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Registered number: SC100217 CARTMORE BUILDING SUPPLY COMPANY LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
CARTMORE BUILDING SUPPLY COMPANY LIMITED COMPANY INFORMATION
Directors | Mr R Purvis
| Mr G Banks
| Mr J Wardrope
| Mr C Purvis
| Mr J Fairley
Registered number | SC100217
Registered office | New Thistle House
| The Avenue
| Lochgelly
| Fife
| KY5 9HG
Independent auditors | Sumer Auditco Limited
| Chartered Accountants & Statutory Auditors
| Pentland House
| Saltire Centre
| Glenrothes
| Fife
| KY6 2AH
CARTMORE BUILDING SUPPLY COMPANY LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10
Statement of changes in equity | 11
Statement of cash flows | 12 - 13
Analysis of net debt | 13
Notes to the financial statements | 14 - 27
CARTMORE BUILDING SUPPLY COMPANY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The directors have pleasure in presenting their strategic report for the year ended 31 October 2025
Business review
The principal activity of the Company during the period continued to be the supply of building materials. Whilst results for the period are disappointing, it is worth noting that the continued downturn in the house building sector has been the significant factor in this. The business has developed over the years to have a considerable role in the housing market meaning that high interest rates, both from the Bank of England and High Street lenders leading to reduced numbers of house purchases have caused a significant downturn in this area, which has obviously impacted negatively on the business and the sector in general. Despite the difficult operating conditions, the company was still able to return a modest profit in the period. During recent years including this period, the business has continued with investments in outlets, landscaping displays and plant and machinery ensuring that it is positioning itself positively for when the general economy and the housebuilding sector specifically improves. The directors consider the key performance indicators to be turnover, operating profit and working capital management. Turnover has increased by 2.7% from £15,972,434 to £16,411,562. Gross profit margin has decreased from 17.2% to 17.1%. Net current assets increased from £1,689,204, to £1,753,835 and net bank balances decreased by £110,177 during the year to 31 October 2025. The directors acknowledge that trading will remain challenging until the house building sector shows growth but with the UK government’s housing targets also likely to have an impact in Scotland, especially with national builders, the directors believe that this is a sector which will return improved performance. The directors are satisfied that this forthcoming year will return improving results due to continued investment, anticipated housing growth, securing other contracts and product diversity. Despite this qualified level of confidence, the directors are mindful of current sector challenges and economic and political factors which could impact on the UK economy as a whole and in turn the Company’s trading. Page 1
CARTMORE BUILDING SUPPLY COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Principal risks and uncertainties
The Company operates wholly in the supply of building materials and as such commercial risks include the level of construction and house building ongoing at any time along with individual consumer confidence which can impact on sales to individual households. There continues to be pricing pressure in the sector requiring the considerable knowledge and experience of the directors to navigate these challenges. There is a need both for the Company and the wider economy to see the housing and construction sectors return to growth and increased activity and with government targets to grow home ownership there is a belief that medium to long term growth is possible in this sector. Despite this the Company are aware of the impacts that short term contractions in the market and developer consolidations can have on the business and these are being managed by a strong, experienced board of directors looking at innovative methods to solidify the business. The Company's principal financial instruments comprise bank balances, loans to the company and hire purchase agreements. The main purpose of these instruments is to finance Company operations. Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is detailed below. In respect of bank balances, the liquidity risk is managed by operating within in a cash positive position to ensure there are enough funds to meet repayments of creditors. In respect of loans these comprise of a bank loan. The interest rate on the loan is fixed. The Company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. In respect of hire purchase assets, the liquidity risk in respect of these is managed to ensure sufficient funds are available to meet repayments. Safety and health, environment and quality The Company recognises the importance of, and has policies and procedures in place to ensure its environmental, health and safety requirements are met at all times. This report was approved by the board on 29 April 2026 and signed on its behalf.
Mr G Banks Director
Page 2
CARTMORE BUILDING SUPPLY COMPANY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £11,271 (2024 - £18,527). Particulars of dividends paid are detailed in the notes to the financial statements.
