Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31falsetruetruetruetruefalse2023-08-012633truefalse 09701617 2023-08-01 2024-07-31 09701617 2022-08-01 2023-07-31 09701617 2024-07-31 09701617 2023-07-31 09701617 2022-08-01 09701617 1 2023-08-01 2024-07-31 09701617 d:Director1 2023-08-01 2024-07-31 09701617 d:RegisteredOffice 2023-08-01 2024-07-31 09701617 d:Agent1 2023-08-01 2024-07-31 09701617 c:Buildings c:ShortLeaseholdAssets 2023-08-01 2024-07-31 09701617 c:Buildings c:ShortLeaseholdAssets 2024-07-31 09701617 c:Buildings c:ShortLeaseholdAssets 2023-07-31 09701617 c:PlantMachinery 2023-08-01 2024-07-31 09701617 c:PlantMachinery 2024-07-31 09701617 c:PlantMachinery 2023-07-31 09701617 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09701617 c:MotorVehicles 2023-08-01 2024-07-31 09701617 c:MotorVehicles 2024-07-31 09701617 c:MotorVehicles 2023-07-31 09701617 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09701617 c:OfficeEquipment 2023-08-01 2024-07-31 09701617 c:OfficeEquipment 2024-07-31 09701617 c:OfficeEquipment 2023-07-31 09701617 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09701617 c:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 09701617 c:CurrentFinancialInstruments 2024-07-31 09701617 c:CurrentFinancialInstruments 2023-07-31 09701617 c:Non-currentFinancialInstruments 2024-07-31 09701617 c:Non-currentFinancialInstruments 2023-07-31 09701617 c:CurrentFinancialInstruments c:WithinOneYear 2024-07-31 09701617 c:CurrentFinancialInstruments c:WithinOneYear 2023-07-31 09701617 c:Non-currentFinancialInstruments c:AfterOneYear 2024-07-31 09701617 c:Non-currentFinancialInstruments c:AfterOneYear 2023-07-31 09701617 c:ReportableOperatingSegment1 2023-08-01 2024-07-31 09701617 c:ReportableOperatingSegment1 2022-08-01 2023-07-31 09701617 e:UnitedKingdom 2023-08-01 2024-07-31 09701617 e:UnitedKingdom 2022-08-01 2023-07-31 09701617 c:UKTax 2023-08-01 2024-07-31 09701617 c:UKTax 2022-08-01 2023-07-31 09701617 c:ShareCapital 2023-08-01 2024-07-31 09701617 c:ShareCapital 2024-07-31 09701617 c:ShareCapital 2022-08-01 2023-07-31 09701617 c:ShareCapital 2023-07-31 09701617 c:ShareCapital 2022-08-01 09701617 c:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 09701617 c:RetainedEarningsAccumulatedLosses 2024-07-31 09701617 c:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 09701617 c:RetainedEarningsAccumulatedLosses 2023-07-31 09701617 c:RetainedEarningsAccumulatedLosses 2022-08-01 09701617 d:OrdinaryShareClass1 2023-08-01 2024-07-31 09701617 d:OrdinaryShareClass1 2024-07-31 09701617 d:OrdinaryShareClass1 2023-07-31 09701617 d:FRS102 2023-08-01 2024-07-31 09701617 d:Audited 2023-08-01 2024-07-31 09701617 d:FullAccounts 2023-08-01 2024-07-31 09701617 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09701617 c:HirePurchaseContracts c:WithinOneYear 2024-07-31 09701617 c:HirePurchaseContracts c:WithinOneYear 2023-07-31 09701617 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-07-31 09701617 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-07-31 09701617 c:AcceleratedTaxDepreciationDeferredTax 2024-07-31 09701617 c:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09701617 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-07-31 09701617 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-07-31 09701617 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2024-07-31 09701617 c:MotorVehicles c:LeasedAssetsHeldAsLessee 2023-07-31 09701617 c:LeasedAssetsHeldAsLessee 2024-07-31 09701617 c:LeasedAssetsHeldAsLessee 2023-07-31 09701617 f:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09701617










