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REGISTERED NUMBER: 09233947 (England and Wales)











GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024

FOR

DISTRIBUTION SUPPLIES GROUP LIMITED

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Profit and loss account 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


DISTRIBUTION SUPPLIES GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: S D Miller
C R Miller





REGISTERED OFFICE: 10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA





BUSINESS ADDRESS: Units 30-36 Ivatt Way
Westwood Industrial Estate
Westwood
Peterborough
Cambridgeshire
PE3 7PN





REGISTERED NUMBER: 09233947 (England and Wales)





AUDITORS: Thompson Taraz Rand Audit and Assurance Limited
Statutory Auditors
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

Distribution Supplies Limited operates as a wholesaler of floor and wall tiles supplying a range of tile outlets throughout the United Kingdom.

Propco Holding Co Limited holds the commercial property from which Distribution Supplies Ltd trades. In addition the company holds residential and commercial property for capital appreciation and to earn a rental return.

REVIEW OF BUSINESS
Following three consecutive years of revenue growth, weaker market demand led to a challenging financial performance across the group for the year to 30th September 2024. The reduction in both revenue and gross margin being a result of a realignment of trading volumes to pre-covid levels. This normalistion is likely driven by tighter UK fiscal policies, which resulted in reduced consumer spending.

Despite the challenges, the group remains well positioned. Our long standing relationships with key suppliers enables us to maintain inventory levels. This, along with economies of scale in our purchasing, allows the group to continue to secure advantageous pricing and remain competitive in a challenging market.


DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
In conducting its business activity the group is exposed to a range of business and financial risks. The principal risks and how they are managed are described in more detail below:

LIQUIDITY RISK
The group seeks to manage its financial risk by ensuring sufficient cash resources are available to meet foreseeable needs.

CREDIT RISK
The groups principal financial asset other than cash are trade sale customer accounts. The credit risk associated with these trade debts is managed by the credit control function that assesses the credit worthiness of new customers and continually monitors the age and size of balances due. The credit risk is mitigated by a wide and diverse customer base with limited exposure to any one customer.

CURRENCY RISK
The group purchases a large proportion of its product range from Asia, South America and Europe. The company is therefore exposed to foreign exchange and transaction risk in this respect. The group seeks to reduce this risk by continually monitoring exchange rates and buying currency as and when appropriate.

SUPPLY CHAIN
Supply chain risk are mitigated by the buying capacity of the group.

INFLATIONARY COST PRESSURES
The current level of inflation across the UK economy has resulted in a Consumer Price Index Inflation level in September 2024 of 1.7%. Suppliers may therefore look to pass on their input prices and fluctuation in exchange rates may also have an impact. Other areas may also be subject to inflationary pressure such as utility bills, staff costs and other variable costs. Such increases may be difficult to offset or fully pass on to customer. However the board seek to mitigate this risk through the continued negotiation with suppliers to reduce the impact of price inflation.

MACRO ECONOMIC ENVIRONMENT
The general economic environment and specifically consumer confidence are important to the business and events that may affect these factors present a financial risk to the company. The current outlook may deteriorate due to a combination of factors such as high inflation and rising interest rates as consumer confidence or their ability to finance home improvements could result in a contracting of the tile market,

WAREHOUSE CAPACITY
The current warehouse capacity of the group may be unable to adequately accommodate the range and depth of stock required to support sales, which could result in sales being lost or unfulfilled within promised time frames, however the continued cleansing of stock will reduce this risk.

STAFF RETENTION AND ATTRACTION
The loss of key individuals important to the delivery of the groups strategy or the inability to find new staff due to the UK's labour shortage together with high wage inflation may impact on the ability to deliver on the groups strategic objectives.The group seeks to retain its key management by providing above market rates of compensation and benefits.


DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

KEY PERFORMANCE INDICATORS
The directors monitor the company's progress and strategic direction by reference to certain financial key performance indicators. A summary of key performance indicators used is set out below:


2024 2023

Turnover £16.6m £18.1m

Gross Margin 23% 26.7

Net profit margin 2% 9%

Stock days 145 148

ON BEHALF OF THE BOARD:





S D Miller - Director


30 May 2025

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

FUTURE DEVELOPMENTS
The board of directors remain optimistic about the future and will continue to invest in stock levels in order to retain a higher than average stock level to accommodate the range and depth of stock required to support sales.

We will continue to invest in and develop our strong supplier relationships and continue to retain a diverse supply chain from other markets. Further more the decision to continue to dilute dependency from one supply source should see the group well placed to respond to any further future macro economic uncertainties and supply chain disruption.

In consideration of the prospect of inflationary price pressures the directors will continue to monitor and review macro economic changes, including the impact of global supply chain pressures across the group's cost base. The group has a robust balance sheet and sufficient working capital to meet demand.

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

S D Miller
C R Miller

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Thompson Taraz Rand Audit and Assurance Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S D Miller - Director


30 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISTRIBUTION SUPPLIES GROUP LIMITED

Opinion
We have audited the financial statements of Distribution Supplies Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Profit and loss account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISTRIBUTION SUPPLIES GROUP LIMITED


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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DISTRIBUTION SUPPLIES GROUP 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:

We evaluated directors and managements incentives and opportunities for fraudulent manipulation of the financial statements (including management override of controls) and determined the principal risks were related to the posting of manual journal entries, management bias through application of judgement and assumptions in significant accounting estimates particular relating to any slow moving and obsolete stock provision, the level of freight charges included into stock valuation.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and. performed our audit in accordance with auditing standards; For example, the further· removed none compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standard would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non­ compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.




Andrew Rand (Senior Statutory Auditor)
for and on behalf of Thompson Taraz Rand Audit and Assurance Limited
Statutory Auditors
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

30 May 2025

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 16,619,484 18,100,665

Cost of sales (12,930,994 ) (13,263,041 )
GROSS PROFIT 3,688,490 4,837,624

Distribution costs (842,302 ) (824,293 )
Administrative expenses (3,659,536 ) (2,865,364 )
(813,348 ) 1,147,967

Other operating income 1,135,671 1,031,557
OPERATING PROFIT 5 322,323 2,179,524

Interest receivable and similar income 101,915 42,910
PROFIT BEFORE TAXATION 424,238 2,222,434

Tax on profit 6 (106,086 ) (524,669 )
PROFIT FOR THE FINANCIAL YEAR 318,152 1,697,765
Profit attributable to:
Owners of the parent 318,152 1,697,765

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 318,152 1,697,765


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

318,152

1,697,765

Total comprehensive income attributable to:
Owners of the parent 318,152 1,697,765

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 635 761
Tangible assets 9 3,274,351 3,271,197
Investments 10 - -
Investment property 11 2,229,571 1,472,000
5,504,557 4,743,958

CURRENT ASSETS
Stocks 12 5,148,445 5,390,645
Debtors 13 3,580,583 3,165,896
Cash at bank and in hand 3,400,642 5,031,982
12,129,670 13,588,523
CREDITORS
Amounts falling due within one year 14 (5,490,184 ) (6,505,704 )
NET CURRENT ASSETS 6,639,486 7,082,819
TOTAL ASSETS LESS CURRENT LIABILITIES 12,144,043 11,826,777

PROVISIONS FOR LIABILITIES 17 (153,664 ) (154,550 )
NET ASSETS 11,990,379 11,672,227

CAPITAL AND RESERVES
Called up share capital 18 100,004 100,004
Retained earnings 19 11,890,375 11,572,223
SHAREHOLDERS' FUNDS 11,990,379 11,672,227

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:




S D Miller - Director



C R Miller - Director


DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 100,002 100,002
Investment property 11 - -
100,002 100,002

CURRENT ASSETS
Debtors 13 1,826,432 1,767,045

CREDITORS
Amounts falling due within one year 14 - (2,000 )
NET CURRENT ASSETS 1,826,432 1,765,045
TOTAL ASSETS LESS CURRENT LIABILITIES 1,926,434 1,865,047

