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Registered Number:02004847 TIPTREE BUILDING SUPPLIES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
TIPTREE BUILDING SUPPLIES LIMITED
COMPANY INFORMATION
Directors | Mr S J Clark (resigned 30 September 2025)
| Mr C Barton
| Mr A M Evers
Company secretary | M Paveley
Registered number | 02004847
Registered office | New Road
| Tiptree
| Colchester
| Essex
| CO5 0HQ
Independent auditor | Sumer Auditco Limited
| Fitzroy House
| Crown Street
| Ipswich
| Suffolk
| IP1 3LG
Bankers | Barclays Bank Plc
| Library House
| New Road
| Brentwood
| Essex
| CM14 4BP
TIPTREE BUILDING SUPPLIES LIMITED
CONTENTS
| Pages
Directors' Report | 1 - 2
Independent Auditor's Report | 3 - 7
Statement of Comprehensive Income (including the Profit and Loss Account) | 8
Balance Sheet | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 23
TIPTREE BUILDING SUPPLIES 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
The Directors who served during the year were:
Mr S J Clark (resigned 30 September 2025)
Mr C Barton
Mr A M Evers
Results and dividends
The profit for the year, after taxation, amounted to £54,177 (2024 - £58,102).
Directors' responsibilities statement
The Directors are responsible for preparing 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.
Qualifying third party indemnity provisions
The Company has made qualifying third party indemnity provisions for the benefit of the Directors which were in place during the year and remain in force at the date of this report.
Acquisition of own shares
On 31 October 2025, upon the resignation of Mr S J Clark, his shareholding of 50 ordinary shares, each with a nominal value of £1, was repurchased by Tiptree Building Supplies Limited. The total consideration paid for these shares was £6,795. - 1 -
TIPTREE BUILDING SUPPLIES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Board on 26 May 2026 and signed on its behalf.
Mr A M Evers Director
- 2 -
TIPTREE BUILDING SUPPLIES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED
Opinion
We have audited the financial statements of Tiptree Building Supplies Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. - 3 -
TIPTREE BUILDING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has 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 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; or ∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. - 4 -
TIPTREE BUILDING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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. - 5 -
TIPTREE BUILDING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors (as required by auditing standards), inspection of the Company’s regulatory and legal correspondence and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety and GDPR. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of any relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. 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. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. - 6 -
TIPTREE BUILDING SUPPLIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TIPTREE BUILDING SUPPLIES 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 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. Steven Burgess (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Fitzroy House Crown Street Ipswich Suffolk IP1 3LG 5 June 2026 - 7 -
TIPTREE BUILDING SUPPLIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING THE PROFIT AND LOSS ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Notes | £ | £
Turnover | 4 | 4,794,182 | 4,345,568
Cost of sales |  | (3,702,788) | (3,211,853)
Gross profit |  | 1,091,394 | 1,133,715
Administrative expenses |  | (1,038,504) | (1,058,289)
Operating profit | 5 | 52,890 | 75,426
Income from fixed assets investments |  | 11,000 | -
Interest receivable and similar income |  | 2,991 | 1,263
Profit before tax |  | 66,881 | 76,689
Tax on profit | 8 | (12,704) | (18,587)
Profit for the financial year |  | 54,177 | 58,102
The notes on pages 12 to 23 form part of these financial statements.
- 8 -
TIPTREE BUILDING SUPPLIES LIMITED REGISTERED NUMBER:02004847
BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Notes |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 97,719 |  | 107,126
Investments | 10 |  | 102,050 |  | 102,050
|  |  | 199,769 |  | 209,176
Current assets |  |  |  |  |
Stocks | 11 | 589,368 |  | 604,365 |
Debtors: amounts falling due within one year | 12 | 737,839 |  | 487,382 |
Cash at bank and in hand |  | 511,473 |  | 417,085 |
|  | 1,838,680 |  | 1,508,832 |
Creditors: amounts falling due within one year | 13 | (778,660) |  | (504,065) |
Net current assets |  |  | 1,060,020 |  | 1,004,767
Total assets less current liabilities |  |  | 1,259,789 |  | 1,213,943
Provisions for liabilities |  |  |  |  |
Deferred tax | 14 | (24,430) |  | (25,966) |
|  |  | (24,430) |  | (25,966)
Net assets |  |  | 1,235,359 |  | 1,187,977
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 1,720 |  | 1,770
Share premium account | 16 |  | 2,950 |  | 2,950
Capital redemption reserve | 16 |  | 1,080 |  | 1,030
Profit and loss account | 16 |  | 1,229,609 |  | 1,182,227
|  |  | 1,235,359 |  | 1,187,977
- 9 -
TIPTREE BUILDING SUPPLIES LIMITED REGISTERED NUMBER:02004847
BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025 The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 26 May 2026.
