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REGISTERED NUMBER: 08330011 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Civils Store Limited

Civils Store Limited (Registered number: 08330011)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Civils Store Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A R Hampton
K D Hancock
J A Lewis
Mrs S Ashman





REGISTERED OFFICE: Office B, Millbrook Depot
Yelling Mill Lane
Downside
Shepton Mallet
BA4 4JT





REGISTERED NUMBER: 08330011 (England and Wales)





AUDITORS: A C Mole LLP
Chartered Accountants
& Statutory Auditors
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Civils Store Limited (Registered number: 08330011)

Strategic Report
for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS
Total revenue was £30.8m (2023: £29.4m), a like for like increase of some 5% (2023: increase of 3%)

The statutory net profit before tax was £958k (2023: £1.14m), Civils Store Limited pays all employees a profit share, based on individual depot trading results and considers this to be a quasi-dividend. This amounted to £185k in the year (2023: £236k) and is reflected in the figures above, as a payroll cost.

Over the past three years EBITDA is as follows, 2022 - £2.19m, 2023 - £1.64m and 2024 - £1.62m.

The challenging market conditions experienced in 2023 continued throughout 2024 and we expect little change in the first half of 2025.

Against this backdrop, and focusing on the things in our control, our business continues to make significant progress. Our growing industry position was recognised at the Builders Merchants Awards in November with Civils Store being named as Civils Merchant of the year. This came after two of our colleagues were recognised in the Builders Merchant Federation list of Top 100 Young Achievers earlier in the year.

As part of our strategy, we continue to invest in our existing depot network, growing the operational capability, product mix and customer base. During the year we have launched further own brand products and invested in our technical capability in a number of strategic product groups.

In conjunction with the further development of business from our existing depots we take an opportunistic yet cautious approach to the expansion of our depot network. In the fourth quarter of the year, we opened our seventh regional distribution depot - Civils Store Yorkshire.

Supporting our depot network we have continued to invest in all central support functions with AI now being utilised in many of our routine administration tasks.

Despite of the ongoing uncertainty in the economy the outlook for construction remains positive with continuing environmental challenges and un-met demand for housing and infrastructure improvement.

The Civils Store business model, our sustainable growth pattern and market position provide solid foundation for further growth as market conditions improve.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties the company faces are the performance of the construction industry and the availability of raw materials at a competitive price.

ON BEHALF OF THE BOARD:





K D Hancock - Director


25 April 2025

Civils Store Limited (Registered number: 08330011)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the sale of civil engineering and construction materials.

DIVIDENDS
Interim dividends were paid on the £0.01 ordinary shares of £236,525. The directors recommend that no final dividend is paid on these ordinary shares.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A R Hampton
K D Hancock
J A Lewis
Mrs S Ashman

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks.

Credit risk - The company is not exposed to material credit risk as it has an appropriate credit insurance against bad debts.

Liquidity risk - The company has a £3.5m invoice factoring facility with HSBC. At the year end, £1.404m of this facility had been utilised. The company had loans at 31 December 2024 of £1.023m secured over the assets of the company, see note 15 for more information. Cash reserves at 31 December 2024 are also strong and the company is generating sizeable profits. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Cash flow risk - The company has a number of controls in place, including a detailed rolling cash forecast, to ensure that there is sufficient working capital to operate efficiently.

Interest rate risk - The company had loans at 31 December 2024 of £1.023m with an interest rate of 3.15% per annum above the Base Rate. The company has adequate cash flows to cover any increase in interest rates.

Economic risk - The company's performance is directly impacted by the economic environment and construction industry. The directors closely monitor the impact this has on the business.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





K D Hancock - Director


25 April 2025

Civils Store Limited (Registered number: 08330011)

Statement of Directors' Responsibilities
for the Year Ended 31 December 2024

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable United Kingdom Accounting Standards, including FRS 102, have been followed,
subject to any material departures disclosed and explained in the financial statements;
-Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Civils Store Limited

Opinion
We have audited the financial statements of Civils Store Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Civils Store Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks of material misstatement due to irregularities

We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non compliance with laws and regulations;

- the legal and regulatory framework in which the business operates
- the nature of the industry in which the business operates
- the control environment and controls established to mitigate such risks
- the results of our enquiries of management about their identification and assessment of risks of irregularities
- discussions with the audit engagement team about where fraud might occur
- the incentives for fraud.

Laws and regulations which are considered to be significant to the entity include those relating to health and safety, the requirements of financial reporting framework FRS102, the Companies Act 2006 and UK tax legislation. In addition we considered other laws and regulations which may not directly impact the financial statements but may impact on the operation of the company.

