ACCOUNTS - Final Accounts preparation

Operating profit

The operating profit is stated after charging:

CARVER (WOLVERHAMPTON) LIMITED - Company Information

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Registered number: 00164692

CARVER (WOLVERHAMPTON) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CARVER (WOLVERHAMPTON) LIMITED

COMPANY INFORMATION

Directors	R D Boult
	H J Carver
	A E Dinham
	R N Kendrick
	S C Moore
	B R Purslow


Company secretary	R N Kendrick


Registered number	00164692


Registered office	Littles Lane
	Wolverhampton
	WV1 1JY


Independent auditors	WR Partners
	Chartered Accountants & Statutory Auditors
	Belmont House
	Shrewsbury Business Park
	Shrewsbury
	Shropshire
	SY2 6LG

CARVER (WOLVERHAMPTON) LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 5
Independent auditors' report	6 - 9
Statement of comprehensive income	10
Balance sheet	11 - 12
Statement of changes in equity	13
Notes to the financial statements	14 - 31

CARVER (WOLVERHAMPTON) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The Directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2021.

Principal activities

The principal activity of the Company is that of a builders', plumbers' and timber merchant.

Business review

The housing market was very strong during 2021 as it recovered from the Covid 19 pandemic.
For the year ended 31 December 2021, the Company achieved a profit before tax of £5.6m. This compares to £2.7m for the previous year.
Sales for the year ended 31 December 2021 were £56.6m compared with £43.3m for 2020. The Company also managed to hold margins due to the buoyant market.
The cash at bank and in hand and short-term investments totalled £3.5m at 31 December 2021, compared with £1.5m at 31 December 2020.
Shareholders' funds at 31 December 2021 were £21.4m and were £4.3m (25.0%) higher than at 31 December 2020.
During the year the Company acquired Black & Gold Holdings Limited whose principal asset is the site adjacent to Littles Lane. The new site will be used for storage of building materials.

Principal risks and uncertainties

The majority of the Company's sales are in the construction industry and primarily in housebuilding. The profitability of the business would be affected by a downturn in the construction industry but the Company believes it has sufficient financial strength to survive any such downturn.

Financial key performance indicators

The main financial key performance indicators for the Company are sales, gross profit, profit before tax and cash flow.

Other key performance indicators

The Company uses a number of non-financial KPI's to monitor and measure success on a weekly basis. These KPI's cover the whole business operations and reflect the changing needs of the business over time.
The Company has a policy to protect the environment wherever it operates or whenever it sources materials, with KPI's being used to measure the proportion of timber purchased from forests that are well managed environmentally according to the Forest Stewardship Council (FSC) Standards.

Directors' statement of compliance with duty to promote the success of the Company

As Directors of Carver (Wolverhampton) Limited we have a legal responsibility under s172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the Company's success for the benefit of its members as a whole, and to have regard to the long term effect of our decisions on the Company and its stakeholders.

Page 1

CARVER (WOLVERHAMPTON) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

The likely consequences of any decision in the long-term
As a business founded in 1896 and still prospering in 2022, our longevity demonstrates a commitment to the long-term through successive generations. It is embedded within our culture that we work hard for our customers, look after our employees and make decisions for the long-term.
The interests of the Company's employees
The Directors recognise that our employees are fundamental to the success of our business; having great employees depends on our ability to attract, retain and motivate them. From pay and benefits to our health, safety and workplace environment, the Directors factor the implications of decisions on employees and the wider workforce.
The impact of the Company's operations on the community and the environment
The Company aims to supply environmentally sustainable products thereby enabling its customers to comply with current building regulations. We source our timber products from suppliers who meet appropriate environmental standards and have both FSC and PEFC affiliation. The Directors regularly review opportunities to reduce environmental impact.
We support the community through our sponsorships and support of local charities, sports clubs and events.
The desirability of the Company maintaining a reputation for high standards of business conduct
We aim to operate with fairness in all of our dealings and expect our staff to 'do the right thing' in any given situation, rather than acting according to a detailed rule book. Where we have areas to improve, we will create an action plan; for example, bringing in a third-party health and safety firm to improve our processes and compliance in branches, to keep employees and customers safe.
The need to act fairly between members of the Company
The Company continues to be controlled by the Carver family and it is important that all members are treated fairly. After weighing up all relevant factors, the Directors consider which course of action best enables delivery of long-term value for the Company. In doing so, Directors ensure that decisions made consider the interest of all members.
Throughout 2022 the Directors will continue to review and challenge how engagement with stakeholders can be improved.

