REGISTERED NUMBER: 02727601 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

ADRIAN WHITE BUILDING SUPPLIES LTD.

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

A V White

A L Y Stockford

R White

SECRETARY:

A V White

REGISTERED OFFICE:

83 Cambridge Street

London

SW1V 4PS

REGISTERED NUMBER:

02727601 (England and Wales)

AUDITORS:

George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

Pimlico

London

SW1V 4PS

BANKERS:

Barclays Bank plc

PO Box 858

Wytham Court

11 West Way, Botley

Oxford

OX2 0XP

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

The principal activity of the company continued to be that of supplying building materials and aggregates as well as gardening and landscaping products.

The company has a team of highly experienced and knowledgeable staff and operates from three regional depots and a flourishing website supplying goods to its customers and runs a separate retail garden centre as well as operating its own aggregated bagging facility. Goods are either collected from its distribution centre or delivered to customers using a fleet of commercial delivery vehicles.

The company owns three freehold sites, with one new site acquired after the year-end, secured with the help of bank funding with other sites rented on short-term leases.

2025 was a year of further consolidation, it was predicted to be difficult and competitive and the AWBS sales teams had a good hard look at our pricing in January and this set the tone for being able to improve on the previous year's turnover with an increase in gross profit percentage. With good stock levels, competitive prices, prompt deliveries and hard purchase negotiating all contributing to this year's performance, the directors are pleased with the company's results, especially during a difficult trading period within the industry.

AWBS has a very hard working and loyal team, and the directors believe 2025 was a good performance all round. The immense effort from the staff has put the company in a great position to grow further in 2026 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's key financial instruments comprise of cash at bank, bank loans and trade creditors.

The company is exposed to risks including credit risk, liquidity risk, cash flow risk, market risk, competition risk and laws and regulations risk, all of which arise from the company's normal business activities. The directors review and agree policies for managing each of these risks and they are summarised below:

Credit risk

The company monitors credit risk closely and considers that its current policies of credit checks and credit limits meet its objectives of managing exposure to credit risk.

Liquidity risk

The company closely monitors its bank balance and other credit facilities in comparison to its outstanding commitments to ensure it has sufficient funds to meet its obligations as they fall due.

Cash flow risk

Remains low due to high bank balances retained and also the company's policy to take the majority of it payments upfront.

Market risk

There are no specific risks over and above those to the economy as a whole. The company monitors its stock levels constantly to ensure that goods ordered both locally or globally are delivered in good time.

Competition risk

The company regularly monitors its own prices against prices from local merchants to ensure it has competitive pricing to compete.

Laws and regulation risk

The company must adhere to the laws set by its regulators. Management ensure rules are not breached by: implementing safeguards; undergoing vigorous staff training; and using service organisations, where specialists are required.

FINANCIAL KEY PERFORMANCE INDICATORS

The financial key performance indicators used by the directors to assess the performance of the business are illustrated below:

2025

2024

Turnover

£10,686,775

£10,319,660

Gross profit margin

50.12%

47.69%

Net profit before tax

£625,812

£392,394

Net assets

£4,168,211

£4,025,922

ON BEHALF OF THE BOARD:

A V White - Director

24th September 2026

The directors present their report with the financial statements of the company for the year ended 31st December 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2025 was £305,705 (2024 - £295,895).

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2025 to the date of this report.

A V White

A L Y Stockford

R White

DISCLOSURE IN THE STRATEGIC REPORT

Risks associated with the financial instruments held by the company are addressed within the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, George Hay & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A V White - Director

24th September 2026

Opinion

We have audited the financial statements of Adrian White Building Supplies Ltd. (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31st December 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 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.

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:

Based on our understanding of the company's operations, we identified that the principal risks of non-compliance with laws and regulations relates to trade regulations. We considered the extent to which non-compliance might have a material effect on the financial statements that results in the situation where operations of the business may curtail. We also considered the relevant laws and regulations that have a direct impact on the preparation of the financial statements such as income tax, payroll tax, VAT and deferred tax.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements,

(including the risk of override of controls) and determined there were no principal risks directly impacting the company's revenue and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud

- Evaluating management's controls designed to prevent and detect irregularities;

- Identifying and testing journals, in particular journal entries posted with unusual account combinations or with unusual descriptions; and

- Challenging assumptions and judgements made by management in their critical accounting estimates.

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.

Andrew Fox FCA (Senior Statutory Auditor)

for and on behalf of George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

Pimlico

London

SW1V 4PS

24th September 2026

TURNOVER

4

10,686,775

10,319,660

Cost of sales

5,330,942

5,398,606

GROSS PROFIT

5,355,833

4,921,054

Administrative expenses

4,651,416

4,427,067

704,417

493,987

Other operating income

1,802

3,257

OPERATING PROFIT

6

706,219

497,244

Interest receivable and similar income

21,021

16,596

727,240

513,840

Interest payable and similar expenses

7

101,428

121,446

PROFIT BEFORE TAXATION

625,812

392,394

Tax on profit

8

177,818

115,356

PROFIT FOR THE FINANCIAL YEAR

447,994

277,038

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

447,994

277,038

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,738,026

3,713,153

3,738,026

3,713,153

CURRENT ASSETS

Stocks

12

1,650,968

1,504,735

Debtors

13

287,337

346,439

Cash at bank and in hand

1,042,619

1,012,188

2,980,924

2,863,362

CREDITORS

Amounts falling due within one year

14

1,211,023

1,116,953

NET CURRENT ASSETS

1,769,901

1,746,409

TOTAL ASSETS LESS CURRENT LIABILITIES

5,507,927

5,459,562

CREDITORS

Amounts falling due after more than one year

15

(1,040,994

)