Directors
The directors who served during the year were:
Mr R Purvis
Mr G Banks
Mr J Wardrope
Mr C Purvis
Mr J Fairley
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 3
CARTMORE BUILDING SUPPLY COMPANY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 29 April 2026 and signed on its behalf.
Mr G Banks Director
Page 4
CARTMORE BUILDING SUPPLY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED
Opinion
We have audited the financial statements of Cartmore Building Supply Company Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 October 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
CARTMORE BUILDING SUPPLY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CARTMORE BUILDING SUPPLY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)
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 an Auditors' 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: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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 Auditors' report. Page 7
CARTMORE BUILDING SUPPLY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARTMORE BUILDING SUPPLY COMPANY LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 Auditors' 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. Mark Gibson (Senior statutory auditor) for and on behalf of Sumer Auditco Limited Chartered Accountants & Statutory Auditors Pentland House Saltire Centre Glenrothes Fife KY6 2AH 29 April 2026 Page 8
CARTMORE BUILDING SUPPLY COMPANY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
| £ | £
Turnover | 4 | 16,411,562 | 15,972,434
Cost of sales |  | (13,607,723) | (13,218,092)
Gross profit |  | 2,803,839 | 2,754,342
Administrative expenses |  | (2,769,388) | (2,691,928)
Operating profit | 5 | 34,451 | 62,414
Interest payable and similar expenses | 8 | (5,361) | (27,323)
Profit before tax |  | 29,090 | 35,091
Tax on profit | 9 | (17,819) | (16,564)
Profit for the financial year |  | 11,271 | 18,527
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 27 form part of these financial statements.
Page 9
CARTMORE BUILDING SUPPLY COMPANY LIMITED REGISTERED NUMBER: SC100217 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 6,917 |  | 7,917
Tangible assets | 12 |  | 1,048,053 |  | 1,370,527
Investments | 13 |  | 1,325 |  | 1,325
|  |  | 1,056,295 |  | 1,379,769
Current assets |  |  |  |  |
Stocks | 14 | 859,794 |  | 734,312 |
Debtors: amounts falling due within one year | 15 | 2,701,611 |  | 2,447,024 |
Cash at bank and in hand | 16 | 1,531,539 |  | 1,641,716 |
|  | 5,092,944 |  | 4,823,052 |
Creditors: amounts falling due within one year | 17 | (3,339,109) |  | (3,133,848) |
Net current assets |  |  | 1,753,835 |  | 1,689,204
Total assets less current liabilities |  |  | 2,810,130 |  | 3,068,973
Creditors: amounts falling due after more than one year | 18 |  | - |  | (18,988)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (188,822) |  | (241,229) |
|  |  | (188,822) |  | (241,229)
Net assets |  |  | 2,621,308 |  | 2,808,756
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 18,500 |  | 18,500
Share premium account | 24 |  | 68,500 |  | 68,500
Profit and loss account | 24 |  | 2,534,308 |  | 2,721,756
|  |  | 2,621,308 |  | 2,808,756
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2026.
Mr R Purvis | Mr G Banks
Director | Director
The notes on pages 14 to 27 form part of these financial statements. Page 10
CARTMORE BUILDING SUPPLY COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2024 | 18,500 | 68,500 | 2,721,756 | 2,808,756
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 11,271 | 11,271
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (198,719) | (198,719)
At 31 October 2025 | 18,500 | 68,500 | 2,534,308 | 2,621,308
| The notes on pages 14 to 27 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2023 | 18,500 | 68,500 | 2,805,674 | 2,892,674
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 18,527 | 18,527
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (102,445) | (102,445)
At 31 October 2024 | 18,500 | 68,500 | 2,721,756 | 2,808,756
| The notes on pages 14 to 27 form part of these financial statements.