CAPITAL AND RESERVES
Called up share capital 18 100,004 100,004
Retained earnings 19 1,826,430 1,765,043
SHAREHOLDERS' FUNDS 1,926,434 1,865,047

Company's profit for the financial year 61,387 508,081

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2025 and were signed on its behalf by:




S D Miller - Director



C R Miller - Director


DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

CONSOLIDATED 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 100,004 9,874,458 9,974,462

Changes in equity
Total comprehensive income - 1,697,765 1,697,765
Balance at 30 September 2023 100,004 11,572,223 11,672,227

Changes in equity
Total comprehensive income - 318,152 318,152
Balance at 30 September 2024 100,004 11,890,375 11,990,379

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

COMPANY 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 100,004 1,256,962 1,356,966

Changes in equity
Total comprehensive income - 508,081 508,081
Balance at 30 September 2023 100,004 1,765,043 1,865,047

Changes in equity
Total comprehensive income - 61,387 61,387
Balance at 30 September 2024 100,004 1,826,430 1,926,434

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (402,867 ) 2,073,061
Tax paid (491,494 ) (276,643 )
Net cash from operating activities (894,361 ) 1,796,418

Cash flows from investing activities
Purchase of intangible fixed assets (316 ) (755 )
Purchase of tangible fixed assets (80,870 ) (31,578 )
Purchase of investment property (763,571 ) -
Sale of tangible fixed assets - 7,686
Interest received 101,915 42,910
Net cash from investing activities (742,842 ) 18,263

Cash flows from financing activities
Capital repayments in year (5,540 ) (50,265 )
Amount introduced by directors 11,403 2,421
Amount withdrawn by directors - (11,303 )
Net cash from financing activities 5,863 (59,147 )

(Decrease)/increase in cash and cash equivalents (1,631,340 ) 1,755,534
Cash and cash equivalents at beginning of
year

2

5,031,982

3,276,448

Cash and cash equivalents at end of year 2 3,400,642 5,031,982

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED 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 424,238 2,222,434
Depreciation charges 78,158 84,384
Profit on disposal of fixed assets - (5,179 )
Loss/(gain) on revaluation of fixed assets 6,000 (61,000 )
Finance income (101,915 ) (42,910 )
406,481 2,197,729
Decrease/(increase) in stocks 242,200 (64,178 )
Increase in trade and other debtors (428,090 ) (622,133 )
(Decrease)/increase in trade and other creditors (623,458 ) 561,643
Cash generated from operations (402,867 ) 2,073,061

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 3,400,642 5,031,982
Year ended 30 September 2023
30/9/23 1/10/22
£    £   
Cash and cash equivalents 5,031,982 3,276,448


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 5,031,982 (1,631,340 ) 3,400,642
5,031,982 (1,631,340 ) 3,400,642
Debt
Finance leases (5,540 ) 5,540 -
(5,540 ) 5,540 -
Total 5,026,442 (1,625,800 ) 3,400,642

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Distribution Supplies Group 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 General Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated Group financial statements consist of the financial statements of the Company, all entities controlled by the Company (its subsidiaries).

Subsidiaries are consolidated from the date on which control is transferred to the Group to the date on which that control ceases. In preparing the consolidated financial statements, intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated where applicable. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group.

A member of the group qualifies as a small entity in its own right and the individual entity accounts have been prepared using the reduced disclosure frame work FRS 102 Section 1A.

Related party exemption
The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Useful economic lives of tangible fixed assets:
Tangible fixed assets are depreciated over their expected useful lives taking into consideration residual values, where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilization and physical condition of the assets.

Doubtful debts:
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors , management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history.

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Turnover
Turnover shown in the profit and loss account represents the invoiced sale of floor and wall tiles excluding discounts and value added tax.Turnover is recognised on dispatch as this is considered to represent the transfer of risk and reward to the buyer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software are being amortised evenly over their estimated useful life of nil years.