Mr A M Evers
Director
The notes on pages 12 to 23 form part of these financial statements. - 10 -
TIPTREE BUILDING SUPPLIES LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 November 2023 | 1,770 | 2,950 | 1,030 | 1,470,418 | 1,476,168
Profit for the year | - | - | - | 58,102 | 58,102
Dividends: Equity capital | - | - | - | (346,293) | (346,293)
At 1 November 2024 | 1,770 | 2,950 | 1,030 | 1,182,227 | 1,187,977
Profit for the year | - | - | - | 54,177 | 54,177
Purchase of own shares | (50) | - | 50 | (6,795) | (6,795)
At 31 October 2025 | 1,720 | 2,950 | 1,080 | 1,229,609 | 1,235,359
| The notes on pages 12 to 23 form part of these financial statements.
- 11 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Tiptree Building Supplies Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The Company's registration number is 02004847 and the address of the registered office is New Road, Tiptree, Colchester, Essex CO5 0HQ. Its principal activity continued to be that of suppliers of building materials and hirers of building plant, machinery and equipment. 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 financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The Company is small and has taken advantage of the exemption to not prepare a Statement of Cash Flows. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors have considered the financial position of the Company by reviewing monthly management accounts, future orders and planned expenditure, alongside the Balance Sheet and believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Company also has sufficient cash headroom to continue operating for the foreseeable future. After making enquiries the Directors have a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due and to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. Accordingly, the Directors continue to adopt the going concern basis in preparing the Annual Report and financial statements. - 12 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue in respect to the short term hire contracts of less than 2 weeks, are invoiced on a weekly basis and will be recognised on the return of the equipment. Hire contracts which span a period of more than 2 weeks, are invoiced on a monthly basis and the revenue is accounted for in the period to which the hire relates. For any contracts which span the year end, the proportion of hire contract revenue earned before the year end is accounted for as revenue in that year.
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. - 13 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Office equipment | - | 25% |
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. - 14 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | Investments
Investments in unlisted shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where the market value cannot be reliably determined, such investments are stated at historic cost less impairment charges.
| 2.9 | 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 weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short term creditors are measured at the transaction price.
| 2.13 | 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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. - 15 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. - 16 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.14 | 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Building supplies | 4,592,338 | 4,163,272
| Hire of equipment | 201,844 | 182,296
|  | 4,794,182 | 4,345,568
| All turnover arose within the United Kingdom.
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TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 32,572 | 35,708
| Fees payable to the Company's auditor for the audit of the Company's annual financial statements | 8,500 | 7,900
| Hire of plant and machinery | 46,956 | 35,464
| Loss on disposal of tangible fixed assets | 2,425 | 1,980
6. | Employees
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Construction | 10 | 11
|  | Office | 8 | 7
|  |  | 18 | 18
| The employees and directors referred to within these notes have an employment contract with Tiptree Building Supplies Limited, but are remunerated by T J Evers Limited. The costs incurred in respect of these employees are included within gross wages for T J Evers Limited, and in 2025 totalled £837,802 (2024 - £748,795).
7. | Directors' remuneration
|  | 2025 | 2024
|  | £ | £
| Directors' emoluments | 164,934 | 149,068
| Included within the Directors' emoluments above is £6,531 (2024 - £6,300) in respect of Company contributions to the defined contribution pension scheme for two directors.
