Registered number
03065635
IBS Building Products Ltd
Report and Accounts
31 October 2024
IBS Building Products Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6-9
IBS Building Products Ltd
Company Information
Directors
M A Finney
D T Finney
Registered office
6/11 Spartan Industrial Centre
Brickhouse Lane
West Bromwich
England
B70 0DH
Registered number
03065635
IBS Building Products Ltd
Registered number: 03065635
Directors' Report
The directors present their report and accounts for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be the supply of doors and joinery products.
Directors
The following persons served as directors during the year:
M A Finney
D T Finney
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 24 July 2025 and signed on its behalf.
D T Finney
Director
IBS Building Products Ltd
Profit and Loss Account
for the year ended 31 October 2024
2024 2023
£ £
Turnover 6,082,008 6,455,659
Cost of sales (4,622,802) (5,002,660)
Gross profit 1,459,206 1,452,999
Distribution costs (180,174) (226,510)
Administrative expenses (1,080,752) (1,015,989)
Operating profit 198,280 210,500
Interest receivable 636 -
Interest payable (7,809) (13,489)
Profit before taxation 191,107 197,011
Tax on profit (47,678) (46,931)
Profit for the financial year 143,429 150,080
IBS Building Products Ltd
Registered number: 03065635
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 76,076 85,730
Current assets
Stocks 267,678 364,141
Debtors 4 1,041,530 1,033,792
Cash at bank and in hand 619,328 299,968
1,928,536 1,697,901
Creditors: amounts falling due within one year 5 (1,554,098) (1,248,151)
Net current assets 374,438 449,750
Total assets less current liabilities 450,514 535,480
Creditors: amounts falling due after more than one year 6 (24,000) (100,000)
Provisions for liabilities (18,935) (21,330)
Net assets 407,579 414,150
Capital and reserves
Called up share capital 4 4
Profit and loss account 407,575 414,146
Shareholders' funds 407,579 414,150
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M A Finney
Director
Approved by the board on 24 July 2025
IBS Building Products Ltd
Statement of Changes in Equity
for the year ended 31 October 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 November 2022 4 - 17,515 396,551 414,070
Profit for the financial year 150,080 150,080
Revaluation reserve realised on depreciated assets (17,515) 17,515 -
Other comprehensive income for the financial year - - (17,515) 17,515 -
Total comprehensive income for the financial year - - (17,515) 167,595 150,080
Dividends (150,000) (150,000)
At 31 October 2023 4 - - 414,146 414,150
At 1 November 2023 4 - - 414,146 414,150
Profit for the financial year 143,429 143,429
Dividends (150,000) (150,000)
At 31 October 2024 4 - - 407,575 407,579
IBS Building Products Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 or 5 years dependent on the asset
Motor vehicles over 4 years
Fixtures & fittings over 5 years
Stocks
Stocks are measured 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 carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 12
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 113,950 56,035 169,985
Additions 2,973 15,700 18,673
Disposals (17,324) - (17,324)
At 31 October 2024 99,599 71,735 171,334
Depreciation
At 1 November 2023 72,581 11,674 84,255
Charge for the year 9,424 16,625 26,049
On disposals (15,046) - (15,046)
At 31 October 2024 66,959 28,299 95,258
Net book value
At 31 October 2024 32,640 43,436 76,076
At 31 October 2023 41,369 44,361 85,730
4 Debtors 2024 2023
£ £
Trade debtors 869,523 836,864
Other debtors 172,007 196,928
1,041,530 1,033,792
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 953,232 842,044
Amounts owed to group undertakings and undertakings in which the company has a participating interest 110,000 120,000
Taxation and social security costs 107,262 57,567
Other creditors 383,604 228,540
1,554,098 1,248,151
6 Creditors: amounts falling due after one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 100,000
Other creditors 24,000 -
24,000 100,000
7 Revaluation reserve 2024 2023
£ £
At 1 November 2023 - 17,515
Revaluation reserve realised on depreciated assets - (17,515)
At 31 October 2024 - -
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 123,463 206,106
9 Related party transactions
The following companies are related parties by virtue of being controlled by the directors MA Finney, DT Finney, TP McGuire and JW Vann who controlled the issued share capital of each company by virtue of their own and their direct family members' shareholdings.
Sales Purchases Debtor Creditor
Year 31 October 2024 £ £ £ £
FSC Doors Ltd - 164,104 - 18,840
Midland Building Products Ltd - 47,782 - 11,110
Manchester Doors & Cubicles Ltd - 4,921 - -
ZMR Ltd - 3,497 - 1,454
UK Doorsets Ltd - 203,113 - 25,318
Southern Door & Cubicles Ltd - 19,620 - 312
Joinery Specialists Ltd 4,808 123,522 686 33,005
Fire & Acoustic Seals Ltd - 2,613 - 136
Door-Kit Solutions Ltd 20,222 331,911 - 92,896
Rapidfit 28,587 939,708 11,151 129,152
MBP Iironmongery - 6,436 - 1,149
Year 31 October 2023 £ £ £ £
FSC Doors Ltd - 151,215 - 20,991
Midland Building Products Ltd 8,320 118,418 9,984 59,027
Manchester Doors & Cubicles Ltd 812 4,921 72 -
ZMR Ltd - 14,435 - 2,394
UK Doorsets Ltd - 117,483 - 68,126
Southern Door & Cubicles Ltd 545 18,860 654
Joinery Specialists Ltd 5,257 212,287 182 38,698
Fire & Acoustic Seals Ltd - 1,800 - 1,097
Door-Kit Solutions Ltd 1,170 - - -
10 Controlling party
The company was under the control of FSC Doors Limited by virtue of its 90% shareholding throughout the period. FSC Doors Ltd was under the control of Messrs M Finney, D Finney JW Vann and TP Mcguire who own the entire issued share capital of that company in the current and the previous financial periods.
11 Other information
IBS Building Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6/11 Spartan Industrial Centre
Brickhouse Lane
West Bromwich
England
B70 0DH
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