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.
Freehold property - 10% on cost
Plant and equipment - 25% on reducing balance
Display stands - 10% on cost and at varying rates on cost
Motor vehicles - 25% on reducing balance

Investment property
Investment property is measured at fair value less impairment. Any change in fair value is recorded in the profit and loss account.

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

Financial instruments
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 material 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.

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

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.

Investments in subsidiaries and associates
Fixed asset Investments shown at note 12 represent investments in subsidiaries held in the individual financial statements of the parent company and are recognised at cost less impairment.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,819,719 1,686,385
Social security costs 176,972 166,371
1,996,691 1,852,756

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

Directors 2 2
Sales 10 11
Office 20 14
Warehouse 17 23
49 50

The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 48 ) .

2024 2023
£    £   
Directors' remuneration 25,939 25,718

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED 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 75,950 62,328
Depreciation - owned assets 77,716 65,545
Depreciation - assets on hire purchase contracts - 18,525
Profit on disposal of fixed assets - (5,179 )
Software amortisation 442 313
Auditors' remuneration 4,975 5,250
Audit-related assurance services 12,000 11,500
Taxation compliance services 750 500
Foreign exchange differences (22,261 ) 31,347

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 106,972 491,509

Deferred tax (886 ) 33,160
Tax on profit 106,086 524,669

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 424,238 2,222,434
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

106,060

555,609

Effects of:
Expenses not deductible for tax purposes 3,548 294
Income not taxable for tax purposes - (13,420 )
Capital allowances in excess of depreciation (2,636 ) -
Depreciation in excess of capital allowances - 15,000
Deferred tax movement (886 ) 33,261
Marginal relief - (66,075 )
Total tax charge 106,086 524,669

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Software
£   
COST
At 1 October 2023 7,939
Additions 316
At 30 September 2024 8,255
AMORTISATION
At 1 October 2023 7,178
Amortisation for year 442
At 30 September 2024 7,620
NET BOOK VALUE
At 30 September 2024 635
At 30 September 2023 761

9. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Display Motor
property equipment stands vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 3,006,038 469,012 14,840 458,024 3,947,914
Additions - 18,327 - 62,543 80,870
At 30 September 2024 3,006,038 487,339 14,840 520,567 4,028,784
DEPRECIATION
At 1 October 2023 7,512 358,811 14,840 295,554 676,717
Charge for year - 23,257 - 54,459 77,716
At 30 September 2024 7,512 382,068 14,840 350,013 754,433
NET BOOK VALUE
At 30 September 2024 2,998,526 105,271 - 170,554 3,274,351
At 30 September 2023 2,998,526 110,201 - 162,470 3,271,197

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
equipment
£   
COST
At 1 October 2023 230,250
Transfer to ownership (230,250 )
At 30 September 2024 -
DEPRECIATION
At 1 October 2023 174,674
Transfer to ownership (174,674 )
At 30 September 2024 -
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 55,576

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 100,002
NET BOOK VALUE
At 30 September 2024 100,002
At 30 September 2023 100,002

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Distribution Supplies Limited
Registered office: Units 30-36 Ivatt Way, Westwood Industrial Estate, Peterborough, Cambridgeshire, PE3 7PN
Nature of business: Whole sale supply of floor and wall tiles.
%
Class of shares: holding
Ordinary 100.00
30/9/24 30/9/23
£    £   
Aggregate capital and reserves 7,276,312 7,175,730
Profit for the year 161,969 1,046,652

Propco Holding Co Limited
Registered office: 10 Jesus Lane, Cambridge, CB5 8BA
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00
30/9/24 30/9/23
£    £   
Aggregate capital and reserves 2,887,634 2,731,451
Profit for the year 156,183 651,113


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2023 1,472,000
Additions 763,571
Revaluations (6,000 )
At 30 September 2024 2,229,571
NET BOOK VALUE
At 30 September 2024 2,229,571
At 30 September 2023 1,472,000

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. INVESTMENT PROPERTY - continued

Group

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2018 5,634
Valuation in 2019 251,174
Valuation in 2020 (287,962 )
Valuation in 2021 19,000
Valuation in 2022 293,000
Valuation in 2023 61,000
Valuation in 2024 (6,000 )
Cost 1,893,725
2,229,571

If investment property had not been revalued the would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,893,725 1,130,154

Investment property was valued on a fair value basis on 30 September 2024 by a Director .

