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Registered number: 14287209










READY MIX HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
READY MIX HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
Mr P Lamont 




Registered number
14287209



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Independent auditors
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
READY MIX HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 30


 
READY MIX HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The director has pleasure in presenting his strategic report for the year 1 August 2023 to 31 July 2024.

Business review
 
The company's principal activity is that of a holding company.
Turnover for the year is reported at £16,108,786 (2023- £16,244,612) and the Group’s profit before tax is
£1,737,436 (2023 - £2,210,341).
The Group has built on the last seven years of trading, maintaining strong business relationship with clients.
This has enabled the Group to show a steady growth during some difficult trading periods, the main one being
shortages in raw material. Looking ahead for the next twelve to twenty four months, growth is expected to
continue.
As the Group has shown a steady growth over the last number of years, this propelled the decision of an
additional site in South East London. Thus, generating a greater scope for the Group to service a wider area
and expand on our client base.
The expansion of the Group has been meticulously controlled to allow for timed deliveries due to the nature of
material transported.
With the ever increasing price of raw material, the Group remains competitive and quite confident for the
future.

Principal risks and uncertainties
 
The past twelve months has been challenging, but due to careful planning and foresight the Group has
experienced a healthy turnover.
The Group continues to deliver in-house and third party training for all employees, thus enhancing future
growth and development for Group and employees.
Financial risk
Due to the nature of the industry in which the company operates, there are various financial risks which the
Group may be exposed to; namely, credit risk, liquidity risk and interest risk.
Credit risk
The Group offers credit terms to its customers that allow payment after delivery of the supply of goods and
services. The Group prides itself on strong ongoing customer relationships and this reduces the exposure to
credit risk in the majority of cases.
Liquidity risk
The Group seeks to ensure sufficient liquidity is available to meet day-to-day operations and future potential
developments by way of hire purchase arrangements that are used to provide short-term debt finance flexibility.
Interest risk
The Group keeps interest rate exposure under review to ensure this is factored into any business decisions.

 
Page 1

 
READY MIX HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Regulatory control
The Group operates in a heavily regulated industry that includes waste disposal and environmental sectors.
The director takes his responsibilities seriously and reviews compliance regularly. The Group has continued
its investment in new vehicles to ensure the Group remains compliant, and fulfils its duty to its highly
acclaimed accreditations. The low emission zone surrounding the city has brought into sharp focus the need to
keep the fleet updated yearly.

Financial key performance indicators
 
The Group's key performance indicators are its turnover, gross profit and profit after tax. These are as follows for the year to 31 July 2024 and the year to 31 July 2023:


2024
2023
Turnover
£16,108,786
£16,244,612
Gross profit
£2,997,744
£3,467,318
Profit after tax
£1,296,842
£1,704,911


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



Mr P Lamont
Director

Date: 20 January 2025

Page 2

 
READY MIX HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group'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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,296,842 (2023 - £1,704,911).

No dividends (2023 - £Nil) were declared during the period.

Director

The director who served during the year was:

Mr P Lamont 

Future developments

The group is looking to grow each year. The director considers the group is well positioned to keep the
ongoing uncertainty of the economic climate following Brexit minimal.

Qualifying third party indemnity provisions

Director's liability and indemnity insurance was in force throughout the year to cover the director and officers of the group against actions brought against them in their personal capacities. Cover is not provided where the individual has acted fraudulently or dishonestly. 

Page 3

 
READY MIX HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

 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 and the Group's auditors are aware of that information.

Auditors

The auditors, MHA, 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.
 





Mr P Lamont
Director

Date: 20 January 2025

Page 4

 
READY MIX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Ready Mix Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
READY MIX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX HOLDINGS 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 director is responsible for the other information contained within the Annual ReportOur 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
READY MIX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group 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:

•      Obtaining an understanding of the legal and regulatory frameworks that the company operates in;
•      Reviewing key correspondence with regulatory authorities;
•      Testing for evidence of management override;
•      Enquiry of management to identify any instances of non-compliance with laws and regulations;
•      Enquiry of management around actual and potential litigation and claims;
•      Enquiry of management to identify any instances of known or suspected instances of fraud;
•      Discussing among the engagement team regarding how and where fraud might occur.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 7

 
READY MIX HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX HOLDINGS 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 2006Our 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
  
London, United Kingdom

22 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales
(registered number OC312313).
Page 8

 
READY MIX HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,108,786
16,244,612

Cost of sales
  
(13,111,042)
(12,777,294)

Gross profit
  
2,997,744
3,467,318

Administrative expenses
  
(1,179,503)
(1,214,088)

