Company registration number 07889826 (England and Wales)
Multifix Supply Company Limited
Annual Report And Financial Statements
For The Year Ended 31 December 2024
Multifix Supply Company Limited
Company Information
Directors
Mr D Woodcock
Mr J L Woodcock
Mr V G Woodcock
Mr M Woodcock
(Appointed 20 February 2025)
Mr D Shimwell
(Appointed 20 February 2025)
Company number
07889826
Registered office
The Carriage House
Mill Street
Maidstone
Kent
ME15 6YE
Auditor
Loucas
The Carriage House
Mill Street
Maidstone
Kent
ME15 6YE
Business address
Pinnacle House
Pilgrims Way
Boxley
Maidstone
Kent
ME14 3EB
Bankers
HSBC
Warwick Street
Worthing
BN11 3DE
Multifix Supply Company Limited
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
Multifix Supply Company Limited
Strategic Report
For The Year Ended 31 December 2024
Page 1

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

Review of the business

The company maintained sales volumes in the current year. Sales of £15,277,867 (2023: £15,226,712) generated a profit before tax of £925,367 (2023: £1,361,110). The net asset position remained strong at £3,715,326 (2023: £3,624,456). The construction output in new build residential continues to be depressed due to high borrowing costs and lack of confidence and all sectors of construction continue to be subdued.

The company continues to foster strong relationships with customers by delivering good quality products and high levels of customer service. Customer satisfaction remains high.

The company continues to experience good performance due to its dedication to maintaining high service levels and we expect this to continue into the next year. The company will focus on market penetration by identifying product offerings missing from the existing product line, and operational efficiencies to enhance its competitive position within the market going forward.

Principal risks and uncertainties

The directors consider the main risks and uncertainties facing the business to be economic downturns impacting confidence and slowing growth in the construction sector, and geopolitical disruptions causing supply chain interruptions and risks. The directors consider proper risk management to be crucial to the company's future success and give a high priority to ensuring that adequate systems and structures are in place to measure, analyse and limit exposure to risk. The directors have established key procedures to ensure that internal controls are effective and are commensurate with a company of this size. A key control is the day to day supervisions of the business by the directors. Other internal controls continue to be developed.

Key performance indicators

In the light of market conditions, the key performance indicators used by the company are turnover, gross profit percentage, net profit percentage and EBITDA.

2024
2023
Turnover
15,277,867
15,226,712
Gross profit margin percentage
25.94%
26.82%
Net profit after tax
6.03%
8.91%
EBITDA
1,164,276
1,664,100

On behalf of the board

Mr V G Woodcock
Director
14 August 2025
Multifix Supply Company Limited
Directors' Report
For The Year Ended 31 December 2024
Page 2

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

Principal activities

The principal activity of the company continued to be that of the supply of carpentry, brickwork and fire stopping products.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Woodcock
Mr J L Woodcock
Mr D Woodcock
(Resigned 20 February 2025)
Mr V G Woodcock
Mr M Woodcock
(Appointed 20 February 2025)
Mr D Shimwell
(Appointed 20 February 2025)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr V G Woodcock
Director
14 August 2025
Multifix Supply Company Limited
Directors' Responsibilities Statement
For The Year Ended 31 December 2024
Page 3

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

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.

Multifix Supply Company Limited
Independent Auditor's Report
To The Member Of Multifix Supply Company Limited
Page 4
Opinion

We have audited the financial statements of Multifix Supply Company Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 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 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 report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Multifix Supply Company Limited
Independent Auditor's Report
To The Member Of Multifix Supply Company Limited (Continued)
Page 5
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management's own consideration of fraud. In particular we assessed whether judgements made in making accounting estimates are indicative of potential bias, and evaluated the business rationale of significant transactions outside the normal course of business. We also addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments. We also considered potential financial or other pressures, opportunities and motivations for fraud. As part of discussions with management we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes.

We obtained an understanding of the legal and regulatory environment applicable to the company and established the most relevant laws and regulations are FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice), Companies Act 2006, direct and indirect taxation legislation in the United Kingdom, and operational laws and regulations including health and safety, employment law, anti-money laundering, anti-bribery and corruption, and GDPR rules.

We considered the extent of compliance with these laws and regulations as part of our procedures on the related financial statement lines. We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence, for example, review and inspection of legal invoices and correspondence with the relevant authorities and the entity's solicitors.

Multifix Supply Company Limited
Independent Auditor's Report
To The Member Of Multifix Supply Company Limited (Continued)
Page 6

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. There are inherent limitations in the audit procedures performed as non-compliance with laws and regulations may not necessarily be reflected in transactions reported in the financial statements, and therefore we may be less likely to become aware of it. Management and those charged with governance of the entity have the primary responsibility for the prevention and detection of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Mr Athos Louca FCCA, ICPAC
Senior Statutory Auditor
For and on behalf of Loucas
14 August 2025
Chartered Certified Accountants
Statutory Auditor
The Carriage House
Mill Street
Maidstone
Kent
ME15 6YE
Multifix Supply Company Limited
Profit And Loss Account
For The Year Ended 31 December 2024
Page 7
2024
2023
Notes
£
£
Turnover
3
15,277,867
15,226,712
Cost of sales
(11,314,320)
(11,142,576)
Gross profit
3,963,547
4,084,136
Administrative expenses
(3,038,180)
(2,724,649)
Other operating income
-
0
1,623
Operating profit
4
925,367
1,361,110
Interest receivable and similar income
7
8,728
7,070
Interest payable and similar expenses
8
(12,096)
(10,869)
Profit before taxation
921,999
1,357,311
Tax on profit
9
(231,129)
(324,549)
Profit for the financial year
690,870
1,032,762

