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REGISTERED NUMBER: 07375192 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

Imperial Bricks Limited

Imperial Bricks Limited (Registered number: 07375192)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Profit and Loss Account 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Imperial Bricks Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr J R Hughes
Mr R Doody





REGISTERED OFFICE: Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE





REGISTERED NUMBER: 07375192 (England and Wales)





AUDITORS: Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

Imperial Bricks Limited (Registered number: 07375192)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
Turnover has remained relatively stable compared with the prior year, and is in line with managements objective. Overall, performance has been good especially considering the external factors that the management and the company has faced, with operating profit margin only slightly reducing from 4.1% in the 2023 to 2.2% in the current year.

Given the results of the year, the directors recommend that equity dividends be paid as detailed in the Report of the Directors.

As in previous years, the directors monitor the performance of the company through quarterly management accounts and sales reports for each product line together with the monitoring of bank balances and ability to meet future liabilities.

The key performance indicators ("KPIs") of the business are:

2024 2023

Turnover £'000 27,230 27,358
Gross Profit (%) 32.1 32.3
Operating Profit (%) 2.2 4.1
Debtor (days) 68 56
Stock Trading (%) 33.3 37.9

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the key risks faced by the company to be market risk, financial and interest rate risk, exchange rate risk and credit risk.

As mentioned above, the directors are constantly monitoring competitors to minimise the market risk.

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The company's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring overdraft interest..

The company operates an invoice discounting facility and is therefore exposed to interest rate risk. It seeks to minimise this risk by ensuring that suitable due diligence is performed on new customers and credit limits are set and adhered to for all customers.

Where the company has had to undertake short and longer term borrowings, the company's exposure to interest rate fluctuations on its borrowings are managed by the use of fixed and floating facilities. It is the company's policy to minimise the amount of borrowings at floating rates of interest.

The maturity of borrowings is set out in note 14 to the financial statements.

The majority of the company's purchases are overseas, however, the company is not directly exposed to any foreign exchange risk as all imported goods are invoiced in sterling, therefore removing any direct currency risk.

The principal credit risk arises from its trade debtors.

In order to manage credit risk, the directors set limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.


Imperial Bricks Limited (Registered number: 07375192)

Strategic Report
for the Year Ended 30 September 2024

FUTURE DEVELOPMENTS
Looking to the future, the directors wish to maintain appropriate investment in the company to maintain and secure the company's position in the market. The directors closely monitor market conditions and competitors to ensure that the company can deliver competitive products and prices.

ON BEHALF OF THE BOARD:




Mr J R Hughes - Director


21 May 2025

Imperial Bricks Limited (Registered number: 07375192)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 376,564 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr J R Hughes
Mr R Doody

DISCLOSURE IN THE STRATEGIC REPORT
Future developments and principal risks and uncertainties are disclosed in the strategic report.

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", 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 the financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent; and
- 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.

The directors 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.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J R Hughes - Director


21 May 2025

Report of the Independent Auditors to the Members of
Imperial Bricks Limited

Opinion
We have audited the financial statements of Imperial Bricks Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, 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 30 September 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 and the Report of the Directors, 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
Imperial Bricks Limited


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement 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.

Report of the Independent Auditors to the Members of
Imperial Bricks Limited


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of companies that supply building materials;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Report of the Independent Auditors to the Members of
Imperial Bricks Limited

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.

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.




R L Thompson BA FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

21 May 2025

Imperial Bricks Limited (Registered number: 07375192)

Profit and Loss Account
for the Year Ended 30 September 2024

2024 2023
Notes £    £    £   

TURNOVER 3 27,229,616 27,357,730

Cost of sales 18,484,054 18,518,376
GROSS PROFIT 8,745,562 8,839,354

Distribution costs 4,549,801 4,622,569
Administrative expenses 3,591,919 3,091,871
8,141,720 7,714,440
OPERATING PROFIT 5 603,842 1,124,914

Income from shares in group undertakings - 88,765
Interest receivable and similar income 11,025 14,083
11,025 102,848
614,867 1,227,762

Interest payable and similar expenses 6 1,172 3,305
PROFIT BEFORE TAXATION 613,695 1,224,457

Tax on profit 7 169,388 292,804
PROFIT FOR THE FINANCIAL YEAR 444,307 931,653

Imperial Bricks Limited (Registered number: 07375192)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 444,307 931,653