This report was approved by the board and signed on its behalf.

R N Kendrick

Director

Date: 12 August 2022

Page 2

CARVER (WOLVERHAMPTON) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

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;

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 £4,285,732 (2020 - £2,132,373).

Directors

The directors who served during the year were:

R D Boult

H J Carver

A E Dinham

R N Kendrick

S C Moore

B R Purslow

Page 3

CARVER (WOLVERHAMPTON) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Future developments

Sales for the first half of 2022 were very strong as the demand for building materials was high. There have been shortages of material and increasing prices and the indications are that the market is slowing down.
Going concern
The Company has continued to trade profitably in 2022.
Looking further forward it is difficult to predict the impact that Covid-19 and the war in Ukraine might have on the economy but the Directors will continue to make strategic decisions based on long-term objectives. The Company has a very strong Balance Sheet and based on current cash balances and forecast cashflows over this period the Directors have a reasonable expectation that the Company has adequate resources to continue trading for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

Engagement with suppliers, customers and others

In order to succeed, we need strong, mutually beneficial, relationships with suppliers, customers and our bank. These relationships are based on trust and openness, principles that have served us well over the years. Where we can, we try to build those relationships at a local level and go far beyond a transactional relationship. The Directors receive regular updates from the management team on how the business is performing and how these stakeholders have been engaged.

Greenhouse gas emissions, energy consumption and energy efficiency action

Methodologies for energy and emissions calculations
The UK Government's Streamlined Energy and Carbon reporting (SECR) policy came into effect on 1 April 2019. This regulation requires large unquoted companies to report on UK energy use, and the associated greenhouse gas (GHG) emissions, that relate to the consumption of fuel for the purposes of transport and the purchase of gas, electricity and other fuels by the Company for its own use.
We have measured our direct emissions from fuel and processes and those emissions from purchased gas and electricity for the assets we operated for the period 1 January 2021 to 31 December 2021.
Energy usage for operated assets - Associated GHG emissions: 1,095 tCO2e (2020: 1,202).
Intensity ratio - we have produced 19.3 tonnes (2020: 27.8) of CO2 per £1 million of sales.
During the year the Company consumed 1,409,462 kWh of energy in relation to both the combustion of gas and for the purposes of transport. The total energy consumed in the year resulting from the purchase of electricity for the Company's own use was 673,137 kWh.
Energy usage and consumption data was gathered throughout the year and this data was input into a carbon footprint calculator in order to calculate the associated greenhouse gas emissions.
Data was gathered for the consumption of energy as follows:

- Annual purchase of electricity for own use in kWh.
- Annual purchase of gas for our own use in kWh.
- Annual purchase of fuel for own use in Ltrs.

Page 4

CARVER (WOLVERHAMPTON) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Principal measures taken to increase energy efficiency

The Directors are committed to improving the energy efficiency of the Company. As part of this, the Company reviews its motor vehicle fleet on a regular basis, phasing out older, less fuel efficient vehicles and replacing when necessary, with new more efficient vehicles. Where appropriate we are also replacing older diesel powered fork-lift trucks and side loaders with rechargeable electric powered alternatives. The Company has committed to install LED lighting for both new installations and for replacement of existing units.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

R N Kendrick

Director

Date: 12 August 2022

Page 5

CARVER (WOLVERHAMPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARVER (WOLVERHAMPTON) LIMITED

Opinion

We have audited the financial statements of Carver (Wolverhampton) Limited (the 'Company') for the year ended 31 December 2021, 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 December 2021 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 6

CARVER (WOLVERHAMPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARVER (WOLVERHAMPTON) 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.

Page 7

CARVER (WOLVERHAMPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARVER (WOLVERHAMPTON) LIMITED (CONTINUED)

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.

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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR).
We understood how the Company are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.

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 8

CARVER (WOLVERHAMPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARVER (WOLVERHAMPTON) 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.

