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Registered number: 06612338










PBSL GROUP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
PBSL GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
S Brown 
M Bulearca 
G Dixon 
N Wafa (appointed 1 September 2025)
S Heygate 
M Orchard (resigned 1 September 2025)
C Easteal (resigned 12 July 2024)




Registered number
06612338



Registered office
Unit 1b Altbarn
Hawkins Road

Colchester

Essex

CO2 8LG




Independent auditor
MHA

Building 4

Foundation Park

Roxborough Way

Maidenhead

SL6 3UD





 
PBSL GROUP LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 27


 
PBSL GROUP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report on the affairs of PBSL Group Limited (the “Company”) for the year ended 31 December 2024.

Principal activity

PBSL Group Limited is an online-led specialist building products merchant selling to customers across the UK. It operates via both online channels and a network of trade counters. The Company is part of a group headed up by Assembuild Topco Limited (the “Group”). More on the Company’s principal activity can be found at www.professionalbuildingsupplies.co.uk.

Business review
 
In the year ended 31 December 2024, the Company achieved a turnover of £14.2m (2023: £14.9m) and generated a profit before tax of £0.06m (2023: £1.1m). 
Key financial performance indicators used to measure the performance of the Company are:

2024
2023
      £000
      £000
Turnover

14,247

14,870
 
Gross profit

5,222

5,666
 
Profit before tax

61

1,137
 
Shareholders' funds

5,531

5,511
 

Principal risks and uncertainties
 
The Company’s activities are exposed to various financial and non-financial risks, primarily ongoing price inflation, market conditions, lower levels of consumer confidence and foreign currency fluctuations. The directors are of the opinion that a thorough risk management process is in place which involves the formal review of risks identified. Where possible, processes are in place to monitor and mitigate such risks.

Financial instruments
 
The primary financial instruments are bank balances, stock, trade debtors and trade creditors. These arise directly from the Group’s trading operations and are regularly reviewed to ensure the Group is not over exposed. 
The Company purchases some products from international markets and is therefore exposed to currency movements on such purchases. Where appropriate, the Company manages the risk with forward foreign exchange contracts in line with the new foreign exchange policy implemented in the 2023. 

ESG

The Group agreed an ESG policy and strategy in 2022, and embarked on the first stage making improvements to our recycling via reuse of packaging and other materials to reduce our carbon footprint. Stage 2 commenced in late 2023, which is measuring our scope 1 and 2 emissions. Our first ESG report has been delayed until 2026, which will include a detailed strategy to get carbon neutral by 2035. Additionally, the Group is supporting our local communities wherever possible.
 
Page 1

 
PBSL GROUP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future outlook

The Company's strategy, alligned with the wider Group, is to deliver sustainable and profitable growth over the long term. The focus will remain on strengthening its core activities while maintaining tight control of overheads, enabling continued investment in both online platforms and the branch network.
The Company will further develop its workforce through training and engagement initiatives and will build on strong supplier relationships in the UK and overseas to support growth across the core and new product categories.


This report was approved by the board and signed on its behalf.



................................................
S Heygate
Director

Date: 30 September 2025

Page 2

 
PBSL GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Dividends

The profit for the year, after taxation, amounted to £20k (2023 - £1,074k).

No dividends were declared during the year.

Directors

The directors who served during the year were:

S Brown 
M Bulearca 
G Dixon 
S Heygate 
M Orchard (resigned 1 September 2025)
C Easteal (resigned 12 July 2024)

Qualifying third party indemnity provisions

The Group has made qualifying third party indemnity provisions for the benefit of its Directors during the year. These provisions remain in force at the date of this report.

Page 3

 
PBSL GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Employees

The Company continued its policy of providing regular information on the financial performance, business activities and related matters to all employees. Employees are encouraged to present their suggestions and views on the Company’s performance. Regular meetings are held to allow a free flow of information and ideas. 