As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.

Audit responses to the risk identified

We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:

- Gaining an understanding of the company's procedures for ensuring compliance with laws and regulations
- Testing of the property valuations
- Testing the appropriateness of journal entries and other adjustments
- Considering whether accounting estimates were indicative of potential bias
- Considering any transactions which arose outside the normal course of business
- Making enquiries of management

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Civils Store Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Adam Knight FCA (Senior Statutory Auditor)
for and on behalf of A C Mole LLP
Chartered Accountants
& Statutory Auditors
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

13 May 2025

Civils Store Limited (Registered number: 08330011)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 30,843,896 29,392,979

Cost of sales 25,159,560 23,816,101
GROSS PROFIT 5,684,336 5,576,878

Distribution costs 2,910,099 2,804,807
Administrative expenses 1,575,137 1,461,286
4,485,236 4,266,093
1,199,100 1,310,785

Other operating income 19,824 3,188
OPERATING PROFIT 4 1,218,924 1,313,973


Interest payable and similar expenses 5 260,566 178,498
PROFIT BEFORE TAXATION 958,358 1,135,475

Tax on profit 6 243,450 281,582
PROFIT FOR THE FINANCIAL YEAR 714,908 853,893

Civils Store Limited (Registered number: 08330011)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 714,908 853,893


OTHER COMPREHENSIVE INCOME
Freehold property revaluation - 426,418
Income tax relating to other comprehensive
income

-

(86,250

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

340,168
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

714,908

1,194,061

Civils Store Limited (Registered number: 08330011)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 4,657,200 4,274,852

CURRENT ASSETS
Stocks 9 2,813,707 2,727,414
Debtors 10 4,914,545 4,732,350
Cash at bank and in hand 241,982 141,043
7,970,234 7,600,807
CREDITORS
Amounts falling due within one year 11 6,336,380 6,340,938
NET CURRENT ASSETS 1,633,854 1,259,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,291,054

5,534,721

CREDITORS
Amounts falling due after more than one
year

12

(1,569,358

)

(1,395,059

)

PROVISIONS FOR LIABILITIES 16 (646,122 ) (542,471 )
NET ASSETS 4,075,574 3,597,191

CAPITAL AND RESERVES
Called up share capital 17 7,398 7,398
Share premium 18 69,174 69,174
Non-distributable reserve 18 991,155 994,298
Capital redemption reserve 18 400,000 400,000
Retained earnings 18 2,607,847 2,126,321
SHAREHOLDERS' FUNDS 4,075,574 3,597,191

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:




J A Lewis - Director



K D Hancock - Director


Civils Store Limited (Registered number: 08330011)

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

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2023 7,398 1,504,118 69,174

Changes in equity
Dividends - (410,335 ) -
Total comprehensive income - 1,032,538 -
Balance at 31 December 2023 7,398 2,126,321 69,174

Changes in equity
Dividends - (236,525 ) -
Total comprehensive income - 718,051 -
Balance at 31 December 2024 7,398 2,607,847 69,174
Capital
Non-distributable redemption Total
reserve reserve equity
£    £    £   
Balance at 1 January 2023 832,775 400,000 2,813,465

Changes in equity
Dividends - - (410,335 )
Total comprehensive income 161,523 - 1,194,061
Balance at 31 December 2023 994,298 400,000 3,597,191

Changes in equity
Dividends - - (236,525 )
Total comprehensive income (3,143 ) - 714,908
Balance at 31 December 2024 991,155 400,000 4,075,574

Civils Store Limited (Registered number: 08330011)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,797,671 863,513
Interest paid (212,137 ) (150,636 )
Interest element of hire purchase payments
paid

(48,429

)

(27,862

)
Tax paid (275,617 ) (199,879 )
Net cash from operating activities 1,261,488 485,136

Cash flows from investing activities
Purchase of tangible fixed assets (96,393 ) (58,398 )
Sale of tangible fixed assets 5,000 9,925
Net cash from investing activities (91,393 ) (48,473 )

Cash flows from financing activities
Loan repayments (70,117 ) (126,074 )
Movement in debt factoring (383,753 ) 320,765
Movement in hire purchase financing (378,761 ) (267,756 )
Equity dividends paid (236,525 ) (410,335 )
Net cash from financing activities (1,069,156 ) (483,400 )

Increase/(decrease) in cash and cash equivalents 100,939 (46,737 )
Cash and cash equivalents at beginning
of year

