IRIS Accounts Production v25.1.4.42 00425545 Board of Directors 1.1.24 31.12.24 31.12.24 The company is engaged in the sale of building materials in the Midlands region. There have been no changes to the Company's activities in the year under review. true false true true false false false true true true false Ordinary 1.00000 'A' Ordinary 1.00000 'B', 'C', 'D', 'E' Ordinary 1.00000 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REGISTERED NUMBER: 00425545 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Walter Tipper,Limited

Walter Tipper,Limited (Registered number: 00425545)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 9

Statement of Comprehensive Income 13

Balance Sheet 14

Statement of Changes in Equity 15

Notes to the Financial Statements 16


Walter Tipper,Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: P L Sampson
W A Tipper
J W Tipper
A W Tipper
A J Tipper





SECRETARY: J A Tipper





REGISTERED OFFICE: Walter Tipper Limited
Europa Way
Lichfield
Staffordshire
WS14 9TZ





REGISTERED NUMBER: 00425545 (England and Wales)





INDEPENDENT AUDITORS: Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

Walter Tipper,Limited (Registered number: 00425545)

Strategic Report
for the Year Ended 31 December 2024

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

The Company is engaged in the sale of building materials and hire of construction equipment in the Midlands Region. There have been no changes to the Company's activities in the year under review.

REVIEW OF BUSINESS
The Statement of Comprehensive Income is set out on page 13 and shows turnover of £51m (2023: £55.3m) and profit on ordinary activities before taxation for the year of £1.3m (2023: £2.9m). Turnover has decreased by 7.8% when compared with the prior year and the profit before tax is 55% lower than the prior year. These results reflect very challenging market conditions during 2024. A reduction in construction activity resulted in an increased level of competition and a decrease of gross profit margin of 0.75% in comparison with the prior year. This has resulted in a reduction in profit on ordinary activities before tax.

PRINCIPAL RISKS AND UNCERTAINTIES
The builders merchants sector in the Midlands remains highly competitive. The Company seeks to manage the risk of losing business to competitors by retaining a diverse customer base, delivering outstanding levels of customer service and maintaining strong relationships. The Company seeks to retain profitability through careful margin control and close management of the Company's cost base. The Company has minimal exposure to foreign transactions and limited exposure to movement in interest rates.

The Company has long standing relationships with suppliers that have helped mitigate some of the potential disruption and reductions in the overall market activity also eased pressure on the supply chain.

The Company's credit risk is primarily attributable to its trade debtors. Credit risk is treated as a priority by the management team. Credit checking and monitoring is performed across all customers which alongside credit insurance are the tools used to manage this risk to the Company.

The Company monitors cashflow closely and has a strong liquidity position. The continued growth of the business will require on-going investment, and the Company has put in place the right funding structures to support this growth.

2024 was a severely challenging year for construction and the sector. The sector has stabilised in 2025 and we have experienced modest like for like growth. The business is well placed to face adverse trading conditions in terms of cash position, diverse customer base and dynamic and flexible management.


Walter Tipper,Limited (Registered number: 00425545)

Strategic Report
for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT
The likely consequences of any decision in the long term

The board have combined experience of over 130 years experience in the industry, the majority of which has been spent working for the Company. This understanding and experience combined with a strategy that focuses on long-term stability and growth rather than short-term gain ensures that all decisions focus on a positive long-term benefit to the Group and its stakeholders.

The interests of the Company's employees

The Company recognises that the success of the business depends on attracting, retaining, engaging and motivating employees. The Company policies are designed to ensure recruitment, promotion and opportunities for training, pay and benefits are not discriminatory, confirming the equal treatment of individuals.

It is the policy of the Company to ensure no applicants or existing employees are discriminated due to disabilities and that equal opportunities are given in regards to employment, training and career path development.

In the event of an employee of the Company becoming disabled, every practical effort made to ensure that their employment with the Company continues and that appropriate training is arranged as needed.