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
S Heygate
Director

Date: 30 September 2025

Page 4

 
PBSL GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PBSL GROUP LIMITED
 

Opinion


We have audited the financial statements of PBSL Group Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
PBSL GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PBSL GROUP LIMITED (CONTINUED)


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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 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:


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 Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
PBSL GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PBSL GROUP LIMITED (CONTINUED)


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.


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:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of company staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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


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


Page 7

 
PBSL GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PBSL GROUP LIMITED (CONTINUED)


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 2006Our 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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





Justin Moss MA FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA, Statutory Auditor
 
Maidenhead, United Kingdom

30 September 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
Page 8

 
PBSL GROUP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£000
£000

  

Turnover
  
14,247
14,870

Cost of sales
  
(9,025)
(9,204)

Gross profit
  
5,222
5,666

Administrative expenses
  
(5,173)
(4,551)

Other operating income
 4 
15
26

Operating profit
 5 
64
1,141

Interest payable and similar expenses
 9 
(3)
(4)

Profit before tax
  
61
1,137

Tax on profit
 10 
(41)
(63)

Profit for the financial year
  
20
1,074

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
PBSL GROUP LIMITED
REGISTERED NUMBER: 06612338

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 11 
192
-

Tangible assets
 12 
416
502

Investments
 13 
1,214
1,214

  
1,822
1,716

Current assets
  

Stocks
 14 
1,294
1,485

Debtors: amounts falling due within one year
 15 
4,879
5,049

Cash at bank and in hand
 16 
193
108

  
6,366
6,642

Creditors: amounts falling due within one year
 17 
(2,619)
(2,809)

Net current assets
  
 
 
3,747
 
 
3,833

Total assets less current liabilities
  
5,569
5,549

Provisions for liabilities
  

Deferred tax
 18 
(38)
(38)

  
 
 
(38)
 
 
(38)

Net assets
  
5,531
5,511


Capital and reserves
  

Called up share capital 
 19 
1
1

Profit and loss account
  
5,530
5,510

  
5,531
5,511


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
S Heygate
Director

Date: 30 September 2025

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
PBSL GROUP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2023
1
4,436
4,437


Comprehensive income for the year

Profit for the year
-
1,074
1,074



At 1 January 2024
1
5,510
5,511


Comprehensive income for the year

Profit for the year
-
20
20


At 31 December 2024
1
5,530
5,531


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

PBSL Group Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The principal activity of the group has been disclosed in the Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

  
2.2

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

 
2.3

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of AssemBuild Topco Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 13

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.14

Dividends

Dividends payable are recorded in the financial statements in the period in which they are declared.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
5 years
Plant and machinery
-
2 to 10 years
Motor vehicles
-
3 years
Fixtures and fittings
-
3 to 15 years
Office equipment
-
1 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
2 years

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.18

Stock

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.21

Creditors

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

 
2.22

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 17

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.22
Financial instruments (continued)

where the effect of discounting is immaterial.

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

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions include depreciation and useful economic life of fixed assets.


4.


Other operating income

2024
2023
£000
£000

Other income
15
26



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation charge for the period
144
126

Exchange differences
(5)
(26)

Amortisation on intangible assets
113
-

Page 18

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£000
£000

Fees payable to the Company's auditor for the audit of the Company's financial statements
20
19

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£000
£000

Wages and salaries
1,939
1,843

Social security costs
240
232

Pension costs
47
45

2,226
2,120


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
69
69

Page 19

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
673
691

Company contributions to defined contribution pension schemes
13
10

686
701


During the year retirement benefits were accruing to 5 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £154k (2023 - £155k).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5k (2023 - £3k).

The above represents the total fee paid to the directors regarding the entire group.
Directors are paid from different companies within the Group and is split as follows:
- M Orchard, S Bulearca, S Brown and S Heygate are paid by PBSL Group Limited, and
- G Dixon is paid by Securi-Flex Limited
The Companies within the Group share directorship (with the exception of S Brown) and their time is shared between them.
Securi-flex Limited is a fellow subsidiary, and AssemBuild Group Limited is an intermediate holding company within the wider Assembuild Topco Limited Group of companies.