2

141,043

187,780

Cash and cash equivalents at end of year 2 241,982 141,043

Civils Store Limited (Registered number: 08330011)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 958,358 1,135,475
Depreciation charges 406,019 329,609
Profit on disposal of fixed assets (5,000 ) (9,925 )
Finance costs 260,566 178,498
1,619,943 1,633,657
Increase in stocks (86,293 ) (158,063 )
Increase in trade and other debtors (182,195 ) (415,140 )
Increase/(decrease) in trade and other creditors 446,216 (196,941 )
Cash generated from operations 1,797,671 863,513

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 241,982 141,043
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 141,043 187,780


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.24 Cash flow changes At 31.12.24
£    £    £    £   
Net cash
Cash at bank
and in hand 141,043 100,939 241,982
141,043 100,939 241,982
Debt
Finance leases (586,675 ) 378,761 (691,975 ) (899,889 )
Debts falling due
within 1 year (1,861,161 ) 453,871 (77,420 ) (1,484,710 )
Debts falling due
after 1 year (1,019,582 ) - 77,420 (942,162 )
(3,467,418 ) 832,632 (691,975 ) (3,326,761 )
Total (3,326,375 ) 933,571 (691,975 ) (3,084,779 )

Civils Store Limited (Registered number: 08330011)

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

1. STATUTORY INFORMATION

Civils Store Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for freehold properties which are held at fair value.

The Directors have considered the ability of the Company to continue as a going concern, taking into account the continued support of its bankers and post year end results. The Directors have prepared detailed cash flow forecasts which show that the Company has sufficient funds to continue trading for the foreseeable future. Accordingly the accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents invoiced sales of materials.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - over the lease term
Plant, machinery and vehicles - at varying rates on cost
Computer software - at varying rates on cost

Freehold land is not depreciated.

Freehold properties are valued at fair value less depreciation. Other tangible fixed assets are held at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Distribution costs
The heading distribution costs in the statutory profit and loss account includes both selling and distribution expenses.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits that are readily convertible to known amounts of cash with insignificant risk of change in value. Bank overdrafts are shown within current liabilities on the balance sheet.

Financial Instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans from related parties.

Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Critical accounting judgements and estimates
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that there are the following material estimates.

i) Freehold property valuations
Freehold properties are carried at fair value. The Directors seek the assistance of professional third party valuers in determining fair value. These valuations include judgment in the determination of fair values for individual sites and actual values could differ from those estimates.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,191,590 2,100,631
Social security costs 214,904 210,506
Other pension costs 79,898 76,205
2,486,392 2,387,342

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 4 3
Yard 53 57
Office 7 5
64 65

2024 2023
£    £   
Directors' remuneration 102,074 129,150

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 116,902 95,704
Depreciation - owned assets 176,702 163,665
Depreciation - assets on hire purchase contracts 229,318 165,945
Profit on disposal of fixed assets (5,000 ) (9,925 )
Auditors remuneration - audit services 16,522 15,250
Auditors remuneration - non audit services 2,155 4,750

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 124,933 62,732
Bank loan interest 87,204 87,904
Hire purchase 48,429 27,862
260,566 178,498

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 139,799 271,834

Deferred tax 103,651 9,748
Tax on profit 243,450 281,582

UK corporation tax has been charged at 25% (2023 - 23.52%).

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 958,358 1,135,475
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

239,590

267,064

Effects of:
Expenses not deductible for tax purposes (4,333 ) 29
Depreciation in excess of capital allowances 8,193 5,734
Changes in tax rates on previously recognised deferred tax - 8,755

Total tax charge 243,450 281,582

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023
Gross Tax Net
£    £    £   
Freehold property revaluation 426,418 (86,250 ) 340,168

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £0.01 each
Interim 236,525 410,335

8. TANGIBLE FIXED ASSETS
Plant,
machinery
Freehold Short and Computer
property leasehold vehicles software Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2024 3,080,000 75,494 1,992,306 162,093 5,309,893
Additions - - 769,087 19,281 788,368
Disposals - - (12,000 ) - (12,000 )
At 31 December 2024 3,080,000 75,494 2,749,393 181,374 6,086,261
DEPRECIATION
At 1 January 2024 7,401 46,864 839,069 141,707 1,035,041
Charge for year 32,774 11,836 342,965 18,445 406,020
Eliminated on disposal - - (12,000 ) - (12,000 )
At 31 December 2024 40,175 58,700 1,170,034 160,152 1,429,061
NET BOOK VALUE
At 31 December 2024 3,039,825 16,794 1,579,359 21,222 4,657,200
At 31 December 2023 3,072,599 28,630 1,153,237 20,386 4,274,852

Included in cost or valuation of land and buildings is freehold land of £ 1,441,300 (2023 - £ 1,441,300 ) which is not depreciated.