Operating profit
 5 
1,818,241
2,253,230

Interest payable and similar expenses
 9 
(80,805)
(42,889)

Profit before taxation
  
1,737,436
2,210,341

Tax on profit
 10 
(440,594)
(505,430)

Profit for the financial year
  
1,296,842
1,704,911

Profit for the year attributable to:
  

Owners of the parent Company
  
1,296,842
1,704,911

  
1,296,842
1,704,911

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
READY MIX HOLDINGS LIMITED
REGISTERED NUMBER: 14287209

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,762,550
2,471,327

  
2,762,550
2,471,327

Current assets
  

Debtors: amounts falling due within one year
 14 
8,766,794
8,041,489

Cash at bank and in hand
 15 
1,005,631
354,163

  
9,772,425
8,395,652

Creditors: amounts falling due within one year
 16 
(4,351,619)
(4,097,199)

Net current assets
  
 
 
5,420,806
 
 
4,298,453

Total assets less current liabilities
  
8,183,356
6,769,780

Creditors: amounts falling due after more than one year
 17 
(494,143)
(473,106)

Provisions for liabilities
  

Deferred taxation
 19 
(554,105)
(458,408)

  
 
 
(554,105)
 
 
(458,408)

Net assets
  
7,135,108
5,838,266


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
7,135,106
5,838,264

  
7,135,108
5,838,266


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




Mr P Lamont
Director

Date: 20 January 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
READY MIX HOLDINGS LIMITED
REGISTERED NUMBER: 14287209

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 14 
2,000,000
-

Cash at bank and in hand
 15 
1
1

  
2,000,001
1

Total assets less current liabilities
  
 
 
2,000,002
 
 
2

  

  

Net assets
  
2,000,002
2


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
2,000,000
-

  
2,000,002
2


The company generated a profit in the year of £2,000,000 (2023 - £Nil). 
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr P Lamont
Director

Date: 20 January 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
READY MIX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 August 2022
2
4,133,353
4,133,355
4,133,355


Comprehensive income for the year

Profit for the year
-
1,704,911
1,704,911
1,704,911


Total transactions with owners
-
-
-
-



At 1 August 2023
2
5,838,264
5,838,266
5,838,266


Comprehensive income for the year

Profit for the year
-
1,296,842
1,296,842
1,296,842


Total transactions with owners
-
-
-
-


At 31 July 2024
2
7,135,106
7,135,108
7,135,108


The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
READY MIX HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2022
2
-
2
Total comprehensive income for the year
-
-
-


Total transactions with owners
-
-
-



At 1 August 2023
2
-
2


Comprehensive income for the year

Profit for the year
-
2,000,000
2,000,000
Total comprehensive income for the year
-
2,000,000
2,000,000


Total transactions with owners
-
-
-


At 31 July 2024
2
2,000,000
2,000,002


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
READY MIX HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,296,842
1,704,911

Adjustments for:

Depreciation of tangible assets
682,234
559,917

Profit on disposal of tangible assets
(878)
(41,377)

Interest paid
80,805
42,889

Taxation charge
440,594
505,430

(Increase) in debtors
(725,305)
(3,204,365)

Increase in creditors
81,290
646,297

Corporation tax (paid)
(250,667)
(472,241)

Net cash generated from operating activities

1,604,915
(258,539)


Cash flows from investing activities

Purchase of tangible fixed assets
(186,523)
(247,954)

Sale of tangible fixed assets
233,059
153,130

HP interest paid
(73,544)
(38,668)

Net cash from investing activities

(27,008)
(133,492)

Cash flows from financing activities

Repayment of finance leases
(919,178)
(384,150)

Interest paid
(7,261)
(4,221)

Net cash used in financing activities
(926,439)
(388,371)

Net increase/(decrease) in cash and cash equivalents
651,468
(780,402)

Cash and cash equivalents at beginning of year
354,163
1,134,565

Cash and cash equivalents at the end of year
1,005,631
354,163


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,005,631
354,163

1,005,631
354,163


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
READY MIX HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024





At 1 August 2023
Cash flows
New hire purchase contracts
At 31 July 2024
£

£

£

£

Cash at bank and in hand

354,163

651,468

-

1,005,631

Hire purchase contracts

(991,469)

919,178

(1,019,115)

(1,091,406)


(637,306)
1,570,646
(1,019,115)
(85,775)

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The entity is a private company limited by shares incorporated in England and Wales in the United Kingdom. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the group is the production of ready mixed concrete products.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in pounds sterling, this being the functional currency of the group, and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