The need to foster the Company's business relationships with suppliers, customers and others

Customer engagement is fostered at our local depots, where depot managers are able to gather and feedback customer's views to management, in order to guide product decisions and service offering to improve end user value and service. Senior management invest significant time in building and enhancing strong relationships with customers and this ethos is at the heart of the business.

Fostering strong relationships with our suppliers is a priority of the Company, as it has allowed us to adapt to customers' needs through the uncertainty created in the current trading environment, ensuring value can be added to our customers experience where possible. This is done through regular contact with key suppliers and supplier conferences.

Employees

The Company consults with employees, through appropriate channels, with respect to matters likely to affect their interests. The Directors engage in daily communication with branch managers and regional managers to ensure that information can be shared with staff and that there is an opportunity for staff to provide feedback. Furthermore, the Directors operate an open door policy and foster a culture of transparency and openness to encourage all members of staff to engage with them. The directors are committed to furthering the development of communication strategies with employees.

Disabled Employees

It is company policy to give full and fair consideration to the employment needs of disabled persons and to comply with any legislation relating to disabled persons, and to assist in their training and career development.



Walter Tipper,Limited (Registered number: 00425545)

Strategic Report
for the Year Ended 31 December 2024


Local communities

The Company recognises its role and responsibilities toward local communities. All branches are encouraged to support local communities through engagement, such as by sponsoring organisations, sports teams or donating materials to projects.

The Company actively supports a number of local charities; it makes significant regular donations to Acorns Children's Hospice and St Giles Hospice. This support allows each charity to employ an additional nurse full time to support those in need, the St Giles nurse is a respite nurse who's role is designed to give carers the opportunity to have some time off.

The Company is also a platinum sponsor of Derby Mountain Rescue Team which supports their work helping the local community and to Edwards Trust to support their work with bereaved families.

The impact of the Company's operations on the community and the environment

The Company recognises the importance of its environmental responsibilities and has prioritised reducing its carbon footprint through various initiatives such as:

- Replacing its car fleet with fully electric cars;
- Replacing gas heating with low energy air source heat pumps;
- Upgrading building cladding and insulation;
- Updating existing lighting at sites to low energy LED fixtures;
- Installing PV panels at every new depot for energy generation; and
- Replacing diesel forklift trucks with fully electric alternatives.


Walter Tipper,Limited (Registered number: 00425545)

Strategic Report
for the Year Ended 31 December 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The Company's key financial performance indicators are turnover, profit on ordinary activities before taxation and EBITDA.

2024 2023
£m £m
Turnover 51.0 55.3
Profit on ordinary activities before taxation 1.3 2.9
EBITDA 2.6 5.3

Other key performance indicators

In view of the nature of the business, long-term customer relationships are key to the business. All directors and managers spend time nurturing these relationships by attending social and work related events and through working together in partnership. This helps promote these relationships and ensure that there are strong foundations from which we can continue to build in the future.

Staff development and retention is also key to be able to deliver the high level of customer service upon which the businesses customer relationships are built. Stability is important as it creates the environment where long-term relationships can be built. Directors and managers continually assess the training needs of staff to fulfil these aims. Furthermore, the business ensures that there is a constant stream of trainees to build for the future. Where possible staff are promoted from within and many key management positions are filled by people who started as trainees and have developed through the business.

The creation and retention of customer accounts, is carefully monitored to ensure that there is a foundation for growth and that the diverse customer base of the business is retained. Over 1,000 new customer accounts were created in 2024 which were in line with expectations (2023: >1,000).

Health and Safety risks are constantly reviewed by the directors. Details from regular branch health and safety meetings and any accidents are reviewed carefully.

ON BEHALF OF THE BOARD:





J W Tipper - Director


1 August 2025

Walter Tipper,Limited (Registered number: 00425545)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
Interim dividends of £367k were paid to shareholders during the year (2023: £650k). The directors do not recommend the payment of a final dividend.

FUTURE DEVELOPMENTS
The Company is actively seeking new relationships with industry professionals who wish to build long lasting relationships with colleagues, customers and the communities they work in. The company recently acquired three new sites in Shipston on Stour, Southam and Bidford on Avon. We are continuing to actively seek a new site in the Burton on Trent or Swadlincote area.

