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Registration number: 08723834

Bence Roofing Supplies Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Bence Roofing Supplies Limited

Contents

Company Information

1

Directors' Report

2

Strategic Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 28

 

Bence Roofing Supplies Limited

Company Information

Directors

C G Bence

P C Bence

C J Coombes

Company secretary

E Emerton

Registered office

41-47 Fairview Road
Cheltenham
GL52 2EJ

Bankers

Lloyds Bank PLC
PO Box 1000
BX2 1LB

Auditors

Hazlewoods LLP
Staverton Court
Cheltenham
GL51 0UX

 

Bence Roofing Supplies Limited

Directors' Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the group is the supply of roofing and other building materials.

Directors of the company

The directors who held office during the year were as follows:

C G Bence

P C Bence

C J Coombes

Future developments

The directors continue to closely monitor the external commercial environment and act it the interests of the business accordingly.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP were appointed as auditors during the year, and have expressed their willingness to continue in office.

Approved by the Board on 8 July 2025 and signed on its behalf by:


P C Bence
Director

 

Bence Roofing Supplies Limited

Strategic Report for the Year Ended 31 December 2024

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

Fair review of the business

The consolidated results for the year which are set out in the profit and loss account show turnover of £14,510,174 (2023 - £14,976,749) and an operating profit of £607,816 (2023 - £864,018). At 31 December 2024 the group had net assets of £3,413,017 (2023 - £3,234,177). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Key performance indicators

Given the straight forward nature of the business, the group's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

Principal risks and uncertainties

The management of the group and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the general economic climate, and competition from others in the industry.

Financial instruments

The group does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to price or liquidity risk.

Going concern

in accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

The group continued to trade throughout the year and is currently trading profitably and generating cash. The directors believe that the group has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 8 July 2025 and signed on its behalf by:


P C Bence
Director

 

Bence Roofing Supplies Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report 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 group and company 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bence Roofing Supplies Limited

Independent Auditor's Report to the Members of Bence Roofing Supplies Limited

Opinion

We have audited the financial statements of Bence Roofing Supplies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 December 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 auditor 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Bence Roofing Supplies Limited

Independent Auditor's Report to the Members of Bence Roofing Supplies Limited

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

Bence Roofing Supplies Limited

Independent Auditor's Report to the Members of Bence Roofing Supplies Limited

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Cheltenham
GL51 0UX

8 July 2025

 

Bence Roofing Supplies Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

14,510,174

14,976,749

Cost of sales

 

(11,424,512)

(11,697,814)

Gross profit

 

3,085,662

3,278,935

Distribution costs

 

(126,460)

(146,923)

Administrative expenses

 

(2,367,133)

(2,276,247)

Other operating income

4

15,747

8,253

Operating profit

5

607,816

864,018

Other interest receivable and similar income

6

17,067

9,207

Interest payable and similar expenses

7

(99,918)

(104,616)

   

(82,851)

(95,409)

Profit before tax

 

524,965

768,609

Tax on profit

11

(136,125)

(204,800)

Profit for the financial year

 

388,840

563,809

Profit/(loss) attributable to:

 

Owners of the company

 

317,340

579,300

Minority interests

 

71,500

(15,491)

 

388,840

563,809

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Bence Roofing Supplies Limited

(Registration number: 08723834)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

-

6,170

Tangible assets

13

1,934,004

1,968,573

Other financial assets

15

1,300

1,300

 

1,935,304

1,976,043

Current assets

 

Stocks

16

1,549,757

1,538,128

Debtors

17

1,462,681

1,291,657

Cash at bank and in hand

 

2,052,784

2,114,266

 

5,065,222

4,944,051

Creditors: Amounts falling due within one year

18

(2,468,940)

(2,404,343)

Net current assets

 

2,596,282

2,539,708

Total assets less current liabilities

 

4,531,586

4,515,751

Creditors: Amounts falling due after more than one year

18

(1,062,160)

(1,226,374)

Provisions for liabilities

11

(56,409)

(55,200)

Net assets

 

3,413,017

3,234,177

Capital and reserves

 

Called up share capital

21

100

100

Share premium reserve

3

3

Retained earnings

3,305,768

3,188,428

Equity attributable to owners of the company

 

3,305,871

3,188,531

Minority interests

 

107,146

45,646

Shareholders' funds

 

3,413,017

3,234,177

Approved and authorised by the Board on 8 July 2025 and signed on its behalf by:
 

P C Bence
Director

 

Bence Roofing Supplies Limited

(Registration number: 08723834)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

