Limited, a company with directors and shareholders in common. Net sales to Rose Aggregates Corby Limited totalled £573,334 (2023: £582,511) and net purchases totalled £759,636 (2023: £844,969). The net amount due to Rose Aggregates Corby Limited at the year end was £8,702 (2023: £118,250) and is included within other creditors. 
Included within other creditors due within one year is a balance owed to a director totalling £588,622 (2023: £594,200). This balance is unsecured, interest free and repayable on demand. 


31.


Controlling party

The Company is under the ultimate control of Mr G E Rose, the majority shareholder of Andrews Building Supplies Holdings Limited.

 
Page 41