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Registration number: NI010644

Creagh Concrete Products Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

Creagh Concrete Products Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5 to 8

Statement of Directors' Responsibilities

9

Independent Auditor's Report

10 to 12

Consolidated Profit and Loss Account

13

Consolidated Statement of Comprehensive Income

14

Consolidated Balance Sheet

15

Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19 to 20

Statement of Cash Flows

21

Notes to the Financial Statements

22 to 47

 

Creagh Concrete Products Limited

Company Information

Directors

Mr Seamus McKeague

Mr Gerard McKeague

Mr Patrick McKeague

Mrs Lorna McMullan

Mr William Doherty

Mr James McKeague

Mr Eunan Rafferty

Mr Terence Rosbotham

Mrs Catherine Keenan

Mr Mark Magill

Mr Mark Gilliland

Mr Henry Doherty

Company secretary

Mrs Catherine Keenan

Registered office

38 Blackpark Road
Toomebridge
County Antrim
BT41 3SL

Solicitors

Donaghy Carey & Company
45-47 Rosemary Street
Belfast
BT1 1QB

Auditors

McKeague Morgan & Company 27 College Gardens
Belfast
BT9 6BS

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

Established in 1976, the group has grown to become one of the largest and most innovative purveyors of concrete products for a diverse range of market sectors throughout the UK and Ireland.

The group has evolved from a regional product supplier to a national specialist sub-contractor to some of the largest commercial and residential construction companies in the UK, providing a holistic service of engineering design, manufacture, delivery and installation of structural, flooring, façade and other concrete products.

Fair review of the business

The group's results reflect continued improvement in financial performance.

Turnover has increased from £116m in 2023 to £125m with profit before tax increasing significantly to £8.7m (2023 - £5.0m). This strong improvement continues to be derived from procedures implemented in the previous years to improve cost control, productivity, contract risk assessment and management resulting in a more stringent approach to selection of new contracts.

The results for the year ended 30 September 2024 record a profit after tax of £6,439,325 (2023 - £4,193,415).

During the financial year the group successfully completed the acquisition of Norman Emerson Group Limited. This acquisition strengthens and complements existing offerings and aligns with strategic vision.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£'m

125.19

115.99

Gross profit

£'m

51.74

43.97

Gross margin

%

41.33

37.91

EBITDA

£'m

13.02

9.05

Profit before tax

£'m

8.74

5.03

Current assets as a percentage of current liabilities

%

110.15

110.77

Principal risks and uncertainties

The group’s operations expose it to a variety of business and financial risks. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance. The principal risks and uncertainties affecting the group are considered to relate to competition from national and local competitors, products' liability, contracts' pricing and performance, health and safety, as well as unprecedented raw material and energy price increases. The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands, and is committed to a safe working environment managed through strong promotion of a health and safety culture, well-defined health and safety policies and procedures, and regular onsite inspections.

Financial instruments

Objectives and policies

The group's operations expose it to a variety of financial risks that include price, credit, foreign exchange risk, interest rate risk and liquidity and cash flow risk. The group has in place a risk management programme that seeks to limit adverse effects on its financial performance.

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2024 (continued)

Price risk, credit risk, foreign exchange risk, interest rate risk and liquidity risk and cash flow risk

Price risk
The group is exposed to certain commodity price risks as a result of its operations. However, given the size of the group's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made, together with credit insurance cover on certain debts. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

Foreign exchange risk
The operations of the group are mainly in the United Kingdom, and as a result its direct exposure to foreign exchange risk is limited.

Interest rate risk
The group is exposed to interest rate movements on its bank loans with variable interest rates. These are monitored by the directors.

Liquidity and cash flow risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for its operations and planned expansions.

Section 172(1) statement

The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:

a) the likely consequence of any decision in the long term
b) the interest of the group's employees
c) the need to foster the group's business relationships with suppliers, customers and others
d) the impact of the group's operations on the community and the environment
e) the desirability of the group maintaining a reputation for high standards of business conduct
f) the need to act fairly as between members of the group.

The Directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their section 172 duties.

The Board are the custodians of the group, with a responsibility to create and sustain long-term value for shareholders and stakeholders by directing the affairs of the group and meeting its legitimate interests. Under this guiding principle, the Board are committed to ensure that our group values of customer-focus, respect, expertise, accountability, genuine and helpful (CREAGH) are upheld at all times, thereby maintaining our competitive advantage and protecting long-term value. In fulfilling the Board’s principal responsibility, our business strategy is reviewed on an ongoing basis and annual business operating plans are reviewed and approved by the Board to ensure alignment with the vision, aims and objectives of the group.

 

Creagh Concrete Products Limited

Strategic Report for the Year Ended 30 September 2024 (continued)

Engagement with employees

The Board understands the importance of our employees to the long-term success and sustainability of the group, and has invested in a Skills Growth Programme (SGP) and operation of several group academies to nurture and develop CAD, site management, leadership and other specific skills.

Engagement with suppliers, customers and other relationships

The Board understands that the impact of our operations is measured not just in the quality of products manufactured, delivered and installed, but in the longer-term impact on the environment, communities and people. The Board are cognisant of the effect our operations have upon local communities and we aim to make a positive contribution to those local communities through the use, where possible, of local labour and materials and supply chain partners, supporting local educational initiatives and encouraging our employees to be active and positive participants in their local communities. The Board believes that working in partnership with customers, suppliers, subcontractors and other partners in a more sustainable way enables us to find practical, safer methods of operating which will deliver improved performance and best value.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Seamus McKeague
Director

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the consolidated financial statements for the year ended 30 September 2024.

Results and dividends

The group has reported a comprehensive profit of £6,439,325 for the year ended 30 September 2024. The directors do not recommend a dividend for the year. Retained earnings carried forward are £20.25m (2023 - £13.81m).

Directors of the group

The directors who held office during the year were as follows:

Mr Seamus McKeague

Mr Gerard McKeague

Mr Patrick McKeague

Mrs Lorna McMullan

Mr William Doherty

Mr James McKeague

Mr Eunan Rafferty

Mr Terence Rosbotham

Mrs Catherine Keenan - Company secretary and director

Mr Mark Magill

Mr Mark Gilliland

Mr Henry Doherty

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

Employee involvement

Consultation with employees has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

Energy and carbon report

We have considered the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) when preparing this report. These recommendations encourage businesses to increase disclosure of climate-related information, with an emphasis on financial disclosure. Creagh Concrete Products Limited supports these recommendations and are committed to disclosing the relevant information which can be found below.

In June 2024 the group acquired Norman Emerson Group Limited. The energy and carbon data beginning with the period of ownership through to the year end was not readily available and has not been included. Emissions and energy use data for Norman Emerson Group Limited will be included in future reports.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2024 (continued)

Emissions and energy consumption

Creagh Concrete Products Limited meets the qualifying criteria for ‘large’ unquoted companies under the Companies (Director’s Report) and LLP (Energy and Carbon Report) Regulations 2018.

For the reporting period, 1 October 2023 to 30 September 2024, the group’s energy consumption and associated carbon emissions have been assessed for all UK operations in accordance with UK Government Environmental Reporting Guidelines including Streamlined Energy and Carbon Reporting (SECR) guidance, March 2019. The operational boundary includes all minimum SECR requirements for large unquoted companies, namely UK electricity, gas and transport fuels for which the group is responsible, plus diesel, kerosene and waste wood. The methodology used to calculate carbon emissions is the WBCSD/WRI Greenhouse Gas Protocol: a corporate accounting standard: revised edition. UK Government greenhouse gas emissions conversion factors for 2024 have been applied and an operational control approach has been taken. Scope 2 emissions from purchased electricity have been calculated using the location-based approach.

The group's total energy consumption for the year ended 30 September 2024 within the SECR operational boundary is 37,243,472 kWh, which compares to 39,601,204 kWh total energy consumption for the previous year ended 30 September 2023.