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 444,307 931,653

Imperial Bricks Limited (Registered number: 07375192)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 672,029 516,300

CURRENT ASSETS
Stocks 10 6,152,656 7,017,398
Debtors 11 6,650,159 5,444,571
Cash at bank and in hand 1,806,602 1,657,619
14,609,417 14,119,588
CREDITORS
Amounts falling due within one year 12 6,689,059 6,129,022
NET CURRENT ASSETS 7,920,358 7,990,566
TOTAL ASSETS LESS CURRENT LIABILITIES 8,592,387 8,506,866

CREDITORS
Amounts falling due after more than one year 13 (7,792 ) (12,809 )

PROVISIONS FOR LIABILITIES 16 (83,113 ) (60,318 )
NET ASSETS 8,501,482 8,433,739

CAPITAL AND RESERVES
Called up share capital 17 1 1
Retained earnings 18 8,501,481 8,433,738
SHAREHOLDERS' FUNDS 8,501,482 8,433,739

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2025 and were signed on its behalf by:





Mr J R Hughes - Director


Imperial Bricks Limited (Registered number: 07375192)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 1 7,797,085 7,797,086

Changes in equity
Dividends - (295,000 ) (295,000 )
Total comprehensive income - 931,653 931,653
Balance at 30 September 2023 1 8,433,738 8,433,739

Changes in equity
Dividends - (376,564 ) (376,564 )
Total comprehensive income - 444,307 444,307
Balance at 30 September 2024 1 8,501,481 8,501,482

Imperial Bricks Limited (Registered number: 07375192)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,669,705 620,061
Interest paid - (1,793 )
Interest element of hire purchase payments paid (1,172 ) (1,512 )
Finance costs paid (435,526 ) (415,837 )
Tax paid (381,765 ) (96,000 )
Net cash from operating activities 851,242 104,919

Cash flows from investing activities
Purchase of tangible fixed assets (316,866 ) (98,463 )
Sale of tangible fixed assets 15,500 4,000
Sale of fixed asset investments - 564,237
Interest received 1,013 14,083
Dividends received - 88,765
Net cash from investing activities (300,353 ) 572,622

Cash flows from financing activities
Loan repayments in year - (1,495,358 )
Capital repayments in year (4,650 ) (4,308 )
Amount withdrawn by directors (20,692 ) (322,779 )
Loans to subsidiaries - 1,053,867
Equity dividends paid (376,564 ) (295,000 )
Net cash from financing activities (401,906 ) (1,063,578 )

Increase/(decrease) in cash and cash equivalents 148,983 (386,037 )
Cash and cash equivalents at beginning of year 2 1,657,619 2,043,656

Cash and cash equivalents at end of year 2 1,806,602 1,657,619

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

2024 2023
£    £   
Profit before taxation 613,695 1,224,457
Depreciation charges 143,395 117,672
Loss/(profit) on disposal of fixed assets 2,242 (1,601 )
Factoring charges 435,526 415,837
Finance costs 1,172 3,305
Finance income (11,025 ) (102,848 )
1,185,005 1,656,822
Decrease/(increase) in stocks 864,742 (620,022 )
(Increase)/decrease in trade and other debtors (1,178,606 ) 356,891
Increase/(decrease) in trade and other creditors 798,564 (773,630 )
Cash generated from operations 1,669,705 620,061

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 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,806,602 1,657,619
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,657,619 2,043,656


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,657,619 148,983 1,806,602
1,657,619 148,983 1,806,602
Debt
Finance leases (17,458 ) 4,650 (12,808 )
(17,458 ) 4,650 (12,808 )
Total 1,640,161 153,633 1,793,794

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Imperial Bricks 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Significant judgements and estimates
The company makes significant judgements and estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are detailed below.

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

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Impairment of debtors

Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to leasehold property - Straight line over 10 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

Stock provision

The company sells building materials and related products which are subject to changing customer demands and product degradation. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning necessary. When calculating the stock provision, management considers the nature and condition of the stock as well as reviewing sales and purchase history.

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

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

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

Invoice discounting
The company operates an invoice discounting facility. In accordance with FRS 102 the company has adopted the separate presentation approach with trade debtors and the amounts advanced against those trade debtors shown in debtors and creditors respectively.

