REGISTERED NUMBER: 00277372 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BRISTOL BUILDERS SUPPLIES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

P O'Donnell

L Hooper

REGISTERED OFFICE:

Head Office

107 South Liberty Lane

Ashton

Bristol

BS3 2SZ

REGISTERED NUMBER:

00277372 (England and Wales)

AUDITORS:

Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

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

REVIEW OF BUSINESS

Bristol Builders Supplies principle activity is as a Plumbing & Heating merchant.

For the year ended 31 December 2024, the company recorded a marginal decline in turnover compared to the previous financial year. Despite the slight reduction in revenue, there was a substantial increase in profits. This outcome reflects the successful implementation of strategic cost controls, improved operational efficiency, and a targeted focus on better margin sales.

The directors continue to support growth in the company to acquire a greater market share as well as continuing to improve service levels.

We consider our key financial performance indicators to be those which communicate the performance and strength of the company as a whole. These are as follows:

December 2024

December 2023

£

£

Sales

31,062,869

31,237,919

Gross Profit

7,796,241

6,896,164

Gross Margin

25.1%

22.1%

Net Assets

6,328,074

5,986,709

There has continued to be pressure from both customers and suppliers on prices however the company has managed to increase its gross profit margin from implementing an improved purchasing strategy and review of our sales prices. This is an industry wide issue partly affected by economic uncertainty in the UK. However the company's aim of providing a market leading service to its customers has helped to ensure that it remains financially stable and able to react to both customer and supplier demands. Management saw the benefits from the several measures to address profitability of the business in 2024 and these continue to be worked on in 2025.

A constant review of processes coupled with increased development and use of technology has helped to maintain a high level of service to customers and limit the impact on margins.

The company has continued its commitment to retaining reserves within the company to help ensure that it has adequate liquid resources for future investment and a strong enough net assets position to remain financially viable for a long-term future.

PRINCIPAL RISKS AND UNCERTAINTIES

Economic uncertainty in 2024 has contributed to a challenging year of trading and this continues to be the case in 2025. The company will continue to adapt to the conditions and to trade successfully. With the financial strength built over the years, the relationships with customers and suppliers, and the positive expectations moving forward, we are well placed to continue managing the economic uncertainty and fast changing environment.

Interest rates remain relatively high and a significant cost to the business and uncertainty around changes to interest rates remains a risk to the business. Management has continued to maintain efficient stockholding values across the business to reduce the strain on cashflow without impacting our service to customers.

The financial stability of our major customers is crucial to the financial stability of our company, and this presents a risk outside of our control. To minimise this risk we ensure that we conduct our business within the contractual terms agreed with our customers. We also work closely with our large and frequent customers so that we are aware of their plans for future development. We can then make sure that we provide a cost effective and efficient service to them. The company will continue to work closely with the customers we have to manage our way through these challenging times.

FUTURE DEVELOPMENTS

The company continues to build professional and commercial relationships with suppliers and customers alike. This has helped to achieve good stock levels and communicate any significant stock shortages to our branches in a timely manner.

2024 saw the opening of a new domestic branch in Weston-Super-Mare which demonstrates the growth aspirations of the company with the first branch located in North Somerset. The branch has continued to perform and exceed targets. In addition to Weston-Super-Mare there are several other new business developments that management is in the process of reviewing and implementing.

With improvements of stock availability across the plumbing & heating sector we aim to reduce and maintain overall stock value to its optimum level and thereby improve cashflow.

The company has sufficient financial resources together with numerous contracts in place at the year end with several customers. As a result the directors believe the company is well placed to manage its business risks successfully.

The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

ON BEHALF OF THE BOARD:

L Hooper - Director

29 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of builders' materials and equipment.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

£357

-

Ordinary B £1 shares

£377

-

Ordinary C £1 shares

£2,622

-

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 483,740 .

DIRECTORS

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

P O'Donnell

L Hooper

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lawes & Co UK Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L Hooper - Director

29 September 2025

Opinion

We have audited the financial statements of Bristol Builders Supplies Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

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:

We identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, and then design and perform audit procedures responsible for those risks. This includes assessing the risk of non-compliance of laws and regulations, evaluating management's incentives and opportunities for fraudulent manipulation of the financial statements (including override of control) and management bias in accounting estimates.

Based on our understanding of the entity, we identified the principal risks of non-compliance and fraud related to stock processes, as well as correct recognition of cash-based transactions. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

Audit procedures performed by the engagement team included, but were not limited to, the following:

- enquiries with management including consideration of known or suspected instances of fraud

and non-compliance with laws and regulations

- reviewing the design and implementation of controls and carrying out walkthrough testing

- reviewing journal entries and any potential unusual transactions

- tracing cash transactions through the accounting system

In conducting the work above, we apply due care and professional scepticism throughout. However, there are limitations within the procedures outlined above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment.

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.

