REGISTERED NUMBER: 11322960 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

BEESLEY & FILDES HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr J F Beesley

Mr P Beesley

REGISTERED OFFICE:

C/O Beesley & Fildes Ltd

Wilson Road

Huyton

Merseyside

L36 6AF

REGISTERED NUMBER:

11322960 (England and Wales)

AUDITORS:

Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

HSBC

Liverpool Corporate Centre

9th Floor

Royal Liver Building

Pier Head

Liverpool

L3 1HU

SOLICITORS:

Hill Dickinson LLP

No.1 St. Paul's Square

Liverpool

L3 9SJ

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The group primarily operates as a builders and timber merchant throughout the North West of England, employing more than 250 staff over ten sites. There have been no changes to the activities in the year under review.

The challenging market conditions referenced last year continued throughout FY25. However, despite closing an underperforming branch (Wigan - Jan-24) which had a turnover of £2.1m during FY24, the group turnover was increased to £48.8m during FY25 (FY24: £46.5m). Unfortunately, due to a highly competitive environment and as merchants battled for a share of a smaller market, gross profit margin decreased slightly (0.5%) in comparison with the prior year.

Inflationary pressures remain, this together with statutory increases such as the National Living Wage (+9.79%) as well as a reduction in the main age band from April-24, resulted in our cost of overheads increasing. These increases were mitigated somewhat by prudently managing our cost base by improving our efficiencies wherever and whenever possible.

Management continues to focus on stock availability to satisfy customers' demands and manage the risk of losing business to competitors.

Beesley & Fildes Ltd maintains its position as one of the leading independent merchants in the area.

PRINCIPAL RISKS AND UNCERTAINTIES

The builders' merchants sector throughout the North West remains highly competitive. The group seeks to manage the risk of losing business to competitors by delivering outstanding levels of customer service and enhancing relationships. The group looks to improve profitability through management of its cost base and meticulous margin control.

Whilst the current economic conditions are tough, the business continues to adapt and has previously shown how resilient it can be when faced with the most challenging of circumstances. Using long standing relationships with suppliers has been key to help mitigate the potential disruption of shortages whilst also evaluating future demands to ensure the supply chain is adequate to meet such demands.

The group remains committed to attracting, developing, and retaining a motivated workforce. A significant effort has been made to ensure the business has an adequate number of staff with sufficient experience and skills to meet the standards that we expect.

Management remains cautious and are watchful of the impacts of governmental policies. The business can only influence factors within its control and directors feel that the business is well placed to face adverse trading conditions due to its cash position, wide customer base and hands-on management.

SECTION 172(1) STATEMENT

Under the Companies Act 2006 s172, the directors of the group have a duty to promote the success of the group for the benefits of the members as a whole.

The directors of the group consider the key stakeholders of the business to be its customers, suppliers, and employees. The group has a number of long-standing relationships with customers and suppliers which the directors consider key to the group's continued success. The directors and employees put great emphasis on continuing to foster these relationships with a view to ensuring the long-term success of the business.

When making decisions, the directors consider the potential long-term implications of those decisions. Long-term stability and growth rather than short-term gain ensures that decisions focus on positive benefit for the group and its stakeholders. This is a core component of our strategic planning process.

The group continually reviews its financing facilities to ensure they are adequate for its needs.

STREAMLINED ENERGY AND CARBON REPORTING

The Group is required to disclose greenhouse gas emissions ("GHGs") from its energy consumed under three scopes - combustion of gas, purchase of electricity for own use and consumption of fuel. These figures are presented below:

2025

2024

GHGs

kWh

GHGs

kWh

Tonnes

Tonnes

Gas

92.86

503,108

91.45

500,991

Biomass

3.34

290,000

5.8

512,397

Electricity

137.79

787,849

163.08

795,805

Transportation

1,416.41

5,877,717

1,494.33

6,334,598

Total

1,650.40

7,458,674

1,754.66

8,143,791

Average UK headcount

262

262

273

273

Usage per person per year

6.30

28,468

6.43

29,831

Calculation methodology

Consumption analysis from the Group's energy suppliers for usage of gas and electricity was used and converted using the UK Government GHG Conversion Factors for Company Reporting.