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Multifix Supply Company Limited
Statement Of Comprehensive Income
For The Year Ended 31 December 2024
Page 8
2024
2023
£
£
Profit for the year
690,870
1,032,762
Other comprehensive income
-
-
Total comprehensive income for the year
690,870
1,032,762
Multifix Supply Company Limited
Balance Sheet
As At 31 December 2024
Page 9
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
46,735
54,255
Tangible assets
12
695,556
703,536
742,291
757,791
Current assets
Stocks
13
1,314,269
1,421,688
Debtors
14
3,504,426
2,842,031
Cash at bank and in hand
18,637
380,742
4,837,332
4,644,461
Creditors: amounts falling due within one year
15
(1,672,876)
(1,606,560)
Net current assets
3,164,456
3,037,901
Total assets less current liabilities
3,906,747
3,795,692
Creditors: amounts falling due after more than one year
16
(36,725)
(19,688)
Provisions for liabilities
Deferred tax liability
19
154,696
151,548
(154,696)
(151,548)
Net assets
3,715,326
3,624,456
Capital and reserves
Called up share capital
21
106
106
Profit and loss reserves
3,715,220
3,624,350
Total equity
3,715,326
3,624,456

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2025 and are signed on its behalf by:
Mr V G Woodcock
Director
Company registration number 07889826 (England and Wales)
Multifix Supply Company Limited
Statement Of Changes In Equity
For The Year Ended 31 December 2024
Page 10
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
106
3,167,913
3,168,019
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,032,762
1,032,762
Dividends
10
-
(576,325)
(576,325)
Balance at 31 December 2023
106
3,624,350
3,624,456
Year ended 31 December 2024:
Profit and total comprehensive income
-
690,870
690,870
Dividends
10
-
(600,000)
(600,000)
Balance at 31 December 2024
106
3,715,220
3,715,326
Multifix Supply Company Limited
Statement Of Cash Flows
For The Year Ended 31 December 2024
Page 11
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
854,336
1,042,039
Interest paid
(12,096)
(10,869)
Income taxes paid
(441,074)
(141,529)
Net cash inflow from operating activities
401,166
889,641
Investing activities
Purchase of tangible fixed assets
(306,230)
(348,432)
Proceeds from disposal of tangible fixed assets
72,570
54,048
Interest received
8,728
7,070
Net cash used in investing activities
(224,932)
(287,314)
Financing activities
Payment of finance leases obligations
29,269
10,354
Dividends paid
(600,000)
(576,325)
Net cash used in financing activities
(570,731)
(565,971)
Net (decrease)/increase in cash and cash equivalents
(394,497)
36,356
Cash and cash equivalents at beginning of year
380,732
344,376
Cash and cash equivalents at end of year
(13,765)
380,732
Relating to:
Cash at bank and in hand
18,637
380,742
Bank overdrafts included in creditors payable within one year
(32,402)
(10)
Multifix Supply Company Limited
Notes To The Financial Statements
For The Year Ended 31 December 2024
Page 12
1
Accounting policies
Company information

Multifix Supply Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Carriage House, Mill Street, Maidstone, Kent, ME15 6YE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The company recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 13
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over life of lease
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Software
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 14

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 15
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 16
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
Page 17
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 18
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debts

Provisions made against trade receivables requires that management review the outstanding trade receivables, considering ageing, payment history and credit risk. The directors make an assessment on an individual basis with each customer's balance being reviewed closely.

Stock provision

Management reviews the stock balances to determine if stock is able to be sold at amounts greater than or equal to their carrying amounts plus any costs to sell. The review covers all stock lines to allow for the identification of obsolete and slow-moving stock items. The identification process includes reviewing historical performance of stock items along with current operational plans. The stock provision represents the difference between the cost of stock items and its estimated net realisable value.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
15,277,867
15,226,712
2024
2023
£
£
Turnover analysed by geographical market
UK
15,260,305
15,220,354
Guernsey
17,562
6,308
USA
-
50
15,277,867
15,226,712
2024
2023
£
£
Other revenue
Interest income
8,728
7,070
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
409
-
Fees payable to the company's auditor for the audit of the company's financial statements
8,802
10,768
Depreciation of owned tangible fixed assets
231,389
228,283
Loss/(profit) on disposal of tangible fixed assets
10,251
(18,712)
Amortisation of intangible assets
7,520
74,707
Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 19
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
4
4
Office staff
21
21
Warehouse staff
18
17
Delivery drivers
12
12
Total
55
54

