| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Civils Store Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Stafford House |
| Blackbrook Park Avenue |
| Taunton |
| Somerset |
| TA1 2PX |
| Civils Store Limited (Registered number: 08330011) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 4,485,236 | 4,266,093 |
| 1,199,100 | 1,310,785 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Civils Store Limited (Registered number: 08330011) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Freehold property revaluation |
| Income tax relating to other comprehensive income |
( |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Civils Store Limited (Registered number: 08330011) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Non-distributable reserve | 18 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Capital |
| Non-distributable | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income | ( |
) |
| Balance at 31 December 2024 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments | ( |
) | ( |
) |
| Movement in debt factoring | (383,753 | ) | 320,765 |
| Movement in hire purchase financing | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Finance costs | 260,566 | 178,498 |
| 1,619,943 | 1,633,657 |
| Increase in stocks | ( |
) | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 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 | 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 |
| 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 |
| Freehold property | - |
| Short leasehold | - |
| Plant, machinery and vehicles | - |
| Computer software | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors remuneration - audit services |
| Auditors remuneration - non audit services |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest |
| Bank loan interest |
| Hire purchase |
| 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 |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes | ( |
) |
| Depreciation in excess of capital allowances |
| 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 | (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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| Additions |
| Transfer to ownership | (42,898 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Transfer to ownership | (36,334 | ) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Goods held for resale |
| 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 |
| Other debtors |
| Prepayments |
| 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) |
| Other loans (see note 13) |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 110,541 | 184,410 |
| Other creditors |
| Accrued expenses |
| 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) |
| Hire purchase contracts (see note 14) |
| 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 |
| Invoice financing |
| Amounts falling due between two and five years: |
| Bank loans due in 2 - 5 years |
| 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 |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Invoice financing |
| Hire purchase contracts | 899,889 | 586,675 |
| 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 |
| Provided during year |
| Balance at 31 December 2024 |
| 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: | £ | £ |
| Ordinary | £0.01 | 7,398 | 7,398 |
| 18. | RESERVES |
| Capital |
| Retained | Share | Non-distributable | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 January 2024 | 3,589,793 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Transfer | 3,143 | - | (3,143 | ) | - | - |
| At 31 December 2024 | 4,068,176 |
| 19. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 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. |