Investments
Investments in shares are included at fair value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 27,141,652 27,318,609
Rest of the world 87,964 39,121
27,229,616 27,357,730

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,825,662 2,700,092
Social security costs 301,323 321,596
Other pension costs 141,967 189,665
3,268,952 3,211,353

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

Directors 2 2
Administration 16 20
Sales 23 20
Marketing 4 3
Operatives 20 22
65 67

2024 2023
£    £   
Directors' remuneration 154,585 137,239
Directors' pension contributions to money purchase schemes 1,510 1,501

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 104,256 117,027
Other operating leases 653,730 637,420
Depreciation - owned assets 139,346 112,274
Depreciation - assets on hire purchase contracts 4,049 5,399
Loss/(profit) on disposal of fixed assets 2,242 (1,601 )
Auditors' remuneration 16,000 15,000
Auditors' remuneration for non audit work 16,110 4,880
Foreign exchange differences 14,840 (12,343 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other loan interest - 1,793
Hire purchase 1,172 1,512
1,172 3,305

7. 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 146,593 277,189

Deferred tax 22,795 15,615
Tax on profit 169,388 292,804

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 613,695 1,224,457
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

153,424

232,647

Effects of:
Expenses not deductible for tax purposes 33,475 20,525
Income not taxable for tax purposes - (16,865 )
Capital allowances in excess of depreciation (17,511 ) -
Depreciation in excess of capital allowances - 18,609
Change in tax rate - 37,888
Total tax charge 169,388 292,804

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. DIVIDENDS
2024 2023
£    £   
Interim 376,564 295,000

9. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 399,150 385,156 106,441 109,390 1,000,137
Additions 119,177 170,442 27,247 - 316,866
Disposals - - - (38,450 ) (38,450 )
At 30 September 2024 518,327 555,598 133,688 70,940 1,278,553
DEPRECIATION
At 1 October 2023 143,997 214,801 67,417 57,622 483,837
Charge for year 46,674 74,628 13,762 8,331 143,395
Eliminated on disposal - - - (20,708 ) (20,708 )
At 30 September 2024 190,671 289,429 81,179 45,245 606,524
NET BOOK VALUE
At 30 September 2024 327,656 266,169 52,509 25,695 672,029
At 30 September 2023 255,153 170,355 39,024 51,768 516,300

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023
and 30 September 2024 25,110
DEPRECIATION
At 1 October 2023 8,913
Charge for year 4,049
At 30 September 2024 12,962
NET BOOK VALUE
At 30 September 2024 12,148
At 30 September 2023 16,197

10. STOCKS
2024 2023
£    £   
Stocks 6,152,656 7,017,398

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,102,777 4,213,161
Other debtors 1,238,843 943,045
Directors' current accounts 308,539 288,365
6,650,159 5,444,571

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 5,016 4,649
Trade creditors 2,501,862 1,808,551
Tax 1,636 240,012
Social security and other taxes 156,737 407,534
Other creditors 3,532,215 3,086,674
Directors' current accounts 285 803
Accrued expenses 491,308 580,799
6,689,059 6,129,022

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 7,792 12,809

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 5,016 4,649
Between one and five years 7,792 12,809
12,808 17,458

Non-cancellable operating leases
2024 2023
£    £   
Within one year 186,147 126,490
Between one and five years 189,147 177,308
375,294 303,798

These operating leases which are not included in the balance sheet, relate to remaining payments ending on or before 2027.

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 12,808 17,458
Invoice discounting facility 3,349,871 2,882,688
3,362,679 2,900,146

The invoice discounting facility is secured by a debenture created on 16th June 2011 by Close Invoice Finance Limited. The debenture secured all sums due or to become due from the company by way of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

The hire purchase liability is secured on the asset financed.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 83,113 60,318

Deferred
tax
£   
Balance at 1 October 2023 60,318
Accelerated capital allowances 22,795
Balance at 30 September 2024 83,113

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

18. RESERVES
Retained
earnings
£   

At 1 October 2023 8,433,738
Profit for the year 444,307
Dividends (376,564 )
At 30 September 2024 8,501,481

Imperial Bricks Limited (Registered number: 07375192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mr R Doody
Balance outstanding at start of year 288,365 86,971
Amounts advanced 20,174 201,394
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 308,539 288,365

The loan is included in other debtors. No interest has been charged on the loan and the loan is repayable on demand.

20. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J R Hughes.