Andrew Malpass BA FCA (Senior statutory auditor)

for and on behalf of

WR Partners

Chartered Accountants

Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

Date: 12 August 2022

Page 9

CARVER (WOLVERHAMPTON) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021


	2021	2020
Note	£	£


Turnover	4	56,601,630	43,289,839
Cost of sales		(41,302,924)	(31,529,343)
Gross profit		15,298,706	11,760,496
Distribution costs		(7,940,693)	(7,958,651)
Administrative expenses		(1,993,282)	(1,554,614)
Other operating income	5	175,408	475,515
Operating profit	6	5,540,139	2,722,746
Interest receivable and similar income	10	27,496	7,366
Interest payable and similar expenses	11	(10,785)	(16,334)
Profit before tax		5,556,850	2,713,778
Tax on profit	12	(1,271,118)	(581,405)
Profit for the financial year		4,285,732	2,132,373

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

Page 10

CARVER (WOLVERHAMPTON) LIMITED

REGISTERED NUMBER: 00164692

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	14		7,290,918		7,460,236
Investments	15		380,396		251,996
			7,671,314		7,712,232
Current assets
Stocks	16	7,811,777		5,137,545
Debtors: amounts falling due after more than one year	17	946,127		940,759
Debtors: amounts falling due within one year	17	9,937,773		9,370,368
Cash at bank and in hand	18	3,521,615		1,531,537
		22,217,292		16,980,209
Creditors: amounts falling due within one year	19	(7,462,364)		(6,538,915)
Net current assets			14,754,928		10,441,294
Total assets less current liabilities			22,426,242		18,153,526
Creditors: amounts falling due after more than one year	20		(124,000)		(374,000)
Provisions for liabilities
Deferred tax	22		(859,546)		(622,562)
Net assets			21,442,696		17,156,964

Page 11

CARVER (WOLVERHAMPTON) LIMITED

REGISTERED NUMBER: 00164692

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Capital and reserves
Called up share capital	23	7,300	7,300
Profit and loss account	24	21,435,396	17,149,664
		21,442,696	17,156,964

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

H J Carver

Director

Date: 12 August 2022

The notes on pages 14 to 31 form part of these financial statements.

Page 12

CARVER (WOLVERHAMPTON) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2020	7,300	21,017,291	21,024,591
Comprehensive income for the year
Profit for the year	-	2,132,373	2,132,373
Total comprehensive income for the year	-	2,132,373	2,132,373
Dividends: Equity capital	-	(6,000,000)	(6,000,000)
Total transactions with owners	-	(6,000,000)	(6,000,000)

At 1 January 2021	7,300	17,149,664	17,156,964
Comprehensive income for the year
Profit for the year	-	4,285,732	4,285,732
Total comprehensive income for the year	-	4,285,732	4,285,732
Total transactions with owners	-	-	-
At 31 December 2021	7,300	21,435,396	21,442,696

The notes on pages 14 to 31 form part of these financial statements.

Page 13

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Carver (Wolverhampton) Limited (00164692) is a private company, limited by shares, domiciled in the United Kingdom and incorporated in England and Wales. The address of the registered office and principal place of business is Littles Lane, Wolverhampton, WV1 1JY.

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 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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Carver Holdings Limited as at 31 December 2021 and these financial statements may be obtained from Companies House or the registered office.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.4

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The Directors have also assessed the potential impact on the future operations of the Company with regard to the Covid-19 outbreak. The Company is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.

Page 14

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

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.

2.6

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.

2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

2.8

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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 15

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.10

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

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.

2.12

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.

Page 16

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Freehold property	-	2% straight line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	20-50% straight line & 20% reducing balance

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.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company 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 market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.14

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.15

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 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.

2.16

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 17

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.17

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.

2.18

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.

2.19

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

2.20

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 18

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments 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.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

The whole of the turnover is attributable to the principal activity of the Company.

All turnover arose within the United Kingdom.