Transport consumption usage data for both commercial vehicles and cars was calculated using diesel expenditure and using an average diesel price of 114.25 pence per litre for the financial year (2024: 119.30 pence per litre). Litres of diesel was then converted using the UK Government GHG Conversion Factors for Company Reporting.

FINANCIAL RISK MANAGEMENT

The group is exposed to financial risks that include the effects of the economy, cost-of-living, inflation, interest rates and credit risk. A robust and professionally managed credit control function together with trade credit insurance which covers most of the group's debtors, shields the business from potential losses due to customer failures, whilst also enabling the group to prosper from granting greater limits. Levels of debt finance and the related financing costs are continually monitored.

ON BEHALF OF THE BOARD:

Mr J F Beesley - Director

3 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £284,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr J F Beesley

Mr P Beesley

BUSINESS RELATIONSHIPS

Business relationships are discussed within the Strategic Report on page 2, in accordance with the provisions of s172(1)(c) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Fairhurst Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J F Beesley - Director

3 December 2025

Opinion

We have audited the financial statements of Beesley & Fildes Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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

-

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Tax legislation, data protection, employment, environmental and health & safety legislation.

-

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing minutes of meetings and inspecting legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining and understanding of how fraud might occur;

-

We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

-

We performed analytical procedures to identify any unusual or unexpected relationships;

-

We tested journal entries to identify unusual transactions; and

-

We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Louise Webster BSc BFP ACA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

3 December 2025

TURNOVER

48,808,158

46,451,040

Cost of sales

40,835,220

38,635,679

GROSS PROFIT

7,972,938

7,815,361

Distribution costs

3,371,961

3,560,289

Administrative expenses

5,360,681

5,131,846

8,732,642

8,692,135

(759,704

)

(876,774

)

Other operating income

15,320

11,807

OPERATING LOSS

4

(744,384

)

(864,967

)

Interest receivable and similar income

39,914

26,742

(704,470

)

(838,225

)

Interest payable and similar expenses

5

346,738

379,835

LOSS BEFORE TAXATION

(1,051,208

)

(1,218,060

)

Tax on loss

6

(237,017

)

(37,777

)

LOSS FOR THE FINANCIAL YEAR

(814,191

)

(1,180,283

)

Loss attributable to:

Owners of the parent

(814,191

)

(1,180,283

)

LOSS FOR THE YEAR

(814,191

)

(1,180,283

)

OTHER COMPREHENSIVE INCOME

Excess depreciation on revalued assets

transferred to profit and loss reserve

159,745

94,129

Excess depreciation on revalued assets

transferred from revaluation reserve

(159,745

)

(94,129

)

Revaluation of Freehold Property

-

4,025,628

Bonus share issue

(9,910

)

-

Income tax relating to components of other comprehensive income

-

(464,750

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(9,910

)

3,560,878

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(824,101

)

2,380,595

Total comprehensive income attributable to:

Owners of the parent

(824,101

)

2,380,595

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

18,242,381

19,541,165

Investments

11

-

-

18,242,381

19,541,165

CURRENT ASSETS

Stocks

12

7,630,842

7,679,644

Debtors

13

4,399,316

4,160,328

Cash at bank and in hand

2,791,039

3,098,456

14,821,197

14,938,428

CREDITORS

Amounts falling due within one year

14

8,645,322

7,668,866

NET CURRENT ASSETS

6,175,875

7,269,562

TOTAL ASSETS LESS CURRENT LIABILITIES

24,418,256

26,810,727

CREDITORS

Amounts falling due after more than one year

15

(3,709,482

)

(4,816,745

)

PROVISIONS FOR LIABILITIES

19

(1,183,834

)

(1,420,851

)

NET ASSETS

19,524,940

20,573,131

CAPITAL AND RESERVES

Called up share capital

20

11,010

100

Share premium

21

49,000

-

Revaluation reserve

21

8,635,353

8,795,098

Retained earnings

21

10,829,577

11,777,933

SHAREHOLDERS' FUNDS

19,524,940

20,573,131

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr J F Beesley - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

