REGISTERED NUMBER: 02727601 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

ADRIAN WHITE BUILDING SUPPLIES LTD.

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

A V White

A L Y Stockford

R White

SECRETARY:

A V White

REGISTERED OFFICE:

83 Cambridge Street

London

SW1V 4PS

REGISTERED NUMBER:

02727601 (England and Wales)

AUDITORS:

George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

BANKERS:

Barclays Bank plc

PO Box 858

Wytham Court

11 West Way, Botley

Oxford

OX2 0XP

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

REVIEW OF BUSINESS

The principal activity of the company continued to be that of supplying building materials and aggregates as well as gardening and landscaping products.

The company has a team of highly experienced and knowledgeable staff and operates from three regional depots and a flourishing website supplying goods to its customers and runs a separate retail garden centre as well as operating its own aggregated bagging facility. Goods are either collected from its distribution centre or delivered to customers using a fleet of commercial delivery vehicles.

The company owns two freehold sites, which were secured in previous years utilising bank funding with other sites rented on short-term leases.

2024 was a year of further consolidation, it was predicted to be difficult and competitive and the AWBS sales teams had a good hard look at our pricing in January and this set the tone for being able to more or less match the previous year's turnover with a slight increase in GP.

With good stock levels, competitive prices, prompt deliveries and hard purchase negotiating all contributing to this year's performance, the directors are pleased with the company's performance, especially during a difficult trading period within the industry.

AWBS has a very hard working and loyal team, and the directors believe 2024 was a good performance all round. The immense effort from the staff has put the company in a great position to grow further in 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's key financial instruments comprise of cash at bank, bank loans and trade creditors.

The company is exposed to risks including credit risk, liquidity risk, cash flow risk, market risk, competition risk and laws and regulations risk, all of which arise from the company's normal business activities. The directors review and agree policies for managing each of these risks and they are summarised below:

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks and credit limits meet its objectives of managing exposure to credit risk.

Liquidity risk

The company closely monitors its bank balance and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due.

Cash flow risk

Remains low due to high bank balances retained and also the company's policy to take the majority of it payments upfront.

Market risk

There are no specific risks over and above those to the economy as a whole. The company monitors its stock levels constantly to ensure that goods ordered both locally or globally are delivered in good time.

Competition risk

The company regularly monitors its own prices against prices from local merchants to ensure it has competitive pricing to compete.

Laws and regulation risk

The company must adhere to the laws set by its regulators. Management ensure rules are not breached by: implementing safeguards; undergoing vigorous staff training; and using service organisations, where specialists are required.

FINANCIAL KEY PERFORMANCE INDICATORS

The financial key performance indicators used by the directors to assess the performance of the business are illustrated below:

2024

2023

Turnover

10,319,660

10,518,358

Gross profit margin

47.69%

46.62%

Net profit before tax

£392,394

£480,721

Current ratio (current assets:current liabilities)

2.56

2.73

Net assets

£4,025,922

£4,044,779

ON BEHALF OF THE BOARD:

A V White - Director

25th September 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2024 will be £ 295,895 .

DIRECTORS

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

A V White

A L Y Stockford

R White

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A V White - Director

25th September 2025

Opinion

We have audited the financial statements of Adrian White Building Supplies Ltd. (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31st 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.

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 page four, 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.

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:

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to trade regulations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where operations of the business may curtail. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as income tax, payroll tax, VAT and deferred tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements,

(including the risk of override of controls) and determined there were no principal risks directly impacting the company's revenue and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud

- Evaluating management's controls designed to prevent and detect irregularities;

- Identifying and testing journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and

- Challenging assumptions and judgements made by management in their critical accounting estimates.

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.

Andrew Fox FCA (Senior Statutory Auditor)

for and on behalf of George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

25th September 2025

TURNOVER

4

10,319,660

10,518,358

Cost of sales

5,398,606

5,615,005

GROSS PROFIT

4,921,054

4,903,353

Administrative expenses

4,427,067

4,321,451

493,987

581,902

Other operating income

3,257

6,561

OPERATING PROFIT

6

497,244

588,463

Interest receivable and similar income

16,596

9,141

513,840

597,604

Interest payable and similar expenses

7

121,446

116,883

PROFIT BEFORE TAXATION

392,394

480,721

Tax on profit

8

115,356

124,575

PROFIT FOR THE FINANCIAL YEAR

277,038

356,146

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

277,038

356,146

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,713,153

4,014,995

3,713,153

4,014,995

CURRENT ASSETS

Stocks

12

1,504,735

1,518,066

Debtors

13

346,439

409,273

Cash at bank and in hand

1,012,188

828,590

2,863,362

2,755,929

CREDITORS

Amounts falling due within one year

14

1,116,953

1,007,994

NET CURRENT ASSETS

1,746,409

1,747,935

TOTAL ASSETS LESS CURRENT LIABILITIES

5,459,562

5,762,930

CREDITORS

Amounts falling due after more than one year

15

(1,167,340

)