The total carbon emissions for the year ended 30 September 2024 associated with the reported energy use are 9,125.9 tonnes CO2e, compared to 9,685.9 tonnes CO2e in the previous reporting period. The table below presents the breakdown by scope.

Summary of greenhouse gas emissions and energy consumption for the year ended 30 September 2024:

Scope and description

Metric

2024

2023

Scope 1 - Emissions

tCO2e

7,779.80

8,165.10

Scope 2 - Emissions (location-based)

tCO2e

1,219.50

1,301.40

Scope 3 - Leased assets and business travel where responsible for fuel

tCO2e

126.50

219.50

9,125.80

9,686.00

Intensity ratio

The emissions intensity has been measured as the total scope 1, 2 and 3 emissions relative to £million sales revenue. During the year ended 30 September 2024 this was 72.90 tCO2e/£m (2023 - 83.51 tCO2e/£m).

The group has undertaken a range of energy efficiency actions during the year. These include:
 

Dunloy - replacement of two old hot water boilers with condensing boilers.

Draperstown quarry - improvements made to haul roads.

Edinburgh - implemented auto shut-off for air compressor, installed timer switches for external lights, replaced an old loading shovel and diesel powered aspirator replaced with electric model.

Toomebridge - compressed air leakage reduction, timer control installed for air compressor and insulation of 20 assisted-curing beds in Stairs factory all implemented. A portable electric meter was used to identify opportunities to reduce energy wastage with lights, canteen hot water boilers, vending machines and portable heaters, and also used to identify locations for new meters.

Road transport - move to automatic transmission HGV's continues and they now account for 83% of the fleet.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2024 (continued)

Future developments

The performance in this financial year demonstrates continued improvement. The directors are confident that the measures in place will ensure the continuing trajectory of increasing profitability in the future. Since the balance sheet date, the group's financial performance indicators continue to be positive.

The group has a strong order book and is working closely with all its stakeholders, including customers, supply chain and employees to deliver Creagh's Strategic Vision.

The Group have in place financial facilities to provide a strong foundation to support the working capital needs of the business and fund anticipated future growth.

Despite the continuing economic head winds, the group's penetration within core markets for RapidRes and Spantherm demonstrate continued growth in the UK and Ireland. The contracted order book for 2025/26 and beyond is reassuring.

A strategy of selective bidding will be continued with a focus on its sectoral areas of expertise. With this approach, and taking cognisance of the uncertain economic environment, the group's expectations are for controlled growth in profitability.

Research and development

The group has continued to pursue research and development initiatives throughout the period, investing in, for example, innovative mix developments and developing new technologies to appreciably improve engineering and production processes.

Going concern

The group’s business activities and its financial position are described in the Strategic Report.

The group continually reviews its financial position to ensure there are sufficient resources and access to working capital facilities in order to meet current and potential future financial demands. Taking into consideration the ongoing contracts with customers and suppliers across different geographic areas and market sectors, the directors believe the group is able to manage its business risks successfully. The ongoing performance of the business after the balance sheet date has reinforced confidence in achieving its financial objectives.

The directors recognise that the current economic conditions globally reduces business activity and confidence. However in contrast, demand within the group's markets continues to be strong and the group's order book is robust.

After making enquiries, the directors are confident that the group has adequate resources in place, with sufficient headroom, for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Creagh Concrete Products Limited

Directors' Report for the Year Ended 30 September 2024 (continued)

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of McKeague Morgan & Company as auditors of the group is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Seamus McKeague
Director

 

Creagh Concrete Products Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited

Opinion

We have audited the financial statements of Creagh Concrete Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. We also considered the principal laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.

We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.

We read the board minutes to determine whether any fraud or non-compliance had been identified by the company.

 

Creagh Concrete Products Limited

Independent Auditor's Report to the Members of Creagh Concrete Products Limited (continued)

We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance.

We reviewed manual journal entries for any unusual postings.

We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness.