(1,167,340

)

PROVISIONS FOR LIABILITIES

19

(298,722

)

(266,300

)

NET ASSETS

4,168,211

4,025,922

CAPITAL AND RESERVES

Called up share capital

20

14,476

14,476

Retained earnings

4,153,735

4,011,446

SHAREHOLDERS' FUNDS

4,168,211

4,025,922

The financial statements were approved by the Board of Directors and authorised for issue on 24th September 2026 and were signed on its behalf by:

A V White - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

14,476

4,030,303

4,044,779

Changes in equity

Dividends

-

(295,895

)

(295,895

)

Total comprehensive income

-

277,038

277,038

Balance at 31st December 2024

14,476

4,011,446

4,025,922

Changes in equity

Dividends

-

(305,705

)

(305,705

)

Total comprehensive income

-

447,994

447,994

Balance at 31st December 2025

14,476

4,153,735

4,168,211

Cash flows from operating activities

Cash generated from operations

1

1,089,913

946,639

Interest paid

(82,421

)

(100,370

)

Interest element of hire purchase payments paid

(19,007

)

(21,076

)

Tax paid

(171,988

)

(23,464

)

Net cash from operating activities

816,497

801,729

Cash flows from investing activities

Purchase of tangible fixed assets

(423,166

)

(80,635

)

Sale of tangible fixed assets

16,500

7,000

Interest received

21,021

16,596

Net cash from investing activities

(385,645

)

(57,039

)

Cash flows from financing activities

Loan repayments in year

(111,426

)

-

Capital repayments in year

(11,331

)

(325,678

)

Amount introduced by directors

350,887

119,455

Amount withdrawn by directors

(322,846

)

(58,974

)

Equity dividends paid

(305,705

)

(295,895

)

Net cash from financing activities

(400,421

)

(561,092

)

Increase in cash and cash equivalents

30,431

183,598

Cash and cash equivalents at beginning of year

2

1,012,188

828,590

Cash and cash equivalents at end of year

2

1,042,619

1,012,188

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

2025

2024

£

£

Profit before taxation

625,812

392,394

Depreciation charges

366,374

351,117

Loss on disposal of fixed assets

15,418

24,360

Finance costs

101,428

121,446

Finance income

(21,021

)

(16,596

)

1,088,011

872,721

(Increase)/decrease in stocks

(146,233

)

13,331

Decrease in trade and other debtors

35,277

3,044

Increase in trade and other creditors

112,858

57,543

Cash generated from operations

1,089,913

946,639

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 31st December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,042,619

1,012,188

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

1,012,188

828,590

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

1,012,188

30,431

1,042,619

1,012,188

30,431

1,042,619

Debt

Finance leases

(263,157

)

11,331

(251,826

)

Debts falling due within 1 year

(195,062

)

3,504

(191,558

)

Debts falling due after 1 year

(1,034,356

)

107,922

(926,434

)

(1,492,575

)

122,757

(1,369,818

)

Total

(480,387

)

153,188

(327,199

)

1.	STATUTORY INFORMATION

Adrian White Building Supplies Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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).

Turnover

Turnover represents net amounts receivable for goods net of value added tax. Revenue is recognised when the company has satisfied its performance obligations to the customer and the customer has obtained control of the goods. Performance obligations to the customer in respect of sales of goods are satisfied on delivery of the goods to or the collection of goods by the customer. Revenues are recognised based on the prices recorded on the sales invoices net of returns and discounts given and value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, was amortised evenly over it's estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write of each asset over its estimated useful life.

Freehold property

- 2% on cost

Portable & permanent buildings

- 10% on cost or 15% on reducing balance

Plant and machinery

- 20% on reducing balance

Fixtures and fittings

- 20% on reducing balance

Motor vehicles

- 20 to 25% on reducing balance

Computer equipment

- 20% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on the 'average cost' basis. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, investments, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from these estimates. The directors consider the following items to be areas subject to estimation and judgement.

Tangible fixed assets

The useful economic lives of tangible fixed assets are based on management's judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively.

4.

TURNOVER

The company's turnover is derived 100% from the sale of goods within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

Staff costs (Including directors)

2025

2024

£

£

Salary costs

2,207,786

2,087,814

Social security costs

242,129

190,111

Directors' pension costs

122,231

121,927

Staff pension costs

94,442

90,361

2,666,588

2,490,213

The average number of employees during the period was:

2025

2024

Directors

3

3

Managers

8

8

Administrative staff

10

10

Retail staff

35

31

Delivery drivers

18

18

Yard staff

13

13

87

83

2025

2024

£

£

Directors' remuneration

73,596

57,816

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

29,590

24,827

Depreciation - owned assets

242,503

206,090

Depreciation - assets on hire purchase contracts

123,872

145,027

Loss on disposal of fixed assets

15,418

24,360

Auditors' remuneration

12,230

11,700

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank & loan interest

82,330

100,370

Other interest

91

-

Hire purchase interest

19,007

21,076

101,428

121,446

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

145,396

171,988

Deferred tax

32,422

(56,632

)

Tax on profit

177,818

115,356

UK corporation tax has been charged at 25% (2024 - 25%).