The Company has built significant funding flexibility and is actively seeking the right acquisition opportunities of either existing businesses or suitable sites along with capable and motivated individuals to join the successful team and continue to grow the business.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P L Sampson
W A Tipper
J W Tipper
A W Tipper
A J Tipper

ENGAGEMENT WITH EMPLOYEES
Details of the Company's engagement with employees is included in the Strategic Report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Details for the Company's engagement with suppliers, customers and other is included in the Strategic Report.

STREAMLINED ENERGY AND CARBON REPORTING
This section includes our mandatory reporting of energy and greenhouse gas emissions for the period 1 January 2024 to 31 December 2024, pursuant to the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, implementing the government's Streamlined Energy and Carbon Reporting (SECR) policy.

Our methodology to calculate our greenhouse gas emissions is based on the 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance (March 2019)', using DEFRA's 2024 and 2023 conversion factors as appropriate. In some cases, consumption has been extrapolated from available data or direct comparison made to a comparable period.

We report using a financial control approach to define our organisational boundary. We have reported all material emission sources required by the regulations for which we deem ourselves to be responsible and have maintained records of all source data and calculations.


Walter Tipper,Limited (Registered number: 00425545)

Report of the Directors
for the Year Ended 31 December 2024

During the reporting period, Walter Tipper,Limited upgraded lighting in our offices to LED and continued with efficiency servicing of air conditioning systems. There are plans for further air conditioning servicing and purchasing of electric vehicles in 2025.

The table below includes total energy consumption (reported as kWh) and greenhouse gas emissions for the sources required by the regulations, along with our intensity ratio.

Mandatory SECR Reporting Figures 2024 2023

Total Energy Consumption - Used for Emissions Calculation (kWh) 7,805,241 8,348,343

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e) 1,564 1,701
Purchased Electricity Emissions, Scope 2 (tCO2e) 234 227
Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e) 7 4

Total Gross Reported Emissions (tCO2e) 1,805 1,933

Area (m2) 114,720 114,720
Intensity Ratio: Area (tCO2e / m2) 0.0155 0.0168

Sales (£m) 51.0 55.3
Intensity Ratio: Sales (tCO2e / £m) 35.5 34.9

Please note, due to rounding, individual figures may not sum to the totals provided.

The directors have elected to use two intensity metrics, as outlined in the table above. The directors anticipate that considering these together will provide a more accurate indicator of our growth than a single metric. The intensity metrics will therefore provide a more complete picture of the Group's carbon emissions over time.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


Walter Tipper,Limited (Registered number: 00425545)

Report of the Directors
for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Bourne & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J W Tipper - Director


1 August 2025

Report of the Independent Auditors to the Members of
Walter Tipper,Limited

Opinion
We have audited the financial statements of Walter Tipper,Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Walter Tipper,Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages seven and eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Report of the Independent Auditors to the Members of
Walter Tipper,Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

- the senior statutory auditor ensured that the engagement team collectively had the appropriate
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and
regulations;
- we identified the laws and regulations applicable to the company through discussions with directors
and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect
on the financial statements or the operations of the company, including the financial reporting
legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental
and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through
making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud,
their knowledge of suspected and alleged fraud; and
- considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws
and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and

Report of the Independent Auditors to the Members of
Walter Tipper,Limited

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Callum Edwards BFP ACA (Senior Statutory Auditor)
for and on behalf of Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

1 August 2025

Walter Tipper,Limited (Registered number: 00425545)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £'000 £'000 £'000 £'000

TURNOVER 50,970 55,308

Cost of sales 34,615 37,343
GROSS PROFIT 16,355 17,965

Distribution costs 1,632 1,575
Administrative expenses 13,750 13,588
15,382 15,163
973 2,802

