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Registered Number:02004847













TIPTREE BUILDING SUPPLIES LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024











 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
COMPANY INFORMATION


Directors
Mr S J Clark 
Mr M J Denney (resigned 30 November 2023)
Mr C Barton 
Mr A M Evers (appointed 24 November 2023)




Company secretary
M Paveley



Registered number
02004847



Registered office
New Road
Tiptree

Colchester

Essex

CO5 0HQ




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank Plc

75 High Street

Brentwood

Essex

CM14 4RP






 
TIPTREE BUILDING SUPPLIES LIMITED
 


CONTENTS



Pages
Directors' Report
1 - 2
Independent Auditor's Report
3 - 6
Statement of Comprehensive Income (including the Profit and Loss Account)
7
Balance Sheet
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 21



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The Directors present their report and the financial statements for the year ended 31 October 2024.

Directors

The Directors who served during the year were:

Mr S J Clark 
Mr M J Denney (resigned 30 November 2023)
Mr C Barton 
Mr A M Evers (appointed 24 November 2023)

Results and dividends

The profit for the year, after taxation, amounted to £58,102 (2023 - £78,481).

Directors' responsibilities statement

The Directors are responsible for preparing the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of the Directors which were in place during the year and remain in force at the date of this report.


- 1 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Sumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Board on 16 July 2025 and signed on its behalf.
 





Mr A M Evers
Director


- 2 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED

Opinion


We have audited the financial statements of Tiptree Building Supplies Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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



- 3 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.



- 4 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)

Responsibilities of Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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.


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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors (as required by auditing standards), inspection of the Company’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
 

- 5 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)

There are inherent limitations in the audit procedures described above 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 would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 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 2006Our 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.





Steven Burgess (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

18 July 2025

- 6 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Notes
£
£

  

Turnover
 4 
4,345,568
4,887,785

Cost of sales
  
(3,211,853)
(3,552,271)

Gross profit
  
1,133,715
1,335,514

Administrative expenses
  
(1,058,289)
(1,240,495)

Operating profit
 5 
75,426
95,019

Interest receivable and similar income
  
1,263
-

Profit before tax
  
76,689
95,019

Tax on profit
 8 
(18,587)
(16,538)

Profit for the financial year
  
58,102
78,481

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income (including the profit and loss account).

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 21 form part of these financial statements.


- 7 -



 
TIPTREE BUILDING SUPPLIES LIMITED
REGISTERED NUMBER:02004847


BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Notes
£
£

Fixed assets
  

Tangible assets
 9 
107,126
105,870

Investments
 10 
102,050
102,050

  
209,176
207,920

Current assets
  

Stocks
 11 
604,365
649,790

Debtors: amounts falling due within one year
 12 
487,382
539,585

Cash at bank and in hand
  
417,085
1,171,928

  
1,508,832
2,361,303

Creditors: amounts falling due within one year
 13 
(504,065)
(1,067,580)

Net current assets
  
 
 
1,004,767
 
 
1,293,723

Total assets less current liabilities
  
1,213,943
1,501,643

Provisions for liabilities
  

Deferred tax
 14 
(25,966)
(25,475)

  
 
 
(25,966)
 
 
(25,475)

Net assets
  
1,187,977
1,476,168


Capital and reserves
  

Called up share capital 
 15 
1,770
1,770

Share premium account
 16 
2,950
2,950

Capital redemption reserve
 16 
1,030
1,030

Profit and loss account
 16 
1,182,227
1,470,418

Shareholders' funds
  
1,187,977
1,476,168



- 8 -



 
TIPTREE BUILDING SUPPLIES LIMITED
REGISTERED NUMBER:02004847

    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 16 July 2025.




Mr A M Evers
Director

The notes on pages 11 to 21 form part of these financial statements.


- 9 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 November 2022
1,770
2,950
1,030
1,391,937
1,397,687


Comprehensive income for the year

Profit for the year
-
-
-
78,481
78,481



At 1 November 2023
1,770
2,950
1,030
1,470,418
1,476,168


Comprehensive income for the year

Profit for the year
-
-
-
58,102
58,102


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(346,293)
(346,293)


At 31 October 2024
1,770
2,950
1,030
1,182,227
1,187,977


The notes on pages 11 to 21 form part of these financial statements.


- 10 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Tiptree Building Supplies Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales.
The Company's registration number is 02004847 and the address of the registered office is New Road, Tiptree, Colchester, Essex CO5 0HQ.
Its principal activity continued to be that of suppliers of building materials and hirers of building plant, machinery and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The Company is small and has taken advantage of the exemption to not prepare a Statement of Cash Flows.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the financial position of the Company by reviewing monthly management accounts, future orders and planned expenditure, alongside the Balance Sheet and believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Company also has sufficient cash headroom to continue operating for the foreseeable future.
After making enquiries the Directors have a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and financial statements.


