Company registration number 13484166 (England and Wales)
WAREHOUSE BRANDS GROUP LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
WAREHOUSE BRANDS GROUP LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
WAREHOUSE BRANDS GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

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

Principal activities

The principal activity of the company was that of carpet and laminate flooring supplies and fitting.

Results

During the financial year ended 31 August 2024, the company implemented a strategic operational restructure aimed at improving long-term operational efficiency and strengthening its commercial position. This included investment into new systems, adjustments to the supply chain model, and the realignment of supplier relationships to create a more scalable and resilient business.

 

As a result of these changes, the business incurred a number of transitional costs which temporarily impacted profitability for the year. The directors are confident that these measures were necessary to support future growth and are already seeing the positive financial impact reflected in performance in the new financial year.

Directors

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

Mrs A Harper
Mrs S Harper
Small companies exemption

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

On behalf of the board
Mrs S Harper
Director
31 August 2025
WAREHOUSE BRANDS GROUP LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
31,500
36,000
Tangible assets
5
185,066
113,819
216,566
149,819
Current assets
Stocks
1,271,552
994,973
Debtors
6
463,798
454,693
Cash at bank and in hand
113,178
190,780
1,848,528
1,640,446
Creditors: amounts falling due within one year
7
(1,362,345)
(1,382,530)
Net current assets
486,183
257,916
Total assets less current liabilities
702,749
407,735
Creditors: amounts falling due after more than one year
8
(455,911)
(45,926)
Provisions for liabilities
9
(20,539)
(28,455)
Net assets
226,299
333,354
Capital and reserves
Called up share capital
11
4
4
Profit and loss reserves
226,295
333,350
Total equity
226,299
333,354

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WAREHOUSE BRANDS GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2025 and are signed on its behalf by:
Mrs S Harper
Director
Company Registration No. 13484166
WAREHOUSE BRANDS GROUP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
4
181,889
181,893
Year ended 31 August 2023:
Profit and total comprehensive income
-
151,461
151,461
Balance at 31 August 2023
4
333,350
333,354
Year ended 31 August 2024:
Profit and total comprehensive income
-
52,945
52,945
Dividends
-
(160,000)
(160,000)
Balance at 31 August 2024
4
226,295
226,299
WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Company information

Warehouse Brands Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Superstore Building, 12 Wilson Road, Huyton, Liverpool, L36 6AN.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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
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 considered to be ten years.

1.5
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:

Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33.3% straight line
Motor vehicles
33.3% straight line
WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -

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.

1.6
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.

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Costs include all direct costs and an appropriate proportion of fixed and variable overheads.

1.8
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.

1.9
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.

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.

WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 7 -
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.

1.10
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.

1.11
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.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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.

WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.15
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
Employees

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

2024
2023
Number
Number
Total
27
22
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
28,729
35,965
Deferred tax
Origination and reversal of timing differences
(7,916)
7,488
Total tax charge
20,813
43,453
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
45,000
Amortisation and impairment
At 1 September 2023
9,000
Amortisation charged for the year
4,500
At 31 August 2024
13,500
Carrying amount
At 31 August 2024
31,500
At 31 August 2023
36,000
WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
174,425
Additions
156,307
At 31 August 2024
330,732
Depreciation and impairment
At 1 September 2023
60,606
Depreciation charged in the year
85,060
At 31 August 2024
145,666
Carrying amount
At 31 August 2024
185,066
At 31 August 2023
113,819
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
463,798
454,693
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
467,880
381,818
Corporation tax
72,284
58,463
Other taxation and social security
157,575
220,771
Other creditors
664,606
721,478
1,362,345
1,382,530

Of the £591,822 company loans in other creditors, £73,800 of the loans are secured by fixed & floating charges over the company's assets.

WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
112,997
45,926
Other creditors
342,914
-
0
455,911
45,926

The obligations under finance leases of £112,997 (2023: £45,926) relates to hire purchase due and is secured over the corresponding fixed assets.

9
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
20,539
28,455
2024
Movements in the year:
£
Liability at 1 September 2023
28,455
Credit to profit or loss
(7,916)
Liability at 31 August 2024
20,539
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,251
11,459

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.

11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
4 Ordinary shares of £1 each
4
4
4
4
WAREHOUSE BRANDS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
12
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
88,902
101,304
Between two and five years
102,000
114,402
190,902
215,706
13
Financial commitments, guarantees and contingent liabilities

The company is pursuing a legal claim against a supplier in relation to a contractual dispute. The directors consider that there is a reasonable possibility of a favourable outcome which may result in a material inflow of economic benefits to the company.

 

However, in accordance with paragraph 21.17 of FRS 102, the company has elected to apply the exemption from full disclosure on the grounds that such disclosure could seriously prejudice the outcome of the matter. Accordingly, no further details are provided in these financial statements.

 

The company will continue to monitor the progress of the claim and will provide further disclosure in future periods as appropriate.

 

14
Related party transactions

At the year end, the company owed Walton Flooring Centre Limited £Nil (2023: £46,623), a company under common control.

 

Included in other debtors is a balance of £91,841 (2023: £54,103) owed by the directors and a balance of £91,841 (2023: £54,103) owed by the shareholders. Included in other creditors due after one year is a balance of £111,457 (2023: £nil) owed to the directors and a balance of £111,457 (2023: £nil) owed to the shareholders. The total balance owed to the directors as at 31 August 2024 was £19,616 and the total balance owed to the shareholders at 31 August 2024 was £19,616. The loans are interest free and repayable on demand.

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