1,908,084

1,941,394

Investments

14

30,912

30,912

Other financial assets

15

1,300

1,300

 

1,940,296

1,973,606

Current assets

 

Stocks

16

1,056,674

1,225,232

Debtors

17

1,239,135

1,094,818

Cash at bank and in hand

 

1,586,620

1,776,118

 

3,882,429

4,096,168

Creditors: Amounts falling due within one year

18

(1,475,847)

(1,611,930)

Net current assets

 

2,406,582

2,484,238

Total assets less current liabilities

 

4,346,878

4,457,844

Creditors: Amounts falling due after more than one year

18

(1,062,160)

(1,226,374)

Provisions for liabilities

11

(49,929)

(48,405)

Net assets

 

3,234,789

3,183,065

Capital and reserves

 

Called up share capital

21

100

100

Retained earnings

3,234,689

3,182,965

Shareholders' funds

 

3,234,789

3,183,065

The company made a profit after tax for the financial year of £251,724 (2023 - profit of £607,194).

Approved and authorised by the Board on 8 July 2025 and signed on its behalf by:
 

P C Bence
Director

 

Bence Roofing Supplies Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2024

100

3

3,188,428

3,188,531

45,646

3,234,177

Profit for the year

-

-

317,340

317,340

71,500

388,840

Dividends

-

-

(200,000)

(200,000)

(10,000)

(210,000)

At 31 December 2024

100

3

3,305,768

3,305,871

107,146

3,413,017

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

Non-controlling interests
£

Total equity
£

At 1 January 2023

100

3

2,859,128

2,859,231

61,137

2,920,368

Profit/(loss) for the year

-

-

579,300

579,300

(15,491)

563,809

Dividends

-

-

(250,000)

(250,000)

-

(250,000)

At 31 December 2023

100

3

3,188,428

3,188,531

45,646

3,234,177

 

Bence Roofing Supplies Limited

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

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

3,182,965

3,183,065

Profit for the year

-

251,724

251,724

Dividends

-

(200,000)

(200,000)

At 31 December 2024

100

3,234,689

3,234,789

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

2,825,771

2,825,871

Profit for the year

-

607,194

607,194

Dividends

-

(250,000)

(250,000)

At 31 December 2023

100

3,182,965

3,183,065

 

Bence Roofing Supplies Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

388,840

563,809

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

66,076

60,487

Finance income

6

(17,067)

(9,207)

Finance costs

7

99,918

104,616

Income tax expense

11

136,125

204,800

 

673,892

924,505

Working capital adjustments

 

Increase in stocks

16

(11,629)

(140,051)

(Increase)/decrease in trade debtors

17

(171,024)

348,493

Increase/(decrease) in trade creditors

18

177,833

(131,429)

(Decrease)/increase in deferred income

 

(63,810)

55,878

Cash generated from operations

 

605,262

1,057,396

Income taxes paid

11

(187,206)

(195,653)

Net cash flow from operating activities

 

418,056

861,743

Cash flows from investing activities

 

Interest received

17,067

9,207

Acquisitions of tangible assets

(25,337)

(45,969)

Net cash flows from investing activities

 

(8,270)

(36,762)

Cash flows from financing activities

 

Interest paid

7

(99,918)

(104,616)

Proceeds from bank borrowing draw downs

 

(161,350)

(157,748)

Dividends paid

(210,000)

(250,000)

Net cash flows from financing activities

 

(471,268)

(512,364)

Net (decrease)/increase in cash and cash equivalents

 

(61,482)

312,617

Cash and cash equivalents at 1 January

 

2,114,266

1,801,649

Cash and cash equivalents at 31 December

 

2,052,784

2,114,266

 

Bence Roofing Supplies Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
41-47 Fairview Road
Cheltenham
GL52 2EJ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Bence Roofing Supplies Limited

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

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

These financial statements do not contain any significant judgements or estimation uncertainty.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Over term of the lease

Motor vehicles

25% straight line

Plant and machinery

20% - 33% straight line

Freehold property

2% straight line & 15% reducing balance

Computer equipment

33% straight line

 

Bence Roofing Supplies Limited

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bence Roofing Supplies Limited

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

Trade creditors

Trade creditors 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 the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Bence Roofing Supplies Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Turnover

The group's revenue for the year comprises of the sale of goods in the United Kingdom which are all continuing operations.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Rental income

7,813

6,875

Miscellaneous other operating income

7,934

1,378

15,747

8,253

 