READY MIX SPECIALISTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
READY MIX SPECIALISTS LIMITED
 
 
COMPANY INFORMATION


Director
Mr P Lamont 




Registered number
09701617



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




Bankers
National Westminster Bank Plc
32 East Street

Barking

Essex

IG11 8AB





 
READY MIX SPECIALISTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Director's Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10 - 11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 26


 
READY MIX SPECIALISTS LIMITED
 
 
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 the production of ready mixed concrete products, for sale to customers.
Turnover for the year is reported at £16,108,786 (2023 - £16,244,612) and the company’s profit before tax is £1,737,436 (2023 - £2,210,341).
The company has built on the last seven years of trading, maintaining strong business relationship with clients. This has enabled the company 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 company 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 company to service a wider area and expand on our client base.
The expansion of the company 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 company remains competitive and quite confident for the future.

Page 1

 
READY MIX SPECIALISTS LIMITED
 

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

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

Regulatory control
The company operates in a heavily regulated industry that includes waste disposal and environmental sectors.
The director takes his responsibilities seriously and reviews compliance regularly. The company has continued
its investment in new vehicles to ensure the company 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. This year saw the expansion of the ultra low emission zone as far as the M25.

Financial key performance indicators
 
                                               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 SPECIALISTS 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 Strategic Report, the Director's Report and the 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

The 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the production of ready mixed concrete products. 

Results and dividends

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

On 31 August 2023, a dividend of £2,000,000 was declared to the company's parent entity, Ready Mix Holdings Limited (2023 - £Nil).

Director

The director who served during the year was:

Mr P Lamont 

Future developments

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

Page 3

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

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 company against actions brought against them in their personal capacities. Cover is not provided where the
individual has acted fraudulently or dishonestly.

Disclosure of information to auditors

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

he 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

On 16 August 2024, a dividend of £2,000,000 was declared to the company's parent entity, Ready Mix Holdings Limited.

Auditors

The auditorsMHAwill 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 SPECIALISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX SPECIALISTS LIMITED
 

Opinion


We have audited the financial statements of Ready Mix Specialists Limited (the 'company') for the year ended 31 July 2024, 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 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 company's affairs as at 31 July 2024 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 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 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 SPECIALISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX SPECIALISTS 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 6

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


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• 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 SPECIALISTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READY MIX SPECIALISTS 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 SPECIALISTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

  

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
  
1,818,241
2,253,230

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

Profit before tax
  
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

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

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
READY MIX SPECIALISTS LIMITED
REGISTERED NUMBER: 09701617

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
 13 
8,766,794
8,041,489

Cash at bank and in hand
 14 
1,005,630
354,162

  
9,772,424
8,395,651

Creditors: amounts falling due within one year
 15 
(6,351,619)
(4,097,199)

Net current assets
  
 
 
3,420,805
 
 
4,298,452

Total assets less current liabilities
  
6,183,355
6,769,779

Creditors: amounts falling due after more than one year
 16 
(494,143)
(473,106)

Provisions for liabilities
  

Deferred tax
 18 
(554,105)
(458,408)

  
 
 
(554,105)
 
 
(458,408)

Net assets
  
5,135,107
5,838,265


Capital and reserves
  

Called up share capital 
 19 
1
1

Profit and loss account
 20 
5,135,106
5,838,264

  
5,135,107
5,838,265


Page 10

 
READY MIX SPECIALISTS LIMITED
REGISTERED NUMBER: 09701617
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

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 13 to 26 form part of these financial statements.