5.	Other operating income
		2021	2020
		£	£

Discounts receivable	77,764	61,153
Net rents receivable	97,644	85,572
Government grants receivable	-	328,790
	175,408	475,515

	Profit on sale of tangible fixed assets	(16,120)	(23,365)
	Other operating lease rentals	87,041	67,104

Page 19

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7.	Auditors' remuneration
		2021	2020
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

17,400

22,000

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Wages and salaries	5,427,005	4,964,707
Social security costs	495,603	390,019
Cost of defined contribution scheme	181,493	105,019
	6,104,101	5,459,745

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Administration	22	22
Selling and delivery	194	191

	216	213

Page 20

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

9.	Directors' remuneration
		2021	2020
		£	£

Directors' emoluments	896,381	637,665
Company contributions to defined contribution pension schemes	15,984	15,994
	912,365	653,659

	During the year retirement benefits were accruing to 6 directors (2020 - 6) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £215,032 (2020 - £214,697).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,594 (2020 - £6,568).
	During the year NIL directors received shares under the long-term incentive schemes (2020 -NIL)

10.	Interest receivable
		2021	2020
		£	£

	Other interest receivable	27,496	7,366
		27,496	7,366

11.	Interest payable and similar expenses
		2021	2020
		£	£

	Bank interest payable	10,785	16,334
		10,785	16,334

Page 21

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Corporation tax
Current tax on profits for the year	1,034,134	527,309
Adjustments in respect of previous periods	-	13,228
	1,034,134	540,537

Total current tax	1,034,134	540,537

Deferred tax
Origination and reversal of timing differences	40,385	(15,126)
Changes to tax rates	196,599	67,125
Adjustments in respect of previous periods	-	(11,131)
Total deferred tax	236,984	40,868


	Taxation on profit on ordinary activities	1,271,118	581,405

Page 22

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.Taxation (continued)

Profit on ordinary activities before tax

5,556,850

2,713,778

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	1,055,802	515,618
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	23,944	24,256
Capital allowances for year in excess of depreciation	(31,558)	-
Adjustments to tax charge in respect of prior periods	-	2,097
Effect of change in tax rate	-	67,125
Other timing differences leading to an increase (decrease) in taxation	236,984	(17,061)
Book profit on chargeable assets	(3,063)	-
Group relief	(10,991)	(10,630)
Total tax charge for the year	1,271,118	581,405

Factors that may affect future tax charges

From 1 April 2023, the main rate of Corporation Tax is due to increase from 19% to 25% for companies in the United Kingdom with profits exceeding £250,000. As a result, deferred tax balances at 31 December 2021 have been calculated at 25%.

13.	Dividends
		2021	2020
		£	£

	On ordinary share capital	-	6,000,000
		-	6,000,000

Page 23

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

14.	Tangible fixed assets

	Freehold property	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2021	7,285,887	3,064,443	4,090,843	14,441,173
Additions	-	374,452	151,730	526,182
Disposals	-	(149,410)	(14,997)	(164,407)
At 31 December 2021	7,285,887	3,289,485	4,227,576	14,802,948
Depreciation
At 1 January 2021	1,134,293	2,155,878	3,690,766	6,980,937
Charge for the year on owned assets	115,318	319,004	243,285	677,607
Disposals	-	(140,530)	(5,984)	(146,514)
At 31 December 2021	1,249,611	2,334,352	3,928,067	7,512,030
Net book value
At 31 December 2021	6,036,276	955,133	299,509	7,290,918
At 31 December 2020	6,151,594	908,565	400,077	7,460,236

Included within freehold property there is land that is not being depreciated to the value of £1,520,000 (2020: £1,520,000).

15.	Fixed asset investments

	Investments in subsidiary companies	Other fixed asset investments	Investment in joint ventures	Total
	£	£	£	£
Cost or valuation
At 1 January 2021	1,410	200,036	50,550	251,996
Additions	128,400	-	-	128,400
Transfers	500	-	(500)	-
At 31 December 2021	130,310	200,036	50,050	380,396

Page 24

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

SJ Dixon Carver Limited	Ordinary	100%
Carver Gases Limited	Ordinary	100%
South Ribble Timber Co. Limited	Ordinary	100%
Black & Gold Holdings Limited	Ordinary	100%

Post balance sheet events
After the balance sheet date, the Company acquired the business and trading assets of S J Dixon Carver Limited, a wholly owned subsidiary of the Company.

Page 25

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

16.	Stocks
		2021	2020
		£	£

Raw materials and consumables	7,811,777	5,137,545
	7,811,777	5,137,545

The carrying value of stocks are stated net of impairment losses totalling £113,531 (2020: £168,382). Impairment reversals totalling £54,851 (2020: losses of £67,639)were recognised in profit and loss.