100

100

100

100

CURRENT ASSETS

Debtors

13

59,911

-

NET CURRENT ASSETS

59,911

-

TOTAL ASSETS LESS CURRENT LIABILITIES

60,011

100

CAPITAL AND RESERVES

Called up share capital

20

11,010

100

Share premium

21

49,000

-

Retained earnings

21

1

-

SHAREHOLDERS' FUNDS

60,011

100

Company's profit for the financial year

293,911

284,000

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr J F Beesley - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

100

13,148,087

-

5,328,349

18,476,536

Changes in equity

Dividends

-

(284,000

)

-

-

(284,000

)

Total comprehensive income

-

(1,086,154

)

-

3,466,749

2,380,595

Balance at 31 March 2024

100

11,777,933

-

8,795,098

20,573,131

Changes in equity

Issue of share capital

10,910

-

49,000

-

59,910

Dividends

-

(284,000

)

-

-

(284,000

)

Total comprehensive income

-

(664,356

)

-

(159,745

)

(824,101

)

Balance at 31 March 2025

11,010

10,829,577

49,000

8,635,353

19,524,940

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

100

-

-

100

Changes in equity

Dividends

-

(284,000

)

-

(284,000

)

Total comprehensive income

-

284,000

-

284,000

Balance at 31 March 2024

100

-

-

100

Changes in equity

Issue of share capital

10,910

-

49,000

59,910

Dividends

-

(284,000

)

-

(284,000

)

Total comprehensive income

-

284,001

-

284,001

Balance at 31 March 2025

11,010

1

49,000

60,011

Cash flows from operating activities

Cash generated from operations

1

1,258,671

3,013,303

Interest paid

(251,272

)

(288,220

)

Interest element of hire purchase payments paid

(95,466

)

(91,615

)

Tax paid

(8,525

)

174,865

Net cash from operating activities

903,408

2,808,333

Cash flows from investing activities

Purchase of tangible fixed assets

(412,363

)

(638,194

)

Sale of tangible fixed assets

47,950

29,700

Interest received

39,914

26,742

Net cash from investing activities

(324,499

)

(581,752

)

Cash flows from financing activities

Loan repayments in year

(477,371

)

(477,371

)

Capital repayments in year

(903,768

)

(279,942

)

Amount introduced by directors

1,034,000

284,000

Amount withdrawn by directors

(305,187

)

(990,255

)

Share issue

50,000

-

Equity dividends paid

(284,000

)

(284,000

)

Net cash from financing activities

(886,326

)

(1,747,568

)

(Decrease)/increase in cash and cash equivalents

(307,417

)

479,013

Cash and cash equivalents at beginning of year

2

3,098,456

2,619,443

Cash and cash equivalents at end of year

2

2,791,039

3,098,456

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

2025

2024

£

£

Loss before taxation

(1,051,208

)

(1,218,060

)

Depreciation charges

1,642,685

1,952,635

Loss/(profit) on disposal of fixed assets

20,512

(5,520

)

Finance costs

346,738

379,835

Finance income

(39,914

)

(26,742

)

918,813

1,082,148

Decrease in stocks

48,802

568,071

(Increase)/decrease in trade and other debtors

(913,984

)

3,004,366

Increase/(decrease) in trade and other creditors

1,205,040

(1,641,282

)

Cash generated from operations

1,258,671

3,013,303

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,791,039

3,098,456

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

3,098,456

2,619,443

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

3,098,456

(307,417

)

2,791,039

3,098,456

(307,417

)

2,791,039

Debt

Finance leases

(2,474,952

)

903,768

(1,571,184

)

Debts falling due within 1 year

(477,371

)

86,588

(390,783

)

Debts falling due after 1 year

(3,245,361

)

390,782

(2,854,579

)

(6,197,684

)

1,381,138

(4,816,546

)

Total

(3,099,228

)

1,073,721

(2,025,507

)