 

There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Darren McKeown (Senior Statutory Auditor)
For and on behalf of McKeague Morgan & Company, Statutory Auditor
 27 College Gardens
Belfast
BT9 6BS

25 June 2025

 

Creagh Concrete Products Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

4

125,189,403

115,989,490

Cost of sales

 

(73,447,242)

(72,023,494)

Gross profit

 

51,742,161

43,965,996

Distribution costs

 

(24,451,410)

(22,902,688)

Administrative expenses

 

(19,293,409)

(16,665,571)

Other operating income

5

1,604,509

1,386,210

Operating profit

6

9,601,851

5,783,947

Interest payable and similar expenses

7

(866,384)

(755,266)

Profit before tax

 

8,735,467

5,028,681

Tax on profit

11

(2,296,142)

(835,266)

Profit for the financial year

 

6,439,325

4,193,415

Profit/(loss) attributable to:

 

Owners of the company

 

6,439,325

4,193,415

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Creagh Concrete Products Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

6,439,325

4,193,415

Total comprehensive income for the year

6,439,325

4,193,415

Total comprehensive income attributable to:

Owners of the company

6,439,325

4,193,415

 

Creagh Concrete Products Limited

(Registration number: NI010644)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

550,285

45,000

Tangible assets

13

31,133,127

22,513,403

Investment property

14

260,000

90,000

Investments

15

50

-

 

31,943,462

22,648,403

Current assets

 

Stocks

17

8,171,788

7,924,199

Debtors

18

25,678,396

22,925,734

Cash at bank and in hand

 

9,983,633

3,518,852

 

43,833,817

34,368,785

Creditors: Amounts falling due within one year

20

(39,626,686)

(30,781,457)

Net current assets

 

4,207,131

3,587,328

Total assets less current liabilities

 

36,150,593

26,235,731

Creditors: Amounts falling due after more than one year

20

(8,937,158)

(7,017,227)

Provisions for liabilities

21

(2,157,502)

(601,896)

Net assets

 

25,055,933

18,616,608

Capital and reserves

 

Called up share capital

23

2,888

2,888

Capital redemption reserve

24

392

392

Revaluation reserve

24

4,801,982

4,801,982

Retained earnings

24

20,250,671

13,811,346

Equity attributable to owners of the company

 

25,055,933

18,616,608

Shareholders' funds

 

25,055,933

18,616,608

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Gerard McKeague
Director

 

Creagh Concrete Products Limited

(Registration number: NI010644)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

45,000

45,000

Tangible assets

13

23,557,762

21,551,871

Investment property

14

90,000

90,000

Investments

15

3,272,841

2

 

26,965,603

21,686,873

Current assets

 

Stocks

17

7,790,094

7,924,199

Debtors

18

24,521,212

22,925,734

Cash at bank and in hand

 

8,725,757

3,518,850

 

41,037,063

34,368,783

Creditors: Amounts falling due within one year

20

(33,415,320)

(29,659,711)

Net current assets

 

7,621,743

4,709,072

Total assets less current liabilities

 

34,587,346

26,395,945

Creditors: Amounts falling due after more than one year

20

(7,925,757)

(7,017,227)

Provisions for liabilities

21

(1,968,124)

(601,896)

Net assets

 

24,693,465

18,776,822

Capital and reserves

 

Called up share capital

23

2,888

2,888

Capital redemption reserve

392

392

Revaluation reserve

4,801,982

4,801,982

Retained earnings

19,888,203

13,971,560

Shareholders' funds

 

24,693,465

18,776,822

The company made a profit after tax for the financial year of £5,916,643 (2023 - profit of £4,271,589).

