Company registration number 01751661 (England and Wales)
BROOKVALE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
BROOKVALE LIMITED
COMPANY INFORMATION
Directors
Mr K M Ball
Mr S P Holmes (non executive)
(Appointed 1 April 2025)
Mr A A Morgan (non executive)
(Appointed 1 April 2025)
Secretary
Mr K M Ball
Company number
01751661
Registered office
The Lodge
Leek Road
Endon
Stoke-on-Trent
Staffordshire
ST9 9HQ
Auditor
Ward Williams Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
Business address
The Lodge
Leek Road
Endon
Stoke-on-Trent
Staffordshire
ST9 9HQ
Bankers
National Westminister Bank Plc
24 Derby Street
Leek
Staffordshire
ST15 5AF
BROOKVALE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Income statement
10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 40
BROOKVALE LIMITED
STRATEGIC REPORT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the 11 month period ended 31 December 2024.

Review of the business

The company and group have a shortened accounting period following a change in reporting date. The purpose of this is to align the company's financial reporting with the calendar year and with other companies within the flooring industry sector, thereby simplifying several elements of its financial reporting and operational functions.

Turnover has decreased by 10.4% (31 January 2024: in creased by 5.8%). Whilst gross profit has decreased, the group's gross profit margin overall has remained consistent at 23.2% (31 January 2024: 23.3%).

As results represent 11 months rather than the previous period's 12 month period, these figures are largely in line with expectations.

The directors are satisfied with the results tor the year, the year end position and the group's future prospects. The group is in a strong financial position to deal with the challenges and take advantage of the opportunities which are expected to arise in the following year.

The company and its subsidiaries recognise that its success is largely due to the experience and dedication of its employees, consequently every effort is made to maintain a consistent and committed workforce. There are many long term employees within every aspect of the group.

Principal risks and uncertainties

Financial risk management

The group's business, as any business, is influenced by a number of risks and uncertainties some of which are beyond the control of the group but which are minimised through good management and efficient financial reporting and controls.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and loans at floating rates of interest.

The company makes use of money market facilities where funds are available and have a confidential invoice discounting facility in place.

In respect of loans these comprise of loans from financial institutions. The interest rate on loans from financial institutions is variable. The company manages the liquidity risk by ensuring there are sufficient funds to meet the interest charges. The directors are aware of the company's required finance and have determined that these loans will only be repaid, in whole or in part, when sufficient funds are available.

Trade debtors are strictly managed in respect of credit and flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The company is committed to paying all creditors to terms and to take advantage of settlement discount when available.

Development and performance

Health and Safety

Ellis Whittam, the group's health and safety advisors, have continued to monitor our health and safety policies and to provide recommendations which have been fully implemented. Risk assessments are subject to constant review and updating. Health and Safety is taken very seriously and we are constantly improving our procedures despite having an exemplary record.

Environmental

The group believes it is in the group's best interest to minimise the risk arising from the social and environmental impact of its activities and is committed to conducting its activities and operations in line with current legislation and best environmental practice.

BROOKVALE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The directors consider the key performance indicators for the group in the period are:

- Growth in sales: 10.4% decrease (31 January 2024: 5.8% increase)

- Gross profit margin: 23.2% (31 January 20 2 4: 23.3%)

A large driver for the decrease in sales is the shortening of the accounting period to 11 months.

Promoting the success of the company

The directors consider, both individually and together, that they have acted in the way they consider in good faith would be most likely to promote the success of the group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the period ended 31 December 202 4 and in creating future business plans ("our plans"):

- Our plans are designed to have a long-term beneficial impact on the group and to contribute to its success by providing high quality service to our customers;

- Our employees are fundamental to the delivery of our plans. We aim to be a responsible and attractive employer in our approach to pay and the benefits our employees receive and the opportunities they have to develop their careers;

- Our plans rely on developing long term relationships with suppliers and customers, enabling us to gain a detailed understanding of their requirements and priorities. We aim to act responsibly and fairly in how we engage with all stakeholders;

- Our plans consider the impact of the group's operations on the community and the environment. We encourage our employees to support the communities in which they work;

- As directors, our intention is to behave responsibly and ensure the management operate the business in a responsible manner, operating with the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plans; and

- As directors, our intention is to behave responsibly to our shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plans.

On behalf of the board

Mr K M Ball
Director
28 November 2025
BROOKVALE LIMITED
DIRECTORS' REPORT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 3 -
The directors present their report and financial statements for the 11 month period ended 31 December 2024.
Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activity of the company's subsidiary undertakings continued to be that of the sales, supply and distribution of floorcovering materials and adhesives.