Page 11
CARTMORE BUILDING SUPPLY COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 11,271 | 18,527
Adjustments for: |  |
Amortisation of intangible assets | 1,000 | 1,000
Depreciation of tangible assets | 448,332 | 422,830
Loss on disposal of tangible assets | (5,356) | (732)
Interest paid | 5,361 | 27,323
Taxation charge | 17,819 | 16,564
(Increase)/decrease in stocks | (125,482) | 111,505
(Increase) in debtors | (254,587) | (29,800)
Increase/(decrease) in creditors | 299,284 | (157,301)
Net cash generated from operating activities | 397,642 | 409,916
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (142,527) | (287,048)
Sale of tangible fixed assets | 22,025 | 5,750
HP interest paid | (5,140) | (25,825)
Net cash from investing activities | (125,642) | (307,123)
Page 12
CARTMORE BUILDING SUPPLY COMPANY LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (9,453) | (8,649)
Repayment of/new finance leases | (173,784) | (280,521)
Dividends paid | (198,719) | (102,445)
Interest paid | (221) | (1,498)
Net cash used in financing activities | (382,177) | (393,113)
Net (decrease) in cash and cash equivalents | (110,177) | (290,320)
Cash and cash equivalents at beginning of year | 1,641,716 | 1,932,036
Cash and cash equivalents at the end of year | 1,531,539 | 1,641,716
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,531,539 | 1,641,716
| 1,531,539 | 1,641,716
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 OCTOBER 2025
|  | At 1 November 2024 | Cash flows | At 31 October 2025
|  | £ | £ | £
Cash at bank and in hand | 1,641,716 | (110,177) | 1,531,539
Debt due after 1 year | (7,418) | 7,418 | -
Debt due within 1 year | (8,898) | 2,035 | (6,863)
Finance leases | (185,354) | 173,784 | (11,570)
| 1,440,046 | 73,060 | 1,513,106
The notes on pages 14 to 27 form part of these financial statements.
Page 13
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
The company is limited by shares and incorporated in Scotland; Registration Number: SC100217. The registered office address is New Thistle House, The Avenue, Lochgelly, Scotland, KY5 9HG. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.3 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.4 | Leased assets: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Page 14
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 15
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Patents | - |  | 10% straight line
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 20% straight line
|  |  |  | Plant and machinery | - | 20% straight line
|  |  |  | Motor vehicles | - | 20% straight line
|  |  |  | Office equipment | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 17
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The most significant estimations within the company's financial statements relates to depreciation of fixed assets. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of the fixed assets over their predicted useful lives for each specific category of fixed asset. The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable. Other areas of significant estimation within the company's financial statement relate to the valuation of stock. The directors review the valuation methodology on a regular basis to ensure the carrying value of stock remains appropriate
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Building supplies | 16,411,562 | 15,972,434
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements | 10,300 | 9,500
| Depreciation of tangible fixed assets | 448,332 | 422,830
Page 18
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 988,719 | 1,002,514
| Social security costs | 117,015 | 101,283
| Cost of defined contribution scheme | 52,985 | 66,994
|  | 1,158,719 | 1,170,791
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Number of production staff | 21 | 22
|  | Number of administrative staff | 2 | 2
|  | Number of management staff | 5 | 5
|  |  | 28 | 29
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 100,360 | 129,171
| Company contributions to defined contribution pension schemes | 32,980 | 44,448
|  | 133,340 | 173,619
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 221 | 1,498
| Finance leases and hire purchase contracts | 5,140 | 25,825
|  | 5,361 | 27,323
Page 19
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 70,226 | -
|  | 70,226 | -
| Total current tax | 70,226 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (52,407) | 16,564
| Total deferred tax | (52,407) | 16,564
| Tax on profit | 17,819 | 16,564
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 29,090 | 35,091
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 7,273 | 8,773
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 10,546 | 7,791
| Total tax charge for the year | 17,819 | 16,564
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Equity dividends on ordinary shares | 198,719 | 102,445
Page 20