Paul Freeman BA FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lawes & Co UK Limited (Statutory Auditors)

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

30 September 2025

TURNOVER

31,062,869

31,237,919

Cost of sales

23,266,628

24,341,755

GROSS PROFIT

7,796,241

6,896,164

Distribution costs

3,860,738

3,672,300

Administrative expenses

2,762,679

2,362,179

6,623,417

6,034,479

1,172,824

861,685

Other operating income

1,389

217

OPERATING PROFIT

4

1,174,213

861,902

Interest payable and similar expenses

5

1,824

101

PROFIT BEFORE TAXATION

1,172,389

861,801

Tax on profit

6

347,284

246,076

PROFIT FOR THE FINANCIAL YEAR

825,105

615,725

PROFIT FOR THE YEAR

825,105

615,725

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

825,105

615,725

FIXED ASSETS

Tangible assets

8

1,862,140

1,543,132

Investments

9

1,300

1,300

1,863,440

1,544,432

CURRENT ASSETS

Stocks

10

4,846,769

4,671,904

Debtors

11

5,415,796

6,599,446

Cash at bank and in hand

28,271

49,087

10,290,836

11,320,437

CREDITORS

Amounts falling due within one year

12

5,441,679

6,550,240

NET CURRENT ASSETS

4,849,157

4,770,197

TOTAL ASSETS LESS CURRENT LIABILITIES

6,712,597

6,314,629

PROVISIONS FOR LIABILITIES

15

384,523

327,920

NET ASSETS

6,328,074

5,986,709

CAPITAL AND RESERVES

Called up share capital

16

267

267

Share premium

17

1,699

1,699

Capital redemption reserve

17

3,559

3,559

Retained earnings

17

6,322,549

5,981,184

SHAREHOLDERS' FUNDS

6,328,074

5,986,709

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

L Hooper - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

267

5,859,899

1,699

3,559

5,865,424

Changes in equity

Dividends

-

(494,440

)

-

-

(494,440

)

Total comprehensive income

-

615,725

-

-

615,725

Balance at 31 December 2023

267

5,981,184

1,699

3,559

5,986,709

Changes in equity

Dividends

-

(483,740

)

-

-

(483,740

)

Total comprehensive income

-

825,105

-

-

825,105

Balance at 31 December 2024

267

6,322,549

1,699

3,559

6,328,074

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

The financial statements contain information about Bristol Builders Supplies as an individual company and do not contain consolidated financial information. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it is included by full consolidation in the consolidated financial statements of the parent, LH Management Services Limited, a company registered in England and Wales.

Copies of the LH Management Services consolidated financial statements can be obtained by contacting Mr L Hooper at 107 South Liberty Lane, Ashton, Bristol, BS3 2SZ.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Short leasehold

-

20% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

15% on cost

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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.

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.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

3,585,021

3,309,282

Social security costs

330,099

328,961

Other pension costs

125,698

62,137

4,040,818

3,700,380

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

31.12.24

31.12.23

Administrative staff

99

96

31.12.24

31.12.23

£

£

Directors' remuneration

16,080

16,080

4.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

474,836

363,099

Depreciation - assets on hire purchase contracts or finance leases

20,349

-

Loss/(profit) on disposal of fixed assets

27,282

(440

)

Auditors' remuneration

14,800

15,200

Auditors' remuneration for non audit work

5,000

5,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Bank loan interest

1,655

-

Late payment interest

169

101

1,824

101

6.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

290,681

216,454

Deferred tax

56,603

29,622

Tax on profit

347,284

246,076

7.

DIVIDENDS

31.12.24

31.12.23

£

£

Ordinary A shares of £1 each

Interim

10,000

10,000

Ordinary B shares of £1 each

Interim

20,000

37,000

Ordinary C shares of £1 each

Interim

453,740

447,440

483,740

494,440

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

740,245

105,493

1,769,382

Additions

195,490

2,240

369,022

Disposals

(31,937

)

-

(44,134

)

At 31 December 2024

903,798

107,733

2,094,270

DEPRECIATION

At 1 January 2024

514,781

31,542

783,496

Charge for year

72,865

19,496

249,418

Eliminated on disposal

(3,765

)

-

(7,255

)

At 31 December 2024

583,881

51,038

1,025,659

NET BOOK VALUE

At 31 December 2024

319,917

56,695

1,068,611

At 31 December 2023

225,464

73,951

985,886

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

377,336

99,513

3,091,969

Additions

250,104

71,452

888,308

Disposals

(97,850

)

(62

)

(173,983

)

At 31 December 2024

529,590

170,903

3,806,294

DEPRECIATION

At 1 January 2024

196,942

22,076

1,548,837

Charge for year

125,009

28,397

495,185

Eliminated on disposal

(88,839

)

(9

)

(99,868

)

At 31 December 2024

233,112

50,464

1,944,154

NET BOOK VALUE

At 31 December 2024

296,478

120,439

1,862,140

At 31 December 2023

180,394

77,437

1,543,132

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

Additions

-

42,141

42,141

Reclassification/transfer

73,652

-

73,652

At 31 December 2024

73,652

42,141

115,793

DEPRECIATION

Charge for year

14,730

5,619

20,349

Reclassification/transfer

8,532

-

8,532

At 31 December 2024

23,262

5,619

28,881

NET BOOK VALUE

At 31 December 2024

50,390

36,522

86,912

9.	FIXED ASSET INVESTMENTS

Unlisted

investment

£

COST

At 1 January 2024

and 31 December 2024

1,300

NET BOOK VALUE

At 31 December 2024

1,300

At 31 December 2023

1,300

10.

STOCKS

31.12.24

31.12.23

£

£

Stocks

4,846,769

4,671,904

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

4,569,072

5,662,628

Other debtors

73,514

33,587

Prepayments and accrued income

773,210

903,231

5,415,796

6,599,446

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,329,506

3,133,730

Tax

147,729

65,546

Social security and other taxes

71,603

89,659

VAT

246,874

192,640

Other creditors

1,004,912

2,338,382

Accrued expenses

641,055

730,283

5,441,679

6,550,240