Results and dividends

The results for the year are set out on page 9.

An ordinary dividend was paid amounting to £355,000 (31 January 20 2 4: £490,000).

Directors

The directors who held office during the 11 month period and up to the date of signature of the financial statements were as follows:

Mr G W Ball
(Resigned 31 December 2024)
Mr K M Ball
Mr S P Holmes (non executive)
(Appointed 1 April 2025)
Mr A A Morgan (non executive)
(Appointed 1 April 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the 11 month period. These provisions remain in force at the reporting date.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor

The auditors, Ward Williams, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The directors set out below details of the company's carbon and energy use as required under the Companies Act 2006 - The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018).

The amounts below represent quantities of emissions from the company's operations across the UK for the 9 month period ended 31 December 2024. Emissions in the prior period represent annual emissions for the year ended 31 January 2024.

BROOKVALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 4 -
Period
Year
ended
ended
31 December
31 January
2024
2024
Energy consumption
kWh
kWh
(restated)
Aggregate of energy consumption in the period
8,128,214
8,219,676
Period
Year
ended
ended
31 December
31 January
2024
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
(restated)
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
150.23
150.73
150.23
150.73
Scope 2 - indirect emissions
- Electricity purchased
200.48
162.97
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
592.99
331.17
Total gross emissions
943.70
644.87
Intensity ratio
Tonnes CO2e per £1m turnover
7.575
7.378
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

Following the directors' review, we have determined that our most significant emissions arise from distribution emissions within Scope 1 and Scope 3 activities and Scope 2 purchased electricity at our premises. The group has used the 2024 UK Government Conversion Factors for Company Reporting and applied these factors to the measured quantities of energy.

Distribution of finished goods is carried out directly by the group and also contracted out to a third party. Energy consumption has been calculated in reference to average mileage across the fleet.

Purchased electricity volumes under Scope 2 activities have been taken from third party supplier monthly kWh reporting and equivalent estimations.

Energy consumption and CO2 emissions relating to business travel are considered minimal and insignificant to the group operations.

BROOKVALE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 5 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of revenue.

Restatement

Energy consumption in the year has been restated for 31 January 2024 due to more information being available for the distribution of goods in that year.

The aggregate of energy consumption was previously reported as 9,358,191 kWh for the year ending 31 January 2024.

Scope 1 emissions were previously reported as 1,681.67 metric tonnes CO2e for the year ending 31 January 2024.

The intensity ratio has consequently been restated for the year ended 31 January 2024. This was previously reported as 24.894 tonnes of CO2e per £1m of turnover.

Measures taken to improve energy efficiency

As part of an on-going programme to reduce carbon emissions the group has plans to install solar panels at several warehouse locations. Three of the group subsidiaries already have solar panels fitted in line with this strategy.

Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr K M Ball
Director
28 November 2025
BROOKVALE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 6 -

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

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BROOKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BROOKVALE LIMITED
- 7 -
Opinion

We have audited the financial statements of Brookvale Limited (the 'parent company') and its subsidiaries (the 'group') for the 11 month period ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's loss for the 11 month period 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial 11 month period 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.

BROOKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROOKVALE LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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' r esponsibilities s tatement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following were the most significant: the Companies Act 2006 and UK corporate taxations laws.

- We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management of the company. We corroborated our inquiries through our review of correspondence during our audit work.

BROOKVALE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BROOKVALE LIMITED
- 9 -

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed included:

- i d entifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s 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 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.

Colin Hamilton (Senior Statutory Auditor)
For and on behalf of Ward Williams Limited, Statutory Auditor
Chartered Accountants
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
28 November 2025
BROOKVALE LIMITED
GROUP INCOME STATEMENT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 10 -
Period
Year
ended
ended
31 December
31 January
2024
2024
Notes
£
£
Revenue
3
78,280,198
87,402,667
Cost of sales
(60,089,004)
(67,059,215)
Gross profit
18,191,194
20,343,452
Distribution costs
(8,608,100)
(8,941,200)
Administrative expenses
(10,241,035)
(10,340,840)
Other operating income
1,291
404
Operating (loss)/profit
4
(656,650)
1,061,816
Investment income
8
64,043
40,561
Finance costs
9
87,862
72,416
(Loss)/profit before taxation
(504,745)
1,174,793
Tax on (loss)/profit
10
865
(407,552)
(Loss)/profit for the financial 11 month period
25
(503,880)
767,241
(Loss)/profit for the financial 11 month period is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