(1,395,219

)

PROVISIONS FOR LIABILITIES

19

(266,300

)

(322,932

)

NET ASSETS

4,025,922

4,044,779

CAPITAL AND RESERVES

Called up share capital

20

14,476

14,476

Retained earnings

4,011,446

4,030,303

SHAREHOLDERS' FUNDS

4,025,922

4,044,779

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2025 and were signed on its behalf by:

A V White - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

14,476

3,965,017

3,979,493

Changes in equity

Dividends

-

(290,860

)

(290,860

)

Total comprehensive income

-

356,146

356,146

Balance at 31st December 2023

14,476

4,030,303

4,044,779

Changes in equity

Dividends

-

(295,895

)

(295,895

)

Total comprehensive income

-

277,038

277,038

Balance at 31st December 2024

14,476

4,011,446

4,025,922

Cash flows from operating activities

Cash generated from operations

1

946,639

1,636,386

Interest paid

(100,370

)

(97,282

)

Interest element of hire purchase payments paid

(21,076

)

(19,601

)

Tax paid

(23,464

)

(76,240

)

Net cash from operating activities

801,729

1,443,263

Cash flows from investing activities

Purchase of tangible fixed assets

(80,635

)

(717,078

)

Sale of tangible fixed assets

7,000

-

Interest received

16,596

9,141

Net cash from investing activities

(57,039

)

(707,937

)

Cash flows from financing activities

Capital repayments in year

(325,678

)

(396,899

)

Amount introduced by directors

119,455

87,200

Amount withdrawn by directors

(58,974

)

(122,442

)

Equity dividends paid

(295,895

)

(290,860

)

Net cash from financing activities

(561,092

)

(723,001

)

Increase in cash and cash equivalents

183,598

12,325

Cash and cash equivalents at beginning of year

2

828,590

816,265

Cash and cash equivalents at end of year

2

1,012,188

828,590

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

392,394

480,721

Depreciation charges

351,117

396,397

Loss on disposal of fixed assets

24,360

1,854

Finance costs

121,446

116,883

Finance income

(16,596

)

(9,141

)

872,721

986,714

Decrease in stocks

13,331

261,529

Decrease in trade and other debtors

3,044

445,593

Increase/(decrease) in trade and other creditors

57,543

(57,450

)

Cash generated from operations

946,639

1,636,386

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,012,188

828,590

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

828,590

816,265

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

828,590

183,598

1,012,188

828,590

183,598

1,012,188

Debt

Finance leases

(489,252

)

226,095

(263,157

)

Debts falling due within 1 year

(200,766

)

5,704

(195,062

)

Debts falling due after 1 year

(1,128,235

)

93,879

(1,034,356

)

(1,818,253

)

325,678

(1,492,575

)

Total

(989,663

)

509,276

(480,387

)

1.	STATUTORY INFORMATION

Adrian White Building Supplies Ltd. 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.

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

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, was amortised evenly over it's estimated useful life of 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Portable & permanent buildings

-

10% on cost or 15% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20 to 25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Revenue in respect of partially completed service contracts is recognised as work in progress to reflect the partial performance of the company's contractual obligations.

Financial instruments

The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, investments, 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 profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates. The directors consider the following items to be areas subject to estimation and judgement.

Tangible fixed assets

The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively.

4.

TURNOVER

The company's turnover is derived 100% from within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

Staff costs (Including directors)

2024

2023

£

£

Salary costs

2,087,814

1,992,750

Social security costs

190,111

181,838

Other pension costs

212,288

202,734

2,490,213

2,377,322

The average number of employees during the period was:

2024

2023

Directors

3

3

General staff

80

77

83

80

2024

2023

£

£

Directors' remuneration

57,816

61,764

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Hire of plant and machinery

24,827

31,216

Depreciation - owned assets

206,090

218,177

Depreciation - assets on hire purchase contracts

145,027

178,220

Loss on disposal of fixed assets

24,360

1,854

Auditors' remuneration

11,700

11,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank & loan interest

100,370

97,282

Hire purchase interest

21,076

19,601

121,446

116,883

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

171,988

23,464

Deferred tax

(56,632

)

101,111

Tax on profit

115,356

124,575

UK corporation tax has been charged at 25% (2023 - 23.52%).

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:

2024

2023

£

£

Profit before tax

392,394

480,721

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

98,099

113,070

Effects of:

Expenses not deductible for tax purposes

2,878

1,466

Capital allowances in excess of depreciation

-

(89,459

)

Depreciation in excess of capital allowances

71,011

-

Deferred tax movement

(56,632

)

101,111

Marginal relief

-

(1,613

)

Total tax charge

115,356

124,575

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of £1 each

Interim

295,895

290,860