Bence Roofing Supplies Limited

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

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

59,906

48,146

Amortisation expense

6,170

12,341

Operating lease expense - property

266,530

244,419

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on investments

4,284

2,865

Interest income on bank deposits

12,783

6,342

17,067

9,207

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

-

41

Interest expense on other finance liabilities

94,122

98,310

Operating lease interest

5,796

6,265

99,918

104,616

 

8

Staff costs

Group

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,037,171

1,017,482

Social security costs

93,578

83,947

Pension costs, defined contribution scheme

35,366

33,698

1,166,115

1,135,127

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

23

21

Distribution

12

15

35

36

 

Bence Roofing Supplies Limited

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

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

675,708

650,922

Social security costs

64,785

53,232

Pension costs, defined contribution scheme

27,672

26,499

768,165

730,653

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Administration and support

20

18

Distribution

4

5

24

23

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

80,000

70,000

Contributions paid to money purchase schemes

3,000

3,000

83,000

73,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

 

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

19,334

14,334

Other fees to auditors

All other non-audit services

9,866

7,166


 

 

Bence Roofing Supplies Limited

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

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

143,555

195,328

UK corporation tax adjustment to prior periods

(8,639)

-

134,916

195,328

Deferred taxation

Arising from origination and reversal of timing differences

(315)

8,911

Arising from changes in tax rates and laws

-

561

Arising from previously unrecognised temporary difference of prior periods

1,524

-

Total deferred taxation

1,209

9,472

Tax expense in the income statement

136,125

204,800

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

524,965

768,609

Corporation tax at standard rate

131,241

180,777

Effect of expense not deductible in determining taxable profit (tax loss)

4,560

4,634

Effect of tax losses carried back

8,963

10,205

Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period

(8,639)

-

UK deferred tax expense relating to changes in tax rates or laws

-

561

Tax increase from effect of capital allowances and depreciation

-

8,623

Total tax charge

136,125

204,800

 

Bence Roofing Supplies Limited

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

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

56,983

Short term timing differences

(574)

-

56,409

2023

Liability
£

Fixed asset timing differences

55,814

Short term timing differences

(614)

55,200

Company

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

50,503

Short term timing differences

(574)

49,929

2023

Liability
£

Fixed asset timing differences

49,019

Short term timing differences

(614)

48,405

 

12

Intangible assets

Group

Goodwill
 £

Cost or valuation

At 1 January 2024

61,705

Eliminate at end of useful life

(61,705)

At 31 December 2024

-

Amortisation

At 1 January 2024

55,535

Amortisation charge

6,170

Eliminate at end of useful life

(61,705)

At 31 December 2024

-

Carrying amount

At 31 December 2024

-

At 31 December 2023

6,170

 

Bence Roofing Supplies Limited

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

 

13

Tangible assets

Group

Freehold property
£

Leasehold improvements
£

Plant and machinery
 £

Total
£

Cost

At 1 January 2024

2,071,936

89,008

194,374

2,355,318

Additions

3,914

-

21,423

25,337

At 31 December 2024

2,075,850

89,008

215,797

2,380,655

Depreciation

At 1 January 2024

193,670

52,838

140,237

386,745

Charge for the year

32,743

8,901

18,262

59,906

At 31 December 2024

226,413

61,739

158,499

446,651

Carrying amount

At 31 December 2024

1,849,437

27,269

57,298

1,934,004

At 31 December 2023

1,878,266

36,170

54,137

1,968,573

Company

Freehold property
£

Leasehold improvements
£

Plant and machinery
 £

Total
£

Cost

At 1 January 2024

2,036,969

89,008

164,175

2,290,152

Additions

-

-

20,945

20,945

At 31 December 2024

2,036,969

89,008

185,120

2,311,097

Depreciation

At 1 January 2024

161,380

52,838

134,540

348,758

Charge for the year

30,739

8,901

14,615

54,255

At 31 December 2024

192,119

61,739

149,155

403,013

Carrying amount

At 31 December 2024

1,844,850

27,269

35,965

1,908,084

At 31 December 2023

1,875,589

36,170

29,635

1,941,394

 

Bence Roofing Supplies Limited

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

 

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

30,912

30,912

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Dramco Limited

17 Blacklands Way, Abingdon, Oxford, OX14 1DY

United Kingdom

Ordinary A shares

50.1%

50.1%

Subsidiary undertakings

Dramco Limited

The principal activity of Dramco Limited is Bathroom Retail.