Other operating income 119 72
OPERATING PROFIT 6 1,092 2,874

Interest receivable and similar income 244 65
1,336 2,939

Interest payable and similar expenses 8 7 19
PROFIT BEFORE TAXATION 1,329 2,920

Tax on profit 9 387 881
PROFIT FOR THE FINANCIAL YEAR 942 2,039

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

942

2,039

Walter Tipper,Limited (Registered number: 00425545)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 11 1,706 423
Tangible assets 12 24,995 20,627
26,701 21,050

CURRENT ASSETS
Stocks 13 8,659 9,332
Debtors 14 5,807 5,744
Cash at bank and in hand 3,923 2,915
18,389 17,991
CREDITORS
Amounts falling due within one year 15 10,408 5,154
NET CURRENT ASSETS 7,981 12,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,682

33,887

CREDITORS
Amounts falling due after more than
one year

16

-

(77

)

PROVISIONS FOR LIABILITIES 21 (1,480 ) (1,183 )
NET ASSETS 33,202 32,627

CAPITAL AND RESERVES
Called up share capital 22 525 525
Revaluation reserve 23 1,628 1,662
Capital redemption reserve 23 475 475
Retained earnings 23 30,574 29,965
SHAREHOLDERS' FUNDS 33,202 32,627

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2025 and were signed on its behalf by:



J W Tipper - Director


Walter Tipper,Limited (Registered number: 00425545)

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

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 525 28,542 1,696 475 31,238

Changes in equity
Profit for the year - 2,039 - - 2,039
Movement in revaluation
reserve

-

34

(34

)

-

-
Total comprehensive income - 2,073 (34 ) - 2,039
Dividends - (650 ) - - (650 )
Balance at 31 December 2023 525 29,965 1,662 475 32,627

Changes in equity
Profit for the year - 942 - - 942
Other comprehensive income - 34 (34 ) - -
Total comprehensive income - 976 (34 ) - 942
Dividends - (367 ) - - (367 )
Balance at 31 December 2024 525 30,574 1,628 475 33,202

Walter Tipper,Limited (Registered number: 00425545)

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

1. STATUTORY INFORMATION

Walter Tipper,Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of W T Lichfield Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

Walter Tipper,Limited (Registered number: 00425545)

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

2. ACCOUNTING POLICIES - continued

Turnover
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 sales of building materials is recognised at the point of sale in the Company's premises or when delivered to the customer's premises, the amount can be measured reliably. It is probable the Company will receive consideration and costs incurred in resect of the transactions can be measured reliably,

Hire of equipment
Revenue is recognised in the period in which the equipment is hired on the basis it is probable the Company will receive consideration and costs incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquirer at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life. The Directors have assessed the economic benefit of Goodwill to be ten years.

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

Walter Tipper,Limited (Registered number: 00425545)

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

2. ACCOUNTING POLICIES - continued

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.

The company used the transitional exemption FRS 102 paragraph 35.10 to use the valuation of freehold property as deemed cost.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful life as follows:

Freehold property-2% straight line
Long-term leasehold property-2% straight line
Plant and machinery-25% - 50% reducing balance on a monthly basis
Fixtures and fittings-25% reducing balance on a monthly basis
IT equipment and software-25% reducing balance on a monthly basis
Motor vehicles-25% reducing balance on a monthly basis
Property refurbishments-10% - 20% straight line
Plant hire equipment-12.5% - 50% straight line

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.

Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is an indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds it's recoverable amount. The recoverable amount is the higher of an asset's (or CGYU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, asset's are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously been impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses in prior periods may no longer exist or may have decreased.

Stocks and finished goods for resale
Stocks are stated at the lower of cost and net releasable 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 it's selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Walter Tipper,Limited (Registered number: 00425545)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

Walter Tipper,Limited (Registered number: 00425545)

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

2. ACCOUNTING POLICIES - continued

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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates.

The directors consider that the following estimates and judgements ar likely to have the most significant effect on the amounts recognised in the financial statements.

Estimation of useful life
The charge in respect of periodic depreciation and amortisation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of assets are determined at the time the asset is acquired and reviewed at least annually for appropriateness.

Stock provisioning
Determining stock provisioning involves estimating the recoverable amount of stock held by the Company. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand for individual stock items. Management monitor demand very closely and continue to ensure any changes in the market are appropriately reflected.