17.	Debtors
		2021	2020
		£	£

Due after more than one year
Other debtors	946,127	940,759
	946,127	940,759

					2021	2020
					£	£

Due within one year
Trade debtors	8,901,436	6,350,836
Amounts owed by group undertakings	959,600	-
Amounts owed by joint ventures and associated undertakings	-	187,736
Other debtors	62,245	2,601,489
Prepayments and accrued income	14,492	230,307
	9,937,773	9,370,368

Page 26

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	3,521,615	1,531,537
	3,521,615	1,531,537

19.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Bank loans	250,000	250,000
Trade creditors	3,757,943	3,565,795
Amounts owed to group undertakings	-	147,000
Amounts owed to associates	-	340,483
Corporation tax	849,451	462,312
Other taxation and social security	853,321	791,807
Other creditors	45,141	43,810
Accruals and deferred income	1,706,508	937,708
	7,462,364	6,538,915

20.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	62,500	312,500
Other loans	61,500	61,500
	124,000	374,000

Page 27

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Amounts falling due within one year
Bank loans	250,000	250,000
	250,000	250,000
Amounts falling due 1-2 years
Bank loans	62,500	250,000
	62,500	250,000
Amounts falling due 2-5 years
Bank loans	-	62,500
	-	62,500
Amounts falling due after more than 5 years
Other loans	61,500	61,500
	61,500	61,500
	374,000	624,000

Page 28

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

22.	Deferred taxation

		2021
		£

	At beginning of year	(622,562)
	Charged to profit or loss	(236,984)
	At end of year	(859,546)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

Accelerated capital allowances	(219,243)	(136,273)
Short term timing differences	6,944	5,619
Capital gains	(647,247)	(491,908)
	(859,546)	(622,562)

23.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

7,300 (2020 - 7,300) Ordinary shares of £1.00 each	7,300	7,300

24.

Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.

Page 29

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

	Contracted for but not provided in these financial statements	350,000	-
		350,000	-

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 £181,493 (2020: £105,019). At the end of the period, contributions amounting to £27,778 (2020: £26,340) were payable to the fund and were included in creditors.

	Not later than 1 year	-	21,864
		-	21,864

Page 30

CARVER (WOLVERHAMPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

28.

Related party transactions

As the Company is a wholly owned subsidiary of Carver Holdings Limited, the Company has taken advantage of the exemption contained in FRS102 and has therefore not disclosed transactions or balances with wholly owned entities which form part of the Group. The Group's consolidated financial statements can be obtained from Companies House.
During the year, the Company traded with Engineered Timber Solutions Limited and Timber Kit Solutions Limited, subsidiaries which are 50% owned by the Company. Sales totalling £484,350 (2020: £479,022) were made to these subsidiaries during the year, with purchases totalling £1,635,682 (2020: 1,142,401) being made from them. At the end of the year there were outstanding debtors of £164,733 (2020: £49,264) and creditors of £245,596 (2020: £257,762) in relation to these transactions.
Included within other debtors are loans due from the directors totalling £21,861 (2020: £25,855). The maximum amount outstanding during the year was £29,855 (2020: £85,155). Interest is charged on the outstanding balances at a rate of 3%.
During the year proceeds were received for the sale of tangible fixed assets to directors totalling £nil (2020: £22,000) and to family members of directors totalling £nil (2020: £9,000). The Company also made sales to directors totalling £11,908 (2020: £17,053) and to family members of directors totalling £2,535 (2020: £3,874). At the balance sheet date, debtors of £10,686 (2020: £9,561) and £1,300 (2020: £9,290) were due from directors and family members of directors respectively.
During the year the Company made purchases from Sia Vaives, a company solely under the control of H J Carver (director), totalling £14,324,771 (2020: £9,906,181). At the end of the year, a creditor of £nil (2020: £870,622) was outstanding.
Included within other debtors is a loan due from Sia Carlat, a company solely under the control of H J Carver (director), totalling £946,127 (2020: £969,843). Interest is accrued on the loan at a rate of 2.5% per annum.
Also included within other debtors is a balance £25,000 (2020: £25,000) due from Heritage Manor Limited, a company in which H J Carver, director, is a shareholder.

29.	Controlling party

The immediate and ultimate parent undertaking is Carver Holdings Limited. The consolidated group accounts are available from the registered office of the parent or Companies House
The Company is under the control of H J Carver by virtue of his 100% holding of the share capital with voting rights within Carver Holdings Limited.

Page 31