12. STOCKS

Group
2024 2023
£    £   
Stocks 5,148,445 5,390,645

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,502,376 2,383,776 - -
Amounts owed by group undertakings - 2,000 1,826,430 1,767,043
Other debtors 617,183 313,898 - -
Directors' current accounts - 11,403 - -
Called up share capital not paid 2 2 2 2
Prepayments and accrued income 461,022 454,817 - -
3,580,583 3,165,896 1,826,432 1,767,045

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 15) - 5,540 - -
Trade creditors 1,958,939 2,482,695 - -
Amounts owed to group undertakings - 2,000 - 2,000
Tax 106,987 491,509 - -
Social security and other taxes 36,056 39,848 - -
VAT 225,972 307,362 - -
Other creditors 1,885,059 2,658,741 - -
Accrued expenses 1,277,171 518,009 - -
5,490,184 6,505,704 - 2,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 5,540

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 280,000 158,832
Between one and five years 620,000 -
900,000 158,832

Operating lease commitments relate to Distribution Supplies Ltd in respect of its rental of commercial property.

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts - 5,540

Liabilities held under hire purchase agreements are secured against the assets to which they relate.

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 153,664 154,550

Group
Deferred
tax
£   
Balance at 1 October 2023 154,550
Excess of capital allowances (886 )
over depreciation
Investment property fair value
change
Balance at 30 September 2024 153,664

Deferred tax is recognised in respect of the excess of capital allowances over depreciation and the changes in fair value of the groups investment property at the rates expected to apply when the timing differences reverse.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,004 Ordinary £1 100,004 100,004

19. RESERVES

Group
Retained
earnings
£   

At 1 October 2023 11,572,223
Profit for the year 318,152
At 30 September 2024 11,890,375

Company
Retained
earnings
£   

At 1 October 2023 1,765,043
Profit for the year 61,387
At 30 September 2024 1,826,430

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. RESERVES - continued


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
S D Miller and C R Miller
Balance outstanding at start of year 11,402 2,421
Amounts advanced - 11,402
Amounts repaid (11,402 ) (2,421 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 11,402

21. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

At the balance sheet date the directors owed the group £nil (2023:£11,402). This amount includes interest of nil (2023: £84). The balance due has no fixed date of repayment, therefore it is repayable on demand.

Directors remuneration amounts to £25,939 (2023: £25,718) and was paid by a subsidiary company.

Other related parties

The company made sales of £8,923,708 (2023: £10,271,966) to entities under the common control of the directors.The amount outstanding at the balance sheet date is £685,675 (2023: £921,681) and is included within trade debtors.

During the year under review no loans provided to connected companies were released to the profit and loss account totalling £nil (2023: £nil).

The group received rental income of £245,460 (2023:£215,035) from entities under the common control of the directors.

The group paid rent for warehousing capacity to a company under the common control of the directors amounting to £50,000 (2023:£50,000).

The group recharged staff costs amounting to £896,210 (2023:£730,521) to a company under the common control of the directors.

Included within other debtors is advances amounting to £617,180 (2023: £264,274) due from companies under the common control of the directors.

Included within the profit and loss account is management charges of £588,124 (2023: £420,000). The total amount outstanding at the balance sheet date is £1,888,451(2023: £2,621,146) due to companies under the common control of the directors.

During the year, a total of key management personnel compensation of £ 743,746 (2023 - £ 578,323 ) was paid.

DISTRIBUTION SUPPLIES GROUP LIMITED (REGISTERED NUMBER: 09233947)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party during the year under review is S and C Miller.