BROOKVALE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 11 -
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
(Loss)/profit for the 11 month period
(503,880)
767,241
Other comprehensive income
Actuarial gain on defined benefit pension schemes
773,000
4,907,950
Tax relating to other comprehensive income
(233,500)
(402,500)
Other comprehensive income for the 11 month period
539,500
4,505,450
Total comprehensive income for the 11 month period
35,620
5,272,691
Total comprehensive income for the 11 month period is all attributable to the owners of the parent company.
BROOKVALE LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
31 December 2024
31 January 2024
Notes
£
£
£
£
Non-current assets
Goodwill
12
-
0
190,548
Property, plant and equipment
13
6,477,391
6,298,048
6,477,391
6,488,596
Current assets
Inventories
18
12,638,552
10,645,580
Trade and other receivables
19
11,707,788
11,961,845
Cash and cash equivalents
3,380,466
4,366,783
27,726,806
26,974,208
Current liabilities
20
(9,837,687)
(9,722,137)
Net current assets
17,889,119
17,252,071
Total assets less current liabilities
24,366,510
23,740,667
Provisions for liabilities
Deferred tax liability
22
2,167,086
1,933,586
(2,167,086)
(1,933,586)
Net assets excluding pension surplus
22,199,424
21,807,081
Defined benefit pension surplus
23
5,988,000
5,054,000
Net assets
28,187,424
26,861,081
Equity
Called up share capital
24
1,320,600
1,320,600
Other reserves
25
4,491,000
3,790,500
Retained earnings
25
22,375,824
21,749,981
Total equity
28,187,424
26,861,081
The financial statements were approved by the board of directors and authorised for issue on 28 November 2025 and are signed on its behalf by:
28 November 2025
Mr K M Ball
Director
Company registration number 01751661 (England and Wales)
BROOKVALE LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
31 December 2024
31 January 2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
1,145,924
1,173,167
Investments
14
4,500,333
4,500,333
5,646,257
5,673,500
Current assets
Trade and other receivables
19
1,044,412
1,061,823
Cash and cash equivalents
317,358
558,820
1,361,770
1,620,643
Current liabilities
20
(4,743,307)
(4,614,016)
Net current liabilities
(3,381,537)
(2,993,373)
Net assets
2,264,720
2,680,127
Equity
Called up share capital
24
1,320,600
1,320,600
Retained earnings
25
944,120
1,359,527
Total equity
2,264,720
2,680,127

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the 11 month period to 31 December 2024 was £60,407 (31 January 2024 - £377,714 profit).

The financial statements were approved by the board of directors and authorised for issue on 28 November 2025 and are signed on its behalf by:
28 November 2025
Mr K M Ball
Director
Company registration number 01751661 (England and Wales)
BROOKVALE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 14 -
Share capital
Pension reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 February 2023
1,320,600
5,277,950
20,008,790
26,607,340
Year ended 31 January 2024:
Profit for the year
-
-
767,241
767,241
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
4,907,950
4,907,950
Tax relating to other comprehensive income
-
-
(402,500)
(402,500)
Total comprehensive income
-
-
5,272,691
5,272,691
Dividends
11
-
-
(490,000)
(490,000)
Transfers
-
(1,487,450)
(3,041,500)
(4,528,950)
Balance at 31 January 2024
1,320,600
3,790,500
21,749,981
26,861,081
Period ended 31 December 2024:
Loss for the period
-
-
(503,880)
(503,880)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
773,000
773,000
Tax relating to other comprehensive income
-
-
(233,500)
(233,500)
Total comprehensive income
-
-
35,620
35,620
Dividends
11
-
-
(355,000)
(355,000)
Transfers
-
700,500
(1,964,000)
(1,263,500)
Other movements
-
-
2,909,223
2,909,223
Balance at 31 December 2024
1,320,600
4,491,000
22,375,824
28,187,424
BROOKVALE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 15 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 February 2023
1,320,600
1,471,813
2,792,413
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
377,714
377,714
Dividends
11
-
(490,000)
(490,000)
Balance at 31 January 2024
1,320,600
1,359,527
2,680,127
Period ended 31 December 2024:
Profit and total comprehensive income
-
(60,407)
(60,407)
Dividends
11
-
(355,000)
(355,000)
Balance at 31 December 2024
1,320,600
944,120
2,264,720
BROOKVALE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 16 -
Period
Year
ended
ended
31 December
31 January
2024
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(3,500,833)
2,272,152
Interest paid
(128,138)
(84,584)
Income taxes paid
(357,174)
(376,330)
Net cash (outflow)/inflow from operating activities
(3,986,145)
1,811,238
Investing activities
Purchase of property, plant and equipment
(703,239)
(235,796)
Proceeds from disposal of property, plant and equipment
40,853
93,601
Interest received
64,043
40,561
Net cash used in investing activities
(598,343)
(101,634)
Financing activities
Dividends paid to equity shareholders
(355,000)
(490,000)
Net cash used in financing activities
(355,000)
(490,000)
Net (decrease)/increase in cash and cash equivalents
(4,939,488)
1,219,604
Cash and cash equivalents at beginning of 11 month period
3,539,152
2,319,547
Other non cash movements in retained earnings
2,909,223
-
0
Cash and cash equivalents at end of 11 month period
1,508,887
3,539,152
Relating to:
Cash at bank and in hand
3,380,466
4,366,783
Bank overdrafts included in creditors payable within one year
(1,871,579)
(827,631)
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 17 -
1
Accounting policies
Company information