9.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
3
4


10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
41
63


Total current tax
41
63

Page 20

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
61
1,137


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
15
284

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(27)
8

Capital allowances for year in excess of depreciation
53
4

Group relief
-
(233)

Total tax charge for the year
41
63


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Development expenditure

£000



Cost


Additions - internal
305



At 31 December 2024

305



Amortisation


Charge for the year
113



At 31 December 2024

113



Net book value



At 31 December 2024
192



At 31 December 2023
-



Page 22

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£000
£000
£000
£000
£000
£000



Cost


At 1 January 2024
-
182
221
311
356
1,070


Additions
22
6
26
57
-
111


Disposals
-
-
-
-
(53)
(53)



At 31 December 2024

22
188
247
368
303
1,128



Depreciation


At 1 January 2024
-
118
159
156
135
568


Charge for the year
3
7
19
41
74
144



At 31 December 2024

3
125
178
197
209
712



Net book value



At 31 December 2024
19
63
69
171
94
416



At 31 December 2023
-
64
62
156
221
503

Page 23

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments





Investments in subsidiary companies

£000



Cost


At 1 January 2024
1,214



At 31 December 2024
1,214





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Danlett Holdings Limited*
** Fastener House
Holding company
Ordinary
100%
Danlett Limited**
** Fastener House
Supply of building materials
Ordinary
100%
Drainage Sales Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
PVC Cladding Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Gutter Supplies Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Professional Building Supplies Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Bifoldsales Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Composite Sales Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Soakaways Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Bolts Online Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%
Cablestore Limited*
* Unit 1b Altbarn
Dormant
Ordinary
100%

* denotes directly held subsidiaries.
** denotes indirectly held subsidiaries
The registered offices for the Group entities are as follows:
* Unit 1b Altbarn, Hawkins Road, Colchester, Essex, CO2 8LG
** Fastener House, St Andrews Road, Aspley, Huddersfield, HD1 6RZ
All subsidiary undertakings are incorporated in England and Wales.


14.


Stocks

2024
2023
£000
£000

Finished goods and goods for resale
1,294
1,485


Page 24

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£000
£000


Trade debtors
387
598

Amounts owed by group undertakings
3,994
3,942

Other debtors
354
380

Prepayments and accrued income
144
129

4,879
5,049



16.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
193
108



17.


Creditors: Amounts falling due within one year

2024
2023
£000
£000

Trade creditors
1,606
1,965

Amounts owed to group undertakings
329
240

Corporation tax
171
154

Other taxation and social security
271
245

Obligations under finance lease and hire purchase contracts
71
56

Other creditors
35
39

Accruals and deferred income
136
110

2,619
2,809


Page 25

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Deferred taxation




2024
2023


£000

£000






At beginning of year
(38)
(38)



At end of year
(38)
(38)

The provision for deferred taxation is made up as follows:

2024
2023
£000
£000


Accelerated capital allowances
(38)
(38)


19.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1
1



20.


Related party transactions

The Company has taken advantage of the exemption in paragraph 1AC.35 of FRS 102 not to disclose transactions with wholly owned group entities.


21.


Pension commitments

The Company operates a defined contribution pension scheme. The Company pays fixed contributions into an independently administered entity. Contributions totaling £11,925 (2023 - £11,343) were payable to the fund at the balance sheet date.

Page 26

 
PBSL GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£000
£000


Not later than 1 year
270
260

Later than 1 year and not later than 5 years
1,237
753

Later than 5 years
604
720

2,111
1,733


23.


Related party transactions

The Company has taken advantage of the exemption in paragraph 1AC.35 of FRS 102 not to disclose transactions with wholly owned group entities.


24.


Controlling party

The immediate parent company is PBSL Bidco Limited. The directors consider the ultimate parent company to be AssemBuild Topco Limited, a company registered in England and Wales. AssemBuild Topco Limited is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2024. 
The registered address is Unit 1b Altbarn, Hawkins Road, Colchester, Essex, CO2 8LG. Copies of the consolidated accounts are available from Companies House.

 
Page 27