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................
Mr Gerard McKeague
Director

 

Creagh Concrete Products Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2023

2,888

392

4,801,982

13,811,346

18,616,608

Profit for the year

-

-

-

6,439,325

6,439,325

At 30 September 2024

2,888

392

4,801,982

20,250,671

25,055,933

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2022

3,040

240

4,801,982

9,617,932

14,423,194

Profit for the year

-

-

-

4,193,415

4,193,415

Purchase of own share capital

(152)

152

-

(1)

(1)

At 30 September 2023

2,888

392

4,801,982

13,811,346

18,616,608

 

Creagh Concrete Products Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2023

2,888

392

4,801,982

13,971,560

18,776,822

Profit for the year

-

-

-

5,916,643

5,916,643

At 30 September 2024

2,888

392

4,801,982

19,888,203

24,693,465

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 October 2022

3,040

240

4,801,982

9,699,972

14,505,234

Profit for the year

-

-

-

4,271,589

4,271,589

Purchase of own share capital

(152)

152

-

(1)

(1)

At 30 September 2023

2,888

392

4,801,982

13,971,560

18,776,822

 

Creagh Concrete Products Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

6,439,325

4,193,415

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

3,415,231

3,265,407

Profit on disposal of tangible assets

(345,843)

(168,498)

Finance costs

7

866,384

755,266

Income tax expense

11

2,296,142

835,266

 

12,671,239

8,880,856

Working capital adjustments

 

Decrease in stocks

17

199,671

746,401

(Increase)/decrease in trade debtors

18

(992,441)

3,364,614

Decrease in other debtors and prepayments

18

613,476

407,221

Increase/(decrease) in trade creditors

20

366,563

(1,933,023)

Increase in other creditors and accruals

20

1,020,690

593,910

Decrease in provisions

21

-

(750,000)

Decrease in deferred income, including government grants

 

(12,170)

(13,184)

Cash generated from operations

 

13,867,028

11,296,795

Income taxes paid

11

(459,495)

(57,203)

Net cash flow from operating activities

 

13,407,533

11,239,592

Cash flows from investing activities

 

Acquisitions of tangible assets

(5,447,642)

(3,681,653)

Proceeds from sale of tangible assets

 

446,709

237,270

Acquisition of subsidiary undertakings

 

(3,403,378)

-

Net cash flows from investing activities

 

(8,404,311)

(3,444,383)

 

Creagh Concrete Products Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024 (continued)

Note

2024
£

2023
£

Cash flows from financing activities

 

Interest paid

7

(866,384)

(755,266)

Payments for purchase of own shares

 

-

(1)

Proceeds from bank borrowing draw downs

 

5,000,000

-

Repayment of bank borrowing

 

(5,443,088)

(1,362,087)

Increase in utilisation of invoice discounting facility

 

1,646,642

114,718

Repayment of other borrowing

 

(1,805,721)

(349,141)

Proceeds from hire purchase contract draw downs

 

3,507,120

1,868,360

Payments to finance lease creditors

 

(1,777,555)

(1,289,358)

Net cash flows from financing activities

 

261,014

(1,772,775)

Net increase in cash and cash equivalents

 

5,264,236

6,022,434

Cash and cash equivalents at 1 October

 

3,518,852

(2,503,582)

Cash and cash equivalents at 30 September

 

8,783,088

3,518,852

 

Creagh Concrete Products Limited

Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

5,916,643

4,271,589

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

3,345,738

3,265,407

Profit on disposal of tangible assets

(25,833)

(168,498)

Finance costs

751,047

577,092

Income tax expense

11

2,302,526

835,266

 

12,290,121

8,780,856

Working capital adjustments

 

Decrease in stocks

17

134,105

746,401

(Increase)/decrease in trade debtors

18

(438,039)

3,364,614

(Increase)/decrease in other debtors and prepayments

 

(1,634,242)

173,851

Increase/(decrease) in trade creditors

20

266,280

(1,933,023)

Increase in other creditors and accruals

 

1,230,707

176,595

Decrease in provisions

21

-

(750,000)

Decrease in deferred income, including government grants

 

(12,170)

(13,184)

Cash generated from operations

 

11,836,762

10,546,110

Income taxes (paid)/received

11

(459,495)

176,167

Net cash flow from operating activities

 

11,377,267

10,722,277

Cash flows from investing activities

 