Brookvale Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is The Lodge, Leek Road, Endon, Stoke-on-Trent, Staffordshire, ST9 9HQ.

The group consists of Brookvale Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements cover the 11 month period ended 31 December 2024. This follows a change in the reporting date for the Brookvale group in order to bring all companies in line with the calendar year. The comparatives represent the previous 12 month period ended 31 January 2024 and are not directly comparable.

1.2
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Brookvale Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.5
Going concern

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

1.6
Revenue

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

The total turnover for the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

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

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

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

1.8
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -

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

Land and buildings Freehold
Over 50 years straight line
Land and buildings Leasehold
Ranging from 5 years to the life of the lease
Leasehold improvements
Over the life of the lease
Plant and machinery
Ranging from 15% to 25% straight line and 10% to 25% reducing balance
Fixtures, fittings & equipment
Ranging form 15% to 20% straight line and 10% to 25% reducing balance
Computer equipment
Ranging form 15% to 20% straight line and 10% to 25% reducing balance
Motor vehicles
Either 25% straight line or 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Non-current investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of non-current assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

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

1.11
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

Inventories held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

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

1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

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

Impairment of financial assets

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

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

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

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

1.15
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.16
Taxation

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

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates during the the reporting period.

Deferred tax

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

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

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

1.18
Retirement benefits

The group operates both defined benefit and defined contricbution schemes for the benefit of its employees. The pension costs in relation to the defined contribution scheme are charged to the profit and loss account in the year they are payable in accordance with FRS102 Section 28.

The parent company has a regular cost of providing the retirement pensions, the related benefits are charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the statement of financial position.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.20
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful lives of property, plant and equipment

In determining the depreciation rates to apply against property, plant and equipment, the directors have used their knowledge and experience of both the company and the industry to assess the useful lives of each individual asset.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 24 -
Key sources of estimation uncertainty

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

Impairment of trade receivables

The group establishes sprovision for the impairment of trade receivables in accordance with its policy in note 1. The recoverable amount of the receivables is compared to the carrying amount to determine the amount of impairment. These calculations require the use of estimates.

Provision for slow moving inventory

The group establishes provisions for slow moving inventory in accordance with the accounting policy stated in note 1. The net realisable value is compared to its book value in order to determine the amount of impairment. These calculations require the use of estimates.

Defined benefit pension scheme

Included in other reserves in the group is a balance of £4,491,000 (31 January 2024: £3,790,500) in relation to the defined benefit pension scheme, the value of which is determined by a qualified actuary using the projected unit method. Valuations are carried out triennially, the most recent being on 1 February 2023, the results of which have been updated to 31 December 20 2 4. Various assumptions are included in the valuation exercise to measure liabilities at a point in time. The measurement is sensitive to the actuarial assumptions as reflected in the changes in the liability over recent years. For further details see the Retirement benefit schemes note.

3
Revenue

An analysis of the group's revenue is as follows:

Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Revenue analysed by class of business
Sale of floorcovering materials and adhesives
78,280,198
87,402,667
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Other revenue
Interest income
64,043
40,561

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 25 -
4
Operating (loss)/profit
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Operating (loss)/profit for the period is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
459,226
1,389,490
Loss/(profit) on disposal of property, plant and equipment
23,817
(1,070,342)
Amortisation of intangible assets
190,548
190,550
Operating lease charges
2,157,299
2,326,678
5
Auditor's remuneration
Period
Year
ended
ended
31 December
31 January
2024
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
3,100
Audit of the financial statements of the company's subsidiaries
110,000
83,250
115,000
86,350
For other services
Taxation compliance services
15,455
16,000
All other non-audit services
14,750
9,550
30,205
25,550
For services in respect of associated pension schemes
Audit-related assurance services
3,000
2,500
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the 11 month period was:

Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 January
31 December
31 January
2024
2024
2024
2024
Number
Number
Number
Number
Administration
80
77
1
1
Distribution
172
171
-
0
-
Total
252
248
1
1

Their aggregate remuneration comprised:

Group
Company
Period
Year
Period
Year
ended
ended
ended
ended
31 December
31 January
31 December
31 January
2024
2024
2024
2024
£
£
£
£
Wages and salaries
8,351,805
8,810,779
-
0
-
0
Social security costs
830,670
891,011
8,104
8,682
Pension costs
330,401
385,669
36,084
17,740
9,512,876
10,087,459
44,188
26,422
7
Directors' remuneration
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Remuneration for qualifying services
58,722
44,076

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (31 January 2024: 1)

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 27 -
8
Investment income
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Interest income
Interest on bank deposits
63,586
40,561
Other interest income
457
-
Total income
64,043
40,561
Period
Year
ended
ended
31 December
31 January
2024
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
63,586
40,561
9
Finance costs
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
128,138
84,584
Other finance costs:
Net interest on the net defined benefit liability
(216,000)
(157,000)
Total finance costs
(87,862)
(72,416)
10
Taxation
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
361,290
Adjustments in respect of prior periods
(865)
(109,431)
Total current tax
(865)
251,859
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 28 -
Deferred tax
Origination and reversal of timing differences
-
0
155,693
Total tax (credit)/charge
(865)
407,552

The corporation tax rate increase to 25% was substantively enacted with effect from 1 April 2023. The current period's tax rate used was 25%. For the previous year, the corporation tax reflects a n effective rate of 24%, which accounts for 10 months at the new 25% rate and 2 months at the previous 19% rate. The 25% rate is used to measure UK deferred taxes in 2024 (and was also used in the previous period, to the extent that the related timing differences were expected to reverse after 1 April 2023).

The actual charge for the 11 month period can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:

Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
(Loss)/profit before taxation
(504,745)
1,174,793
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (31 January 2024: 24.00%)
(126,186)
281,950
Tax effect of expenses that are not deductible in determining taxable profit
98,238
190,531
Tax effect of income not taxable in determining taxable profit
(19,260)
-
0
Tax effect of utilisation of tax losses not previously recognised
(2,369)
-
0
Unutilised tax losses carried forward
48,026
-
0
Adjustments in respect of prior years
(123)
(109,893)
Movement in deferred tax on rolled over relief claim
-
0
155,693
Fixed asset timing differences
(30,435)
(110,729)
Other tax differences
31,244
-
Taxation (credit)/charge
(865)
407,552

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
233,500
402,500
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 29 -
11
Dividends
Period
Year
ended
ended
31 December
31 January
2024
2024
Recognised as distributions to equity holders:
£
£
Final paid
355,000
490,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2024 and 31 December 2024
1,241,156
Amortisation and impairment
At 1 February 2024
1,050,608
Amortisation charged for the 11 month period
190,548
At 31 December 2024
1,241,156
Carrying amount
At 31 December 2024
-
0
At 31 January 2024
190,548
The company had no intangible fixed assets at 31 December 2024 or 31 January 2024.
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 30 -
13
Property, plant and equipment
Group
Land and buildings Freehold
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 February 2024
4,521,269
1,717,167
36,525
1,251,970
1,447,246
5,000
486,992
9,466,169
Additions
-
0
211,810
150,246
47,298
270,260
-
0
23,625
703,239
Disposals
-
0
-
0
-
0
(47,580)
(45,535)
-
0
(125,459)
(218,574)
At 31 December 2024
4,521,269
1,928,977
186,771
1,251,688
1,671,971
5,000
385,158
9,950,834
Depreciation and impairment
At 1 February 2024
575,616
518,803
36,525
992,349
863,642
2,891
178,295
3,168,121
Depreciation charged in the 11 month period
55,230
88,975
11,557
63,134
171,885
483
67,962
459,226
Eliminated in respect of disposals
-
0
-
0
-
0
(43,411)
(27,740)
-
0
(82,753)
(153,904)
At 31 December 2024
630,846
607,778
48,082
1,012,072
1,007,787
3,374
163,504
3,473,443
Carrying amount
At 31 December 2024
3,890,423
1,321,199
138,689
239,616
664,184
1,626
221,654
6,477,391
At 31 January 2024
3,945,653
1,198,364
-
0
259,621
583,604
2,109
308,697
6,298,048
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 31 -
Company
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024 and 31 December 2024
1,054,290
29,593
125,589
1,209,472
Depreciation and impairment
At 1 February 2024
-
0
27,147
9,158
36,305
Depreciation charged in the 11 month period
-
0
561
26,682
27,243
At 31 December 2024
-
0
27,708
35,840
63,548
Carrying amount
At 31 December 2024
1,054,290
1,885
89,749
1,145,924
At 31 January 2024
1,054,290
2,446
116,431
1,173,167
14
Fixed asset investments
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
4,500,333
4,500,333

Fixed asset investments not carried at market value

Investments in subsidiaries are measured at cost less impairment on the basis that they represent shares in entities that are not publically traded and their fair value cannot be reliably measured.

Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 December 2024
4,500,333
Carrying amount
At 31 December 2024
4,500,333
At 31 January 2024
4,500,333
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Floor IT Trade Sales Limited
1
Wholesalers of floorcoverings
Ordinary
0
100.00
Flooring Industries Limited
1
Ceased trading
Ordinary
100.00
-
Jeden Limited
1
Wholesalers of floorcoverings
Ordinary
100.00
-
John Palmer Carpets Limited
2
Wholesalers of floorcoverings
Ordinary
100.00
-
Pennine Flooring Supplies Limited
3
Wholesalers of floorcoverings
Ordinary
100.00
-
Planners Services and Sundries Limited
4
Wholesalers of floorcoverings
Ordinary
100.00
-
Potts & Ward, Woodcocks Limited
5
Wholesalers of floorcoverings
Ordinary
100.00
-
PR Flooring Supplies Limited
6
Wholesalers of floorcoverings
Ordinary
100.00
-
The Floor Hub Limited
1
Dormant
Ordinary
100.00
-
The Flooring Hub Limited
1
Dormant
Ordinary
100.00
-
Volante Limited
7
Wholesalers of floorcoverings
Ordinary
100.00
-
Heritage Woodcraft Limited
8
Wholesalers of floorcoverings
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
The Lodge Leek Road, Endon, Stoke-On-Trent, ST9 9HQ
2
Units 1-5 Standard Way, Fareham Industrial Park, Fareham, Hampshire, PO16 8XJ
3
Units B&C Junction 19 Business Park, Green Lane, Heywood, OL10 1NB
4
Unit E Old Parkbury Lane, Colney Street, St. Albans, AL2 2DB
5
Lion Buildings Warehouse, Crowhurst Road, Hollingbury , Brighton, Sussex, BN1 8A
6
4 Priestley Way, Cambuslang, Glasgow, Scotland, G72 7HN
7
50 Cox Lane, Chessington, England, KT9 1TW
8
Heritage House, Wheatfield Way, Hinckley Field Ind Est, Hinckley Leics, LE10 1YG

In the prior period, shareholding in The Floor Hub Limited and The Flooring Hub Limited changed from being indirectly held by Brookvale Limited through its interest in wholly owned subsidiary Flooring Industries Limited, to being directly held by the company itself.

Flooring Industries Limited was officially dissolved via voluntary strike off on 15 April 2025.

Brookvale Limited holds its interest in Floor IT Trade Sales Limited indirectly through its wholly owned subsidiaries, Planners Services & Sundries Limited and Volante Limited.

16
Subsidiary audit exemptions

The following subsidiary companies are exempt from being subject to audit by virtue of guarantees put in place under section 479A of the Companies Act 2006: Flooring Industries Limited

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 33 -
17
Financial instruments

The company and group hold debt instruments at cost. These are repayable on demand and are not amortised.

Equity instruments are measured at cost less impairment. Please refer to the Fixed asset investment note.

Financial assets and liabilities held at fair value through profit or loss

The company does not hold any financial assets or liabilities at fair value through profit or loss.

The company and group members contribute to a group pension scheme, The Brookvale Limited Staff Retirements Benefits Scheme. The fair value of this plan is determined by an independent actuary. Please refer to the Retirement benefit schemes note for more details.