Page 11

 
READY MIX SPECIALISTS LIMITED
 

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
1
4,133,353
4,133,354


Comprehensive income for the year

Profit for the year
-
1,704,911
1,704,911
Total comprehensive income for the year
-
1,704,911
1,704,911



At 1 August 2023
1
5,838,264
5,838,265


Comprehensive income for the year

Profit for the year
-
1,296,842
1,296,842
Total comprehensive income for the year
-
1,296,842
1,296,842


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


At 31 July 2024
1
5,135,106
5,135,107


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
READY MIX SPECIALISTS 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. The registered
office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The company's principal activity 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 financial statements are presented in sterling, the functional currency of the company, rounded
to the nearest £1.

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);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Ready Mix Holdings Limited as at 31 July 2024 and these financial statements may be obtained from the registered office of the holding company; 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

Page 13

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Leased assets: the company as lessee

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution pension 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.

Page 14

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

2.Accounting policies (continued)

 
2.7

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.


 
2.8

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.

Land is not depreciated. Depreciation on other assets 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.

Page 15

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.13

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.  

Page 16

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

2.Accounting policies (continued)

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted
Page 17

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

2.Accounting policies (continued)


2.14
Financial instruments (continued)

where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


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


Page 18

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

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 company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
20,000
20,000

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


7.


Employees

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


        2024
        2023
            No.
            No.







Employees
25
32



Director
1
1

26
33

Page 19

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

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
13,120
5,000

13,120
5,000


There are no pension benefits accruing to the director under the company defined contribution pension scheme (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


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
Page 20

 
READY MIX SPECIALISTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Taxation (continued)


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 were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividend paid in the year
2,000,000
-

2,000,000
-

A dividend of £2,000,000 was declared to the parent entity, Ready Mix Holdings Limited, on 16 August 2024.  

Page 21

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

12.


Tangible fixed assets





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

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

Page 22

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

13.


Debtors

2024
2023
£
£


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

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

Prepayments and accrued income
184,939
161,148

8,766,794
8,041,489



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,005,630
354,162

1,005,630
354,162



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

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

Amounts owed to group undertakings
2,000,000
-

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

6,351,619
4,097,199


Obligations under finance lease and hire purchase contracts of £597,263 (2023 - £518,363) and amounts owed to the group of £2,000,000 (2023 - £Nil) are secured on the assets of the company.

Page 23

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

16.


Creditors: Amounts falling due after more than one year

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 company.


17.


Hire purchase and finance lease


Minimum lease payments under hire purchase fall due as follows:

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 £123,899 between the creditor of £1,091,406 (2023 - £991,469) and the minimum lease payments of £1,215,305 is future interest payable.


18.


Deferred taxation




2024


£






At beginning of year
458,408


Charged to profit or loss
95,697



At end of year
554,105

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
554,105
458,408

554,105
458,408

Page 24

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



20.


Reserves

Profit and loss account

The profit and loss account is represented by retained earnings. Changes in reserves are set out in the Statement of Changes in Equity.


21.


Contingent liabilities

During the year the company has received a claim for remedial works to be undertaken on a client site in relation to a contract completed before 31 July 2024. The company refutes 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.


22.


Pension commitments

The company operates a defined contribution 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 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.


23.


Transactions with director

During the year the company 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. .


24.


Related party transactions

The company has taken advantage of the provisions of Financial Reporting Standard 102 Section 33 not
to disclose transactions with other group companies as Ready Mix Specialists Limited is included in
the consolidated financial statements of Ready Mix Holdings Limited, a company incorporated in England and Wales. Copies of these accounts are available from the Registrar of Companies at Companies House, Cardiff, CF14 3UZ.

Page 25

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

25.


Post balance sheet events

On 16 August 2024, a dividend of £2,000,000 was declared to the company's parent entity, Ready Mix Holdings Limited.


26.


Parent entity and controlling party

The company is a subsidiary of Ready Mix Holdings Limited, a company with a registered office address of 6th Floor, 2 London Wall Place, London, EC2Y 5AU. Ready Mix Specialists Limited is consolidated into the financial statements of Ready Mix Holdings Limited.
The company was under the control of Mr D Gannon throughout the current and prior year as a result of his control of the parent company, Ready Mix Holdings Ltd.

 
Page 26