 

15

Other financial assets

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

1,300

1,300

1,300

1,300

 

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Goods for resale

1,549,757

1,538,128

1,056,674

1,225,232

 

Bence Roofing Supplies Limited

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

 

17

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

878,394

864,419

860,665

852,768

Amounts owed by related parties

24

112,285

3,598

117,000

-

Other debtors

 

215,256

209,426

198,291

193,679

Prepayments

 

148,547

92,761

63,179

48,371

Accrued income

 

108,199

121,453

-

-

 

1,462,681

1,291,657

1,239,135

1,094,818

 

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

178,767

175,903

178,767

175,903

Trade creditors

 

1,993,518

1,802,279

1,099,575

1,159,393

Social security and other taxes

 

116,581

120,472

114,965

66,138

Outstanding defined contribution pension costs

 

3,307

3,665

3,307

3,665

Other payables

 

31,857

40,460

17,463

32,965

Accruals

 

50,000

50,554

28,740

43,787

Corporation tax liability

 

73,414

125,704

28,217

125,704

Deferred income

 

21,496

85,306

4,813

4,375

 

2,468,940

2,404,343

1,475,847

1,611,930

Due after one year

 

Loans and borrowings

19

1,062,160

1,226,374

1,062,160

1,226,374

 

Bence Roofing Supplies Limited

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

 

19

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

178,767

175,903

178,767

175,903

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,062,160

1,226,374

1,062,160

1,226,374

Group

Bank borrowings

The variable rate loan is denominated in £ with a nominal interest rate of 2.45%, and the final instalment is due on 30 April 2036. The carrying amount at year end is £1,127,594 (2023 - £1,208,944).

The variable rate loan is secured against the company's freehold property.

The CBILS loan is denominated in £ with a nominal interest rate of 2.01%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £113,333 (2023 - £193,333).

The CBILS loan is secured by the company's assets.

 

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £35,366 (2023 - £33,698).

Contributions totalling £3,307 (2023 - £3,665) were payable to the scheme at the end of the year and are included in creditors.

 

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

25

25

25

25

B Ordinary shares of £1 each

50

50

50

50

C Ordinary shares of £1 each

25

25

25

25

100

100

100

100

All shares in issue rank pari passu.

 

Bence Roofing Supplies Limited

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

 

22

Obligations under leases

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

180,305

148,619

Later than one year and not later than five years

250,252

395,119

430,557

543,738

The amount of non-cancellable operating lease payments recognised as an expense during the year was £157,251 (2023 - £151,324).

Company

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

100,000

100,000

Later than one year and not later than five years

191,667

291,667

291,667

391,667

The amount of non-cancellable operating lease payments recognised as an expense during the year was £100,000 (2023 - £104,229).

 

23

Analysis of changes in net debt

Group

At 1 January 2024
£

Financing cash flows
£

At 31 December 2024
£

Cash and cash equivalents

Cash

2,114,266

(61,482)

2,052,784

Borrowings

Short term borrowings

(175,903)

(2,864)

(178,767)

Lease liabilities

(1,226,374)

164,214

(1,062,160)

(1,402,277)

161,350

(1,240,927)

 

711,989

99,868

811,857

 

Bence Roofing Supplies Limited

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

 

24

Related party transactions

Group

Summary of transactions with entities with joint control or significant interest

During the year the Group entered into the following transactions with the George Bence & Sons Limited group: sales of £170,966 (2023 - £303,953); and expenditure of £111,262 (2023 - £143,942). The Group also rented equipment from the George Bence & Sons Limited group to the value of £nil (2023 - £1,973). At the balance sheet date the Group owed £5,226 (2023 - £33,723) to the George Bence & Sons Limited group.
 

Amounts owed by related parties

During the year amounts of £118,687 (2023 - £2,929) was advanced in the form of directors' loans and dividends of £10,000 (2023 - £nil) declared to a director of the subsidiary. At the year end, £112,285 (2023 - £3,598) was due to the group from directors:

2024

Directors
£

At start of period

3,598

Advanced

118,687

Dividends

(10,000)

At end of period

112,285

2023

Directors
£

At start of period

669

Advanced

2,929

At end of period

3,598

Summary of transactions with other related parties

During the year Dramco Limited, a subsidiary of the group, made sales of £23,459 (2023 - £29,430) to and purchases of £20,361 (2023 - £29,009) from TAIL Distribution Ltd, a company under common control. At 31 December 2024, the net balance owed to Dramco Limited by TAIL Distribution Ltd was £14,311 (2023 - £7,746).
 

 

25

Parent and ultimate parent undertaking

The group is controlled by the directors.