18
Inventories
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
£
£
£
£
Finished goods and goods for resale
12,638,552
10,645,580
-
0
-
0
19
Trade and other receivables
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
Amounts falling due within one year:
£
£
£
£
Trade receivables
8,600,144
9,066,712
-
0
-
0
Corporation tax recoverable
277,908
78,440
-
0
-
0
Amounts owed by group undertakings
-
-
942,749
1,057,823
Other receivables
834,609
1,082,323
101,663
4,000
Prepayments and accrued income
1,995,127
1,734,370
-
0
-
0
11,707,788
11,961,845
1,044,412
1,061,823

Trade receivables disclosed above are measured at amortised cost.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 34 -
20
Current liabilities
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
1,871,579
827,631
-
0
-
0
Trade payables
5,178,502
5,251,008
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,712,354
4,586,316
Corporation tax payable
-
0
158,571
-
0
-
0
Other taxation and social security
902,293
1,225,062
-
-
Other payables
413,182
460,339
1,000
1,000
Accruals and deferred income
1,472,131
1,799,526
29,953
26,700
9,837,687
9,722,137
4,743,307
4,614,016
21
Borrowings
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
£
£
£
£
Bank overdrafts
1,871,579
827,631
-
0
-
0
Payable within one year
1,871,579
827,631
-
0
-
0

Group borrowings of £1,871,579 (31 January 2024: £827,631) are secured against trade receivables. This invoice discounting facility is secured by debentures dated 17 June 2016 and 27 September 2016, which contain a fixed and floating charge over the assets of John Palmer Carpets Limited, Planners Services & Sundries Limited, Volante Limited and Pennine Flooring Supplies Limited, and contain a negative pledge.

22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
31 December
31 January
2024
2024
Group
£
£
Accelerated capital allowances
32,971
32,971
Retirement benefit obligations
1,497,000
1,263,500
Roll over relief on sale of property
637,115
637,115
2,167,086
1,933,586
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
22
Deferred taxation
(Continued)
- 35 -
The company has no deferred tax assets or liabilities.
Group
Company
31 December
31 December
2024
2024
Movements in the 11 month period:
£
£
Liability at 1 February 2024
1,933,586
-
Charge to other comprehensive income
233,500
-
Liability at 31 December 2024
2,167,086
-
23
Retirement benefit schemes
31 December
31 January
2024
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
152,671
185,483

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

The company participates as a contributing member of a group pension scheme, The Brookvale Limited Staff R etirement Benefits Scheme.

Contributions to the scheme are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The scheme is a defined benefit final salary scheme. It is not possible to identify the share of underlying assets and liabilities belonging to individual participating employers.

A full actuarial valuation was carried out at 1 February 2023 by a qualified independent actuary. At 31 December 2024, the scheme had a surplus of £5,988,000 (31 January 202 4: £5,054,000) as calculated by the actuary for the purpose of FRS102 section 28. The full defined benefit scheme disclosures are shown in the consolidated accounts of Brookvale Limited.

The charge in the accounts represents the total contributions payable to the scheme and amounted to £36,084 (31 January 2024: £17,740) for the company and £97,000 (31 January 2024: £413,000) for the group.

31 December
31 January
2024
2024
Key assumptions
%
%
Discount rate
5.3
4.7
Expected rate of salary increases
2.7
2.7
Future pension increases - inflation linked up to 5%
3.1
3.1
Future pension increases - inflation linked up to 2.5%
2.01
2.01
BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 36 -
31 December
31 January
Mortality assumptions
2024
2024

Assumed life expectations on retirement at age 65:

Years
Years
Retired and currently aged 65 years old
- Males
86.3
85.9
- Females
88.5
88.4
Not yet retired currently aged 45 years old
- Males
86.9
86.6
- Females
89.3
89.2

The amounts included in the statement of financial position arising from obligations in respect of defined benefit plans are as follows:

31 December
31 January
2024
2024
Group
£
£
Present value of defined benefit obligations
7,721,000
8,125,000
Fair value of plan assets
(13,709,000)
(13,179,000)
Surplus in scheme
(5,988,000)
(5,054,000)
The company had no post employment benefits at 31 December 2024 or 1 February 2024.
31 December
31 January
2024
2024
Group
Amounts recognised in the income statement
£
£
Costs/(income):
Current service cost
152,000
200,000
Net interest on net defined benefit liability/(asset)
(216,000)
(157,000)
Total costs/(income)
(64,000)
43,000

The plan is a final salary pension arrangement where members receive benefits based on their final salary.

The plan is open to new entrants.

The plan also provides benefits to spouses / dependants in the event of a member's death before or after retirement.

The company/group does not expect to pay any contributions during the next accounting period (31 January 2024: £nil expected to be paid).

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 37 -
31 December
31 January
2024
2024
Group
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
(555,000)
(460,000)
Less: calculated interest element
567,000
555,000
Return on scheme assets excluding interest income
12,000
95,000
Actuarial changes related to obligations
(785,000)
(1,335,000)
Total costs/(income)
(773,000)
(1,240,000)
Group
31 December
2024
Movements in the present value of defined benefit obligations
Liabilities at 1 February 2024
8,125,000
Current service cost
152,000
Benefits paid
(232,000)
Contributions from scheme members
113,000
Actuarial gains and losses
(785,000)
Interest cost
351,000
Other
(3,000)
At 31 December 2024
7,721,000

The defined benefit obligations arise from plans which are wholly or partly funded.