Walter Tipper,Limited (Registered number: 00425545)

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

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£'000 £'000
Wages and salaries 7,128 6,980
Social security costs 647 618
Other pension costs 600 653
8,375 8,251

The average number of employees during the year was as follows:
31.12.24 31.12.23

Management and administration 259 263

5. DIRECTORS' REMUNERATION

31.12.23 31.12.22
£'000 £'000
Directors' emoluments 112 147
Company contributions to defined contribution pension schemes 68 72
180 219

The number of directors to whom retirement benefits were accruing was as follows:
Money purchase schemes 4 4

6. OPERATING PROFIT

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

31.12.24 31.12.23
£'000 £'000
Other operating leases 79 103
Depreciation - owned assets 2,017 2,004
Profit on disposal of fixed assets (142 ) (40 )
Goodwill amortisation 115 116

7. AUDITORS' REMUNERATION
31.12.24 31.12.23
£'000 £'000
Fees payable to the company's auditors for the audit of the
company's financial statements

19

19
Taxation compliance services 2 2
Other non-audit services 1 3

Walter Tipper,Limited (Registered number: 00425545)

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

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£'000 £'000
Interest on underpaid tax - 12
Lease interest and charges 7 7
7 19

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£'000 £'000
Current tax:
UK corporation tax 90 702

Deferred tax 297 179
Tax on profit 387 881

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£'000 £'000
Profit before tax 1,329 2,920
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2023 - 23.520%)

332

687

Effects of:
Expenses not deductible for tax purposes 18 35
Capital allowances in excess of depreciation (125 ) (20 )
Deferred taxation origination and reversal of temporary differences
162

179
Total tax charge 387 881

10. DIVIDENDS
31.12.24 31.12.23
£'000 £'000
Ordinary shares of £1 each
Interim 367 650

Walter Tipper,Limited (Registered number: 00425545)

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

11. INTANGIBLE FIXED ASSETS
Goodwill
£'000
COST
At 1 January 2024 1,229
Additions 1,398
At 31 December 2024 2,627
AMORTISATION
At 1 January 2024 806
Amortisation for year 115
At 31 December 2024 921
NET BOOK VALUE
At 31 December 2024 1,706
At 31 December 2023 423

12. TANGIBLE FIXED ASSETS
Plant,
machinery
Freehold Long and motor
property leasehold vehicles
£'000 £'000 £'000
COST
At 1 January 2024 12,714 2,759 11,064
Additions 4,144 160 1,669
Disposals - - (839 )
At 31 December 2024 16,858 2,919 11,894
DEPRECIATION
At 1 January 2024 2,363 1,014 7,725
Charge for year 154 55 888
Eliminated on disposal - - (728 )
At 31 December 2024 2,517 1,069 7,885
NET BOOK VALUE
At 31 December 2024 14,341 1,850 4,009
At 31 December 2023 10,351 1,745 3,339

Walter Tipper,Limited (Registered number: 00425545)

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

12. TANGIBLE FIXED ASSETS - continued

Fixtures Plant
and hire Computer
fittings equipment equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 January 2024 2,266 7,039 197 36,039
Additions 248 285 94 6,600
Disposals - (510 ) - (1,349 )
At 31 December 2024 2,514 6,814 291 41,290
DEPRECIATION
At 1 January 2024 1,336 2,848 126 15,412
Charge for year 187 712 21 2,017
Eliminated on disposal - (406 ) - (1,134 )
At 31 December 2024 1,523 3,154 147 16,295
NET BOOK VALUE
At 31 December 2024 991 3,660 144 24,995
At 31 December 2023 930 4,191 71 20,627

Assets held under finance leases or hire purchase contracts provide security for the specific finance lease and hire purchase liabilities.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

31.12.2331.12.22
£'000£'000

Plant and machinery126163
Motor vehicles165231
Plant hire equipment84101
375495

13. STOCKS
31.12.24 31.12.23
£'000 £'000
Stocks 8,659 9,332

Write downs of stock to net realisable value recognised during the year in cost of sales amounted to £460k (2023: £460k).