Ready Mix Holdings Limited was incorporated on 10 August 2022 and acquired the entire share capital of Ready Mix Specialists Limited on 29 September 2022 via a share for share exchange. The company undertook no trade from incorporation. 
The acquisition has resulted in the need for consolidated financial statements to be prepared, which has been accounted for as a merger under the provisions of Financial Reporting Standard 102. These are adjusted, where appropriate, to conform to Group accounting policies. 
Under merger accounting, the indentifiable assets, liabilities, contingent liabilities and reserves are initially recognised at the book value in the merged business within the consolidated balance sheet. The results of the subsidiary have been included in the Consolidated Statement of comprehensive income and Consolidated Statement of cash flows for the period ended 31 July 2024.
As a Consolidated Statement of comprehensive income is published, a separate profit and loss account for the company is omitted from the Group accounts by virtue of Section 408 of the Companies Act 2006.  

 
2.3

Going concern

Based on future cash flows on ongoing contracts and having regard to the resources available to the entity, the Director has concluded that there is no material uncertainty relating to going concern and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 16

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.5

Operating leases: the Group 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.

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

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.

Page 17

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.9

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 18

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the lease term of 50 years, straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% 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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.16

Contingent liabilities

A contingent liability is either a possible but uncertain obligation or a present obligation that is not
recognised because a transfer of economic benefits is not probable. A contingent liability also arises
if a present obligation exists, but the amount required to settle it cannot be reliably estimated,
although this is not currently applicable to the Company. Contingent liabilities are not recognised
unless they have arisen in a business combination. They are disclosed unless the possibility of an
outflow of resources is remote.

 
2.17

Financial instruments

The Group 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 Group's Balance sheet when the Group 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables 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.
 

Page 20

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts 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 payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The director considers that the critical accounting policies where judgments and estimations have been
applied relate to the tangible asset lives, in particular the useful economic life and residual values of plant
and machinery, and the recoverability of trade debtors. The director has concluded that the asset values
and residual values are appropriate for plant and machinery and that trade debtors are appropriately
valued. 

Page 21

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of ready mixed concrete products
16,108,786
16,244,612

16,108,786
16,244,612


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,108,786
16,244,612

16,108,786
16,244,612



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
682,234
559,917

Profit on sale of fixed assets
(878)
(41,377)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
20,000

Page 22

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
955,118
996,504
-
-

Social security costs
111,339
112,445
-
-

Cost of defined contribution pension scheme
19,293
21,271
-
-

1,085,750
1,130,220
-
-


The director is considered to be the sole member of Key Management Personnel and his compensation is detailed in note 8.

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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
26
33
1
1


8.


Director's remuneration

2024
2023
£
£

Director's emoluments
13,120
5,000

13,120
5,000


There are no benefits accruing under money purchase pension schemes in respect of the director (2023 - £Nil).


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
7,261
4,221

Finance leases and hire purchase contracts
73,544
38,668

80,805
42,889

Page 23

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
344,897
347,488


344,897
347,488


Total current tax
344,897
347,488

Deferred tax


Origination and reversal of timing differences
95,697
157,942

Total deferred tax
95,697
157,942


Tax on profit
440,594
505,430

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,737,436
2,210,341


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
434,359
464,172

Effects of:


Expenses not deductible for tax purposes
6,992
20,542

Capital allowances for year in excess of depreciation
(757)
20,716

Total tax charge for the year
440,594
505,430


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 24

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £2,000,000 (2023 - £NIL).


12.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 August 2023
320,236
3,851,319
503,269
12,297
4,687,121


Additions
6,740
993,783
203,767
1,348
1,205,638


Disposals
-
(443,843)
(186,722)
-
(630,565)



At 31 July 2024

326,976
4,401,259
520,314
13,645
5,262,194



Depreciation


At 1 August 2023
34,873
1,973,264
206,573
1,084
2,215,794


Charge for the year
6,500
573,466
99,401
2,867
682,234


Disposals
-
(324,334)
(74,050)
-
(398,384)



At 31 July 2024

41,373
2,222,396
231,924
3,951
2,499,644



Net book value



At 31 July 2024
285,603
2,178,863
288,390
9,694
2,762,550



At 31 July 2023
285,363
1,878,055
296,696
11,213
2,471,327

Page 25

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,732,664
1,151,302

Motor vehicles
112,647
241,870

1,845,311
1,393,172


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 August 2023
1



At 31 July 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Ready Mix Specialists Limited
6th Floor, 2 London Wall Place, London, EC2Y 5AU
Ordinary
100%

Page 26

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,070,191
2,313,080
-
-

Amounts owed by group undertakings
-
-
2,000,000
-

Other debtors
5,511,664
5,567,261
-
-

Prepayments and accrued income
184,939
161,148
-
-

8,766,794
8,041,489
2,000,000
-



15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,005,631
354,163
1
1

1,005,631
354,163
1
1



16.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Trade creditors
2,671,077
1,920,326

Corporation tax
357,718
263,488

Other taxation and social security
223,238
354,377

Obligations under finance lease and hire purchase contracts
597,263
518,363

Other creditors
472,323
748,832

Accruals and deferred income
30,000
291,813

4,351,619
4,097,199


Obligations under finance lease and hire purchase contracts of £597,263 (2023 - £518,363) are secured
on the assets of the group.