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 November 2024 | 10,000
| At 31 October 2025 | 10,000
| Amortisation |
| At 1 November 2024 | 2,083
| Charge for the year on owned assets | 1,000
| At 31 October 2025 | 3,083
| Net book value |
| At 31 October 2025 | 6,917
| At 31 October 2024 | 7,917
Page 21
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Tangible fixed assets
|  | Leasehold property | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2024 | 784,797 | 959,142 | 936,055 | 70,031 | 2,750,025
| Additions | 58,487 | 34,016 | 50,024 | - | 142,527
| Disposals | - | - | (30,090) | - | (30,090)
| At 31 October 2025 | 843,284 | 993,158 | 955,989 | 70,031 | 2,862,462
| Depreciation |  |  |  |  |
| At 1 November 2024 | 363,718 | 527,331 | 422,529 | 65,920 | 1,379,498
| Charge for the year on owned assets | 162,744 | 114,908 | 168,111 | 2,569 | 448,332
| Disposals | - | - | (13,421) | - | (13,421)
| At 31 October 2025 | 526,462 | 642,239 | 577,219 | 68,489 | 1,814,409
| Net book value |  |  |  |  |
| At 31 October 2025 | 316,822 | 350,919 | 378,770 | 1,542 | 1,048,053
| At 31 October 2024 | 421,079 | 431,811 | 513,526 | 4,111 | 1,370,527
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 10,329 | 39,261
| Motor vehicles | - | 393,607
|  | 10,329 | 432,868
13. | Fixed asset investments
|  | Trade investments
|  | £
| At 1 November 2024 | 1,325
Page 22
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 859,794 | 734,312
15. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,287,478 | 1,987,528
| Other debtors | 100,529 | 101,884
| Prepayments and accrued income | 313,604 | 357,612
|  | 2,701,611 | 2,447,024
16. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,531,539 | 1,641,716
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 6,863 | 8,898
| Trade creditors | 3,119,136 | 2,837,316
| Corporation tax | 70,226 | -
| Other taxation and social security | 92,135 | 64,915
| Obligations under finance lease and hire purchase contracts | 11,570 | 173,784
| Accruals and deferred income | 39,179 | 48,935
|  | 3,339,109 | 3,133,848
| Net obligations under hire purchase contracts are secured by the relevant assets.
Page 23
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 7,418
| Net obligations under finance leases and hire purchase contracts | - | 11,570
|  | - | 18,988
| Net obligations under hire purchase contracts are secured by the relevant assets.
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 6,863 | 8,898
|  | 6,863 | 8,898
| Amounts falling due 1-2 years |  |
| Bank loans | - | 7,418
|  | - | 7,418
|  | 6,863 | 16,316
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 11,570 | 173,784
| Between 1-5 years | - | 11,570
|  | 11,570 | 185,354
Page 24
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 1,531,539 | 1,641,716
| Financial assets that are debt instruments measured at amortised cost | 2,388,007 | 2,089,412
|  | 3,919,546 | 3,731,128
| Financial liabilities |  |
| Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio | 3,137,569 | 3,038,986
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
| Financial assets measured at amortised cost comprise trade debtors, other debtors and loans.
| Financial liabilities measured at amortised cost comprise trade creditors, other creditors and loans.
22. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (241,229)
| Charged to profit or loss | 52,407
| At end of year | (188,822)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (188,885) | (263,339)
| Tax losses carried forward | - | 22,110
| Pension surplus | 63 | -
|  | (188,822) | (241,229)
Page 25
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 15,995 (2024 - 15,995) Ordinary A shares of £1.00 each | 15,995 | 15,995
|  | 1,850 (2024 - 1,850) Ordinary B shares of £1.00 each | 1,850 | 1,850
|  | 555 (2024 - 555) Ordinary C shares of £1.00 each | 555 | 555
|  | 100 (2024 - 100) Ordinary D shares of £1.00 each | 100 | 100
|  |  | 18,500 | 18,500
24. | Reserves
Share premium account The capital reserve includes amounts arising on the acquisition of shares. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
25. | Capital commitments
| At 31 October 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 50,024
26. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £52,985 (2024 - £66,994). Contributions totalling £253 (2024 - £nil) were payable to the fund at the reporting date. Page 26
CARTMORE BUILDING SUPPLY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
27. | Related party transactions
| During the year, the Company entered into the following transactions with related parties:
|  | 2025 | 2024
|  | £ | £
| Sales to other related parties | 2,487,022 | 2,188,035
| Purchases from other related parties | 727,752 | 564,950
| Net trading balances due from other related parties | 412,847 | 221,392
| Amounts due from other related parties | 100,000 | 100,000
| Sale of fixed assets from related party | 22,050 | -
Page 27