Group
31 December
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 February 2024
13,179,000
Interest income
567,000
Return on plan assets (excluding amounts included in net interest)
(12,000)
Benefits paid
(232,000)
Contributions by the employer
97,000
Contributions by scheme members
113,000
Other
(3,000)
At 31 December 2024
13,709,000

The actual return on plan assets was £555,000 (31 January 2024: £460,000).

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
23
Retirement benefit schemes
(Continued)
- 38 -
Group
31 December
31 January
2024
2024
Fair value of plan assets
£
£
Insurance policies
13,564,000
13,027,000
Cash
145,000
152,000
13,709,000
13,179,000
24
Share capital
Group and company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A shares of £1 each
1,188,540
1,188,540
1,188,540
1,188,540
Ordinary Class B shares of £1 each
132,060
132,060
132,060
132,060
1,320,600
1,320,600
1,320,600
1,320,600

Neither class of shares have a fixed right to income and both have voting rights. Where dividends are recommended by the directors, these shall be split into two equal moieties one of which shall belong to the holders of the ordinary class A shares and the other shall belong to the holders of the ordinary class B shares, to be distributed among the holders of class A and class B ordinary shares respectively in accordance with their holdings.

25
Reserves
Pension reserve

The pension scheme reserve represents cumulative gains and losses relating to the defined benefit pension scheme.

Retained earnings

The retained earnings accounts represents cumulative profits and losses net of dividends and other adjustments.

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 39 -
26
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the group for property and motor vehicles. Leases for property are negotiated for a period of 10 years, and motor vehicles for periods of 3-7 years.

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

Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
£
£
£
£
Within one year
2,018,504
1,658,018
-
-
Between two and five years
7,504,667
5,446,271
-
-
In over five years
1,554,619
4,257,528
-
-
11,077,790
11,361,817
-
-
27
Capital commitments
Group
Company
31 December
31 January
31 December
31 January
2024
2024
2024
2024
£
£
£
£
Acquisition of property, plant and equipment
-
181,000
-
-

Capital commitments at the prior period end related to property, plant and equipment at Floor IT Trade Sales Limited's High Wycombe premises. These assets were brought into use from April 2024.

28
Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 Section 33 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared.

During the period the group purchased goods from F. Ball and Co. Limited, a group under the control of Mr G W Ball, amounting to £6,101,764 (31 January 2024: £6,812,156) and made sales totalling £nil (31 January 2024: £nil). The balance due at the period end to F. Ball and Co. Limited was £273 (31 January 2024: £74,384).

BROOKVALE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2024
- 40 -
29
Directors' transactions

Dividends totalling £330,000 (31 January 2024: £450,000) were paid in the 11 month period in respect of shares held by the company's directors.

The company has chosen not to disclose remuneration of key management personnel under the exemption in FRS 102 33.7A as key management personnel and directors are the same.

30
Controlling party

The ultimate controlling party is Mr K.M. Ball, director and majority shareholder of the company.

31
Cash (absorbed by)/generated from group operations
Period
Year
ended
ended
31 December
31 January
2024
2024
£
£
(Loss)/profit after taxation
(503,880)
767,241
Adjustments for:
Taxation (credited)/charged
(865)
407,552
Finance costs
(87,862)
(72,416)
Investment income
(64,043)
(40,561)
Loss/(gain) on disposal of property, plant and equipment
23,817
(1,070,342)
Amortisation and impairment of intangible assets
190,548
190,550
Depreciation and impairment of property, plant and equipment
459,226
1,389,490
Pension scheme non-cash movement
(1,444,608)
(1,477,353)
Increase in provisions
233,500
402,500
Movements in working capital:
(Increase)/decrease in inventories
(1,992,972)
2,071,780
Decrease/(increase) in trade and other receivables
453,525
(1,214,205)
(Decrease)/increase in trade and other payables
(767,219)
917,916
Cash (absorbed by)/generated from operations
(3,500,833)
2,272,152
32
Analysis of changes in net funds - group
1 February 2024
Cash flows
Non cash movement on pension scheme
31 December 2024
£
£
£
£
Cash at bank and in hand
4,366,783
(3,895,540)
2,909,223
3,380,466
Bank overdrafts
(827,631)
(1,043,948)
-
(1,871,579)
3,539,152
(4,939,488)
2,909,223
1,508,887
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