Walter Tipper,Limited (Registered number: 00425545)

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£'000 £'000
Trade debtors 4,378 4,418
Other debtors 24 20
Tax 50 -
Prepayments and accrued income 1,355 1,306
5,807 5,744

An impairment loss of £109k (2023: £123k) has been recognised against trade debtors.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£'000 £'000
Bank loans and overdrafts (see note 17) 4,537 -
Hire purchase contracts (see note 18) 77 202
Trade creditors 3,981 3,610
Tax - 155
Social security and other taxes 409 697
Other creditors 1,009 87
Accrued expenses 395 403
10,408 5,154

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£'000 £'000
Hire purchase contracts (see note 18) - 77

17. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£'000 £'000
Amounts falling due within one year or on demand:
Bank overdrafts 4,537 -

Walter Tipper,Limited (Registered number: 00425545)

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

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£'000 £'000
Net obligations repayable:
Within one year 77 202
Between one and five years - 77
77 279

Non-cancellable operating leases
31.12.24 31.12.23
£'000 £'000
Within one year 10 38
Between one and five years - 10
10 48

19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£'000 £'000
Bank overdraft 4,537 -
Hire purchase contracts 77 279
4,614 279

The bank possess a fixed and floating charge over the company's property at Europa Way, Lichfield and other assets owned by the company.

Obligations under finance lease and hire purchase contracts are secured against the tangible fixed assets to which they relate.

20. FINANCIAL INSTRUMENTS

Financial assets that are measured at amortised cost comprise of cash at bank and in hand, trade debtors and other debtors.

Financial liabilities that are measured at amortised cost comprise bank loans, trade creditors, obligations under finance lease and hire purchase contracts, other creditors and accruals and deferred income.

Walter Tipper,Limited (Registered number: 00425545)

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

21. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£'000 £'000
Deferred tax 1,480 1,183

Deferred
tax
£'000
Balance at 1 January 2024 1,183
Charge to Statement of Comprehensive Income during year 297
Balance at 31 December 2024 1,480

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
314,996 Ordinary £1 314,996 314,996
210,000 'A' Ordinary £1 210,000 210,000
4 'B', 'C', 'D', 'E' Ordinary £1 4 4
525,000 525,000

The 'A' Ordinary shares rank in all respects pari passu with the Ordinary shares, except that they have no voting rights.

The 'B', 'C', 'D', and 'E' Ordinary shares rank pari passu with the Ordinary shares, and entitle the holders to all voting rights.

23. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£'000 £'000 £'000 £'000

At 1 January 2024 29,965 1,662 475 32,102
Profit for the year 942 942
Dividends (367 ) (367 )
Revaluation reserve transfer 34 (34 ) - -
At 31 December 2024 30,574 1,628 475 32,677

Walter Tipper,Limited (Registered number: 00425545)

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

24. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge recognised as an expense in the Statement of Comprehensive Income amounted to £600k (2023: £653k). Contributions amounting to £48k (2023: £48k) were payable to the fund and are included in creditors.

25. CONTROLLING PARTY

The company is controlled by its parent company, W T Lichfield Limited which owns 75% of the issued share capital.

W T Lichfield Limited heads the largest and smallest group within which Walter Tipper,Limited belongs and for which group accounts can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The ultimate controlling party is The Tipper Family Jersey Law Settlement Trust.

26. CAPITAL COMMITMENTS
31.12.24 31.12.23
£'000 £'000
Contracted but not provided for in the
financial statements 60 -

27. RELATED PARTY DISCLOSURES

During the year, dividends totalling £262k (2023: £440k) were paid to the directors.

During the year, the Company paid £32k (2023: £32k) as a rental charge for a trading property owned by a Self-Invested Personal Pension (SIPP) scheme. W A Tipper, J W Tipper, and A J Tipper are the beneficiaries of this pension scheme.

At the balance sheet date, the Company owed £nil (2023: £nil) to this pension scheme.