Page 27

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
494,143
473,106

494,143
473,106


Obligations under finance lease and hire purchase contracts of £494,143 (2023 - £473,106) are secured
on the assets of the group.


18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
664,762
573,776

Between 1-5 years
550,543
522,499

1,215,305
1,096,275

At the balance sheet date, the total hire purchase creditor was £1,091,406 (2023 - £991,469). The difference of £123,889 between the creditor of £1,091,406 (2023 - £991,469), and the minimum lease payments of £1,215,305 is future interest payable.


19.


Deferred taxation


Group



2024


£






At beginning of year
458,408


Charged to profit or loss
95,697



At end of year
554,105

Page 28

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
19.Deferred taxation (continued)







Group
Group
2024
2023
£
£

Accelerated capital allowances
554,105
458,408

554,105
458,408


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



21.


Reserves

Profit and loss account

Changes in reserves are set out in the Statement of Changes in Equity.


22.


Contingent liabilities

Since the year end the group has received a claim for remedial works to be undertaken on a client site. The group refute the claim and the director is of the opinion that a liability will not arise and accordingly no
provision has been made. Should the claim be successful, it is not possible to quantify at this time what
works would be necessary and so it is impracticable to quantify any liability that may arise.


23.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held
separately from those of the group in an independently administered fund. The pension cost charge
represents contributions payable by the group to the fund in the period and amounted to £19,293 (2023
- £21,271). Contributions totalling £895 (2023 - £923) were payable to the fund at the balance sheet date
and are included in creditors.


24.


Transactions with directors

During the year the group made advances totalling £Nil (2023 - £3,504) to Mr P Lamont, the director, and received credits £5,904 (2023 - £9,408). As at 31 July 2024, Mr P Lamont owed the company £Nil (2023 - £5,904) with the loan being repaid during the year.

Page 29

 
READY MIX HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

25.


Related party transactions

During the year, Concrete Supply Services Ltd, a limited company of which the controlling party of the group and a former director in the year to 31 July 2023, Mr D Gannon, is a shareholder, provided services totalling £Nil (2023 - £43,402) to the group and received services of £30,000 (2023 - £100,000). At the balance sheet date, an amount of £630,000 (2023 - £600,000) was owed by Concrete Supply Services Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.
During the year, JD Gannon Properties Ltd, a limited company of which the former director, Mr D Gannon, is a shareholder, provided services totalling £Nil (2023 - £4,167) to the group and received services of £Nil (2023 - £4,167). At the balance sheet date, an amount of £4,087,000 (2023 - £3,752,000) was owed by JD Gannon Properties Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.
During the year, James Gannon Ltd, a limited company of which the former director, Mr D Gannon, is related to the shareholder, provided services totalling £315,695 (2023 - £261,424) to the group and received services of £Nil (2023 - £200,000). At the balance sheet date, an amount of £737,966 (2023 - £1,141,013) was owed by James Gannon Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.
During the year, A Latter & Company (Manchester) Ltd, a limited company of which the former director, Mr D Gannon, is related to the shareholder, provided services totalling £Nil (2023 - £Nil) to the group and received services of £Nil (2023 - £5,417). At the balance sheet date, an amount of £34,340 (2023 - £16,340) was owed by A Latter & Company (Manchester) Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.
During the year, Recycled Material Southern Ltd, a limited company of which the former director, Mr D Gannon, is related to a shareholder, provided services totalling £10,361 (2023 - £4,444) to the group and received services of £23,403 (2023 - £108,529). At the balance sheet date, an amount of £Nil (2023 - £19,782) was owed by Recycled Material Southern Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.
During the year, J Gannon Recycling Ltd, a limited company of which the former director, Mr D Gannon, is related to the shareholder, provided services totalling £64,000 (2023 - £48,667) to the group and received services of £Nil (2023 - £Nil). At the balance sheet date, an amount of £471,428 (2023 - £662,629) was owed to J Gannon Recycling Ltd. All transactions were on commercial terms. The balance is unsecured, interest free and repayable on demand.


26.


Controlling party

The group was under the control of Mr D Gannon throughout the year and the previous year. 

Page 30