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TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| UK Corporation tax on profit for the year | 14,240 | 18,096
| Deferred tax |  |
| Origination and reversal of timing differences | (1,536) | 491
| Total deferred tax | (1,536) | 491
| Taxation on profit on ordinary activities | 12,704 | 18,587
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower 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 | 66,881 | 76,689
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 16,720 | 19,172
| Effects of: |  |
| Expenses not deductible for tax purposes | - | 160
| Non-taxable income | (3,053) | -
| Marginal relief | (963) | (745)
| Total tax charge for the year | 12,704 | 18,587
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. - 19 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Tangible fixed assets
|  | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 November 2024 | 332,909 | 115,656 | 122,807 | 571,372
| Additions | 27,361 | - | 3,440 | 30,801
| Disposals | (11,409) | - | (5,860) | (17,269)
| At 31 October 2025 | 348,861 | 115,656 | 120,387 | 584,904
| Depreciation |  |  |  |
| At 1 November 2024 | 253,184 | 105,772 | 105,290 | 464,246
| Charge for the year on owned assets | 25,067 | 2,471 | 5,034 | 32,572
| Disposals | (4,591) | - | (5,042) | (9,633)
| At 31 October 2025 | 273,660 | 108,243 | 105,282 | 487,185
| Net book value |  |  |  |
| At 31 October 2025 | 75,201 | 7,413 | 15,105 | 97,719
| At 31 October 2024 | 79,725 | 9,884 | 17,517 | 107,126
10. | Fixed asset investments
|  | Unlisted investment
|  | £
| Cost and net book value |
| At 1 November 2024 | 102,050
| At 31 October 2025 | 102,050
- 20 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 589,368 | 604,365
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 556,610 | 377,867
| Amounts owed by group undertakings | 156,513 | 84,554
| Other debtors | 11,606 | 13,044
| Prepayments and accrued income | 13,110 | 11,917
|  | 737,839 | 487,382
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 512,057 | 361,063
| Amounts owed to fellow group undertaking | 231,057 | 98,474
| Corporation tax payable | 14,240 | 18,096
| Other taxation and social security | 9,006 | 15,932
| Accruals and deferred income | 12,300 | 10,500
|  | 778,660 | 504,065
- 21 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (25,966) | (25,475)
| Charge/(credit) to profit or loss | 1,536 | (491)
| At end of year | (24,430) | (25,966)
| The deferred tax liability is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 24,430 | 25,966
15. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised |  |
|  | 1,770 (2024 - 1,770) Ordinary shares of £1 each | 1,770 | 1,770
|  | Allotted, called up and fully paid |  |
|  | 1,720 (2024 - 1,770) Ordinary shares of £1 each | 1,720 | 1,770
| On 31 October 2025, upon the resignation of Mr S J Clark, his shareholding of 50 ordinary shares, each with a nominal value of £1, was repurchased by Tiptree Building Supplies Limited. The total consideration paid for these shares was £6,795.
- 22 -
TIPTREE BUILDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Reserves
Share premium account The Share Premium Account includes any premium received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the Share Premium Account. Capital redemption reserve The Capital Redemption reserve represents a capital reserve that is a non-distributable reserve. Profit and loss account The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve is available for distribution to the shareholders.
17. | Related party transactions
| The Company is related to T J Evers Limited, a fellow group undertaking, due to common control and ownership. During the year, the Company made sales amounting to £708,841 (2024 - £548,777) to T J Evers Limited. Also during the year, the Company made purchases from T J Evers Limited amounting to £34,189 (2024 - £82,491). In addition, during the year T J Evers Limited charged the Company a management charge amounting to £920,000 (2024 - £950,000) in respect of recharges for Directors and staff salaries and overheads. At 31 October 2025 the Company owed £224,273 (2024 - £98,474) to T J Evers Limited and was owed £156,513 (2024 - £84,554) by T J Evers Limited. At 31 October 2025 the Company owed £6,784 (2024 - £Nil) to Trevester Limited. Key management personnel remuneration in the year amounted to £199,457 (2024 - £166,142). This remuneration was paid by T J Evers Limited and recharged as part of the management charge.
18. | Controlling party
The immediate and ultimate parent undertaking is Trevester Limited, a company incorporated in England and Wales. The largest and smallest group for which the Company’s results are included is headed by Trevester Limited. Copies of the consolidated financial statements of Trevester Limited are publicly available from New Road, Tiptree, Colchester, Essex CO5 0HQ. The ultimate controlling party of Trevester Limited was Alan Michael Evers, a director and shareholder of the company.
- 23 -