- 11 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue in respect to the short term hire contracts of less than 2 weeks, are invoiced on a weekly basis and will be recognised on the return of the equipment. 
Hire contracts which span a period of more than 2 weeks, are invoiced on a monthly basis and the revenue is accounted for in the period to which the hire relates. For any contracts which span the year end, the proportion of hire contract revenue earned before the year end is accounted for as revenue in that year. 

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.


- 12 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


- 13 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Investments

Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where the market value cannot be reliably determined, such investments are stated at historic cost less impairment charges.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

  
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.12

Creditors

Short term creditors are measured at the transaction price. 

  
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


- 14 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Building supplies
4,163,272
4,750,310

Hire of equipment
182,296
137,475

4,345,568
4,887,785


All turnover arose within the United Kingdom.


5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
35,708
35,289

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
7,900
6,600

Hire of plant and machinery
35,464
18,401

Loss on disposal of tangible fixed assets
1,980
586


- 15 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Construction
11
11



Office
7
6

18
17


7.

Directors' remuneration

2024
2023
        £
        £
Directors' emoluments

149,068

112,187
 

Included within the Directors' emoluments above is £6,300 (2023 - £3,700) in respect of Company contributions to the defined contribution pension scheme for a Director.


8.


Taxation


2024
2023
£
£

Corporation tax


UK Corporation tax on profit for the year
18,096
23,127


Deferred tax


Origination and reversal of timing differences
491
(6,589)

Total deferred tax
491
(6,589)


Taxation on profit on ordinary activities
18,587
16,538

- 16 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
76,689
95,019


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
19,172
23,755

Effects of:


Expenses not deductible for tax purposes
160
-

Effect of changes to tax rate
-
(3,108)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(3,923)

Marginal relief
(745)
(186)

Total tax charge for the year
18,587
16,538


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




- 17 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 November 2023
327,194
115,155
122,815
565,164


Additions
33,959
501
4,951
39,411


Disposals
(28,244)
-
(4,959)
(33,203)



At 31 October 2024

332,909
115,656
122,807
571,372



Depreciation


At 1 November 2023
252,905
102,477
103,912
459,294


Charge for the year on owned assets
26,575
3,295
5,838
35,708


Disposals
(26,296)
-
(4,460)
(30,756)



At 31 October 2024

253,184
105,772
105,290
464,246



Net book value



At 31 October 2024
79,725
9,884
17,517
107,126



At 31 October 2023
74,289
12,678
18,903
105,870


10.


Fixed asset investments





Unlisted investment

£



Cost  and net book value


At 1 November 2023
102,050



At 31 October 2024
102,050





- 18 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Stocks

2024
2023
£
£

Goods for resale
604,365
649,790


The difference between purchase price or production cost of stocks and their replacement cost is not material.


12.


Debtors

2024
2023
£
£


Trade debtors
377,867
402,964

Amounts owed by fellow group undertaking
84,554
98,205

Other debtors
13,044
18,623

Prepayments and accrued income
11,917
19,793

487,382
539,585



13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
361,063
447,302

Amounts owed to fellow group undertaking
98,474
507,065

Corporation tax payable
18,096
23,127

Other taxation and social security
15,932
30,351

Other creditors
-
50,000

Accruals and deferred income
10,500
9,735

504,065
1,067,580



- 19 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(25,475)
(32,064)


Charge/(credit) to profit or loss
(491)
6,589



At end of year
(25,966)
(25,475)

The deferred tax liability is made up as follows:

2024
2023
£
£


Accelerated capital allowances
25,966
25,475


15.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



1,770 Ordinary shares of £1 each
1,770
1,770



16.


Reserves

Share premium account

The Share Premium Account includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the Share Premium Account.

Capital redemption reserve

The Capital Redemption reserve represents a capital reserve that is a non-distributable reserve.

Profit and loss account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve is available for distribution to the shareholders.


- 20 -



 
TIPTREE BUILDING SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Related party transactions

The Company is related to T J Evers Limited, a fellow group undertaking, due to common control and ownership. During the year, the Company made sales amounting to £548,777 (2023 - £464,014) to T J Evers Limited. Also during the year, the Company made purchases from T J Evers Limited amounting to £82,491 (2023 - £135,134). In addition, during the year T J Evers Limited charged the Company a management charge amounting to £950,000 (2023 - £1,144,986) in respect of recharges for Directors and staff salaries and overheads.
At 31 October 2024 the Company owed £98,474 (2023 - £507,065) to T J Evers Limited and was owed £84,554 (2023 - £98,205) by T J Evers Limited.
Key management personnel remuneration in the year amounted to £173,870 (2023 - £126,618). This remuneration was paid by T J Evers Limited and recharged as part of the management charge.


18.


Controlling party

The immediate and ultimate parent undertaking is Trevester Limited, a company incorporated in England and Wales.
The largest and smallest group for which the Company’s results are included is headed by Trevester Limited. Copies of the consolidated financial statements of Trevester Limited are publicly available from New Road, Tiptree, Colchester, Essex CO5 0HQ.
The ultimate controlling party of Trevester Limited was Alan Michael Evers, a director and shareholder of the company.

 

- 21 -