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Plant,
machinery
Freehold Short and Computer
property leasehold vehicles software Totals
£    £    £    £    £   
Valuation in 2016 98,770 - - - 98,770
Valuation in 2020 647,293 - - - 647,293
Valuation in 2023 338,167 - - - 338,167
Cost 1,995,770 75,494 2,749,393 181,374 5,002,031
3,080,000 75,494 2,749,393 181,374 6,086,261

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,988,937 1,988,937

Freehold land and buildings were valued on an open market basis in September 2023 by Alder King LLP.

The directors consider the fair value at 31 December 2024 to be £3,039,825 being the valuation provided by Alder King of £3,080,000 in September 2023 less depreciation since that date of £40,175.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant,
machinery
and
vehicles
£   
COST OR VALUATION
At 1 January 2024 1,119,991
Additions 691,975
Transfer to ownership (42,898 )
At 31 December 2024 1,769,068
DEPRECIATION
At 1 January 2024 358,017
Charge for year 229,318
Transfer to ownership (36,334 )
At 31 December 2024 551,001
NET BOOK VALUE
At 31 December 2024 1,218,067
At 31 December 2023 761,974

9. STOCKS
2024 2023
£    £   
Goods held for resale 2,813,707 2,727,414

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,301,384 4,179,686
Other debtors 412,012 362,634
Prepayments 201,149 190,030
4,914,545 4,732,350

The fair values of trade and other debtors approximate to their carrying amounts.

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) 80,417 73,115
Other loans (see note 13) 1,404,293 1,788,046
Hire purchase contracts (see note 14) 272,693 211,198
Trade creditors 3,962,153 3,380,221
Tax 136,487 272,305
Social security and other taxes 64,687 63,489
VAT 110,541 184,410
Other creditors 90,102 104,136
Accrued expenses 215,007 264,018
6,336,380 6,340,938

The fair values of trade and other creditors approximate to their carrying amounts.

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 13) 942,162 1,019,582
Hire purchase contracts (see note 14) 627,196 375,477
1,569,358 1,395,059

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other bank loans 80,417 73,115
Invoice financing 1,404,293 1,788,046
1,484,710 1,861,161

Amounts falling due between two and five years:
Bank loans due in 2 - 5 years 395,779 372,220

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due in more than 5
years 546,383 647,362
546,383 647,362

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 272,693 211,198
Between one and five years 627,196 375,477
899,889 586,675

Non-cancellable operating leases
2024 2023
£    £   
Within one year 161,833 151,211
Between one and five years 321,333 39,083
In more than five years 156,982 -
640,148 190,294

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,022,579 1,092,697
Invoice financing 1,404,293 1,788,046
Hire purchase contracts 899,889 586,675
3,326,761 3,467,418

The bank loans are secured by a first legal charge over freehold property, and a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital both present and future; and first floating charge over all assets and undertaking both present and future of the company.

Invoice financing of £1,404,293 (2023: £1,788,046) is secured over the related debtors.

Hire purchase contracts are secured over the assets concerned.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 646,122 542,471

Deferred
tax
£   
Balance at 1 January 2024 542,471
Provided during year 103,651
Balance at 31 December 2024 646,122

Civils Store Limited (Registered number: 08330011)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
739,755 Ordinary £0.01 7,398 7,398

18. RESERVES
Capital
Retained Share Non-distributable redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 January 2024 2,126,321 69,174 994,298 400,000 3,589,793
Profit for the year 714,908 714,908
Dividends (236,525 ) (236,525 )
Transfer 3,143 - (3,143 ) - -
At 31 December 2024 2,607,847 69,174 991,155 400,000 4,068,176

19. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 212,205 829,987

20. RELATED PARTY DISCLOSURES

During the year dividends of £35,137 (2023: £60,956) were paid to the directors.

During the year dividends of £76,714 (2023: £133,086) were paid to a SIPP of which a director was a beneficiary.

21. POST BALANCE SHEET EVENTS

Since the year end the company has bought back a total of 25,000 shares for a consideration of £423,500. This has been funded from existing reserves. The shares were subsequently cancelled.

22. ULTIMATE CONTROLLING PARTY

No one party controls the company.