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,932,213
1,714,347
Social security costs
166,326
145,421
Pension costs
36,416
33,080
2,134,955
1,892,848
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
159,322
64,896
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,687
7,070
Other interest income
41
-
0
Total income
8,728
7,070
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,687
7,070
Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 20
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
11,656
7,312
Other interest
440
3,557
12,096
10,869
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
227,981
314,171
Deferred tax
Origination and reversal of timing differences
3,148
10,378
Total tax charge
231,129
324,549

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
921,999
1,357,311
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
230,500
339,328
Tax effect of expenses that are not deductible in determining taxable profit
17,348
(14,779)
Tax relief on share options
(16,719)
-
0
Taxation charge for the year
231,129
324,549
10
Dividends
2024
2023
£
£
Final paid
600,000
576,325
Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 21
11
Intangible fixed assets
Goodwill
Website costs
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
671,867
75,200
747,067
Amortisation and impairment
At 1 January 2024
671,867
20,945
692,812
Amortisation charged for the year
-
0
7,520
7,520
At 31 December 2024
671,867
28,465
700,332
Carrying amount
At 31 December 2024
-
0
46,735
46,735
At 31 December 2023
-
0
54,255
54,255

Intangible fixed assets with a carrying amount of £46,735 (2023 - £54,255) have been pledged to secure borrowings of the company

12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Software
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
83,929
214,450
457,673
98,406
564,933
1,419,391
Additions
-
0
10,378
-
0
54,122
241,730
306,230
Disposals
-
0
(20,221)
-
0
-
0
(217,863)
(238,084)
At 31 December 2024
83,929
204,607
457,673
152,528
588,800
1,487,537
Depreciation and impairment
At 1 January 2024
18,651
116,260
265,729
19,681
295,534
715,855
Depreciation charged in the year
18,651
26,771
47,986
24,724
113,257
231,389
Eliminated in respect of disposals
-
0
(17,627)
-
0
-
0
(137,636)
(155,263)
At 31 December 2024
37,302
125,404
313,715
44,405
271,155
791,981
Carrying amount
At 31 December 2024
46,627
79,203
143,958
108,123
317,645
695,556
At 31 December 2023
65,278
98,190
191,944
78,725
269,399
703,536

All tangible fixed assets with a carrying amount of £695,556 (2023 - £703,536) have been pledged to secure borrowings of the company.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 22
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,314,269
1,421,688

The carrying amount of stocks includes £1,314,269 (2023 - £1,421,688) pledged as security for liabilities.

14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,395,310
2,088,765
Amounts owed by group undertakings
634,288
318,878
Other debtors
178,905
140,345
Prepayments and accrued income
295,923
294,043
3,504,426
2,842,031
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
32,402
10
Obligations under finance leases
18
102,900
90,668
Trade creditors
1,060,317
797,638
Corporation tax
101,078
314,171
Other taxation and social security
333,992
292,778
Other creditors
7,114
62,169
Accruals and deferred income
35,073
49,126
1,672,876
1,606,560

There are fixed and floating charges over all assets of the company.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
36,725
19,688
Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 23
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
32,402
10
Payable within one year
32,402
10
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
102,900
90,668
In two to five years
36,725
19,688
139,625
110,356

Finance lease payments represent rentals payable by the company for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Finance lease liabilities are secured on the assets themselves.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
154,696
151,548
2024
Movements in the year:
£
Liability at 1 January 2024
151,548
Charge to profit or loss
3,148
Liability at 31 December 2024
154,696
Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 24
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,416
33,080

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
106
106
106
106
22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within 1 year
407,877
392,369
Years 2-5
540,876
842,456
948,753
1,234,825
23
Related party transactions

During the year, the company has paid rent to Mr V G Woodcock and Mr D Woodcock, directors, totalling £66,643 (2023: £62,400).

24
Ultimate controlling party

The immediate parent company of the group is Multifix Supply Holdings Limited, which is the smallest and largest group into which this company is consolidated. Copies of the consolidated accounts are available from the registered office at The Carriage House, Mill Street, Maidstone, Kent, ME15 6YE.

 

On 29 October 2024, Multifix Group Holdings Limited acquired 100% of the share capital of the reporting entity.

 

The ultimate controlling party of the group is Multifix Group Holdings Limited.

Multifix Supply Company Limited
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2024
Page 25
25
Cash generated from operations
2024
2023
£
£
Profit after taxation
690,870
1,032,762
Adjustments for:
Taxation charged
231,129
324,549
Finance costs
12,096
10,869
Investment income
(8,728)
(7,070)
Loss/(gain) on disposal of tangible fixed assets
10,251
(18,712)
Amortisation and impairment of intangible assets
7,520
74,707
Depreciation and impairment of tangible fixed assets
231,389
228,283
Movements in working capital:
Decrease/(increase) in stocks
107,419
(38,496)
Increase in debtors
(662,395)
(414,388)
Increase/(decrease) in creditors
234,785
(150,465)
Cash generated from operations
854,336
1,042,039
26
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
380,742
(362,105)
18,637
Bank overdrafts
(10)
(32,392)
(32,402)
380,732
(394,497)
(13,765)
Lease liabilities
(110,356)
(29,269)
(139,625)
270,376
(423,766)
(153,390)
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