Acquisition of subsidiaries

15

(3,272,839)

-

Acquisitions of tangible assets

(5,352,495)

(3,681,653)

Proceeds from sale of tangible assets

 

26,699

237,270

Net cash flows from investing activities

 

(8,598,635)

(3,444,383)

Cash flows from financing activities

 

Interest paid

(751,047)

(577,092)

Payments for purchase of own shares

 

-

(1)

Proceeds from bank borrowing draw downs

 

5,000,000

-

Repayment of bank borrowing

 

(5,429,477)

(1,362,087)

Increase in utilisation of invoice discounting facility

 

1,964,410

114,718

Repayment of other borrowing

 

(140,000)

(10,000)

Proceeds from hire purchase contract draw downs

 

3,507,120

1,868,360

Payments to finance lease creditors

 

(1,722,731)

(1,289,358)

Net cash flows from financing activities

 

2,428,275

(1,255,460)

Net increase in cash and cash equivalents

 

5,206,907

6,022,434

Cash and cash equivalents at 1 October

 

3,518,850

(2,503,584)

Cash and cash equivalents at 30 September

 

8,725,757

3,518,850

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
38 Blackpark Road
Toomebridge
County Antrim
BT41 3SL

These financial statements were authorised for issue by the Board on 25 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Going concern

The group made a profit of £8,735,467 before tax for the year. Since the year end the group continues to be profitable and significant profits are forecast for the remainder of the year.

At the year end the group had net assets of £25,055,933 (2023 - £18,616,608) and net current assets of £4,207,131 (2023 - £3,587,328).

In the preparation of its financial projections the directors have considered the uncertainties presented by a difficult economic and business environment and remain confident about future trading outcomes. However there can be no certainty that the results will be as forecast.

Taking all matters into consideration, the directors consider that the group has sufficient cash and liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Contract revenue recognition

Contract revenue is measured by reference to the stage of completion of the contract at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2.5%-10% straight line

Leasehold buildings

5%-10% straight line

Quarries

10%-15% straight line

Plant and machinery

5%-25% straight line

Commercial vehicles

20%-25% straight line

Motor vehicles

20%-25% straight line

Furniture, fittings and equipment

5%-33% straight line

Investment property

Investment property is measured using the fair value model and stated at its fair value as at the reporting end date, determined annually by the directors and periodically by external valuers. The surplus or deficit on revaluation is recognised in the profit and loss account.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

The liquor licence is carried at cost less any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Liquor licence

Not amortised

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

3

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Useful economic life of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Amounts recoverable under contracts provision

The company considers the recoverability of the amounts receivable and the associated provisioning required. When calculating the provision, management considers the nature and condition of the works carried out.

Inventory provision

The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

4

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Construction and concrete products

124,500,651

115,548,304

Restaurant and bar

688,752

441,186

125,189,403

115,989,490

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

5

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

1,258,666

1,217,712

Profit on disposal of tangible fixed assets

345,843

168,498

1,604,509

1,386,210

The analysis of the government grants receivable by the group for the year is as follows:

2024
£

2023
£

Research and Development Expenditure Credit (RDEC)

1,246,445

1,020,320

Other government grants

12,221

197,392

1,258,666

1,217,712

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,402,275

3,265,407

Amortisation expense

12,956

-

Profit on disposal of property, plant and equipment

(345,843)

(168,498)

Exceptional item - legal proceedings costs

-

297,691

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

600,669

452,637

Interest on obligations under finance leases and hire purchase contracts

256,742

123,460

Interest expense on other finance liabilities

8,973

179,169

866,384

755,266

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

26,045,241

24,197,002

Social security costs

2,661,257

2,428,650

Other short-term employee benefits

115,524

89,821

Pension costs, defined contribution scheme

1,097,689

908,813

29,919,711

27,624,286

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

511

488

Administration and support

108

122

Sales

34

31

653

641

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration (including social security and benefits in kind)

1,493,875

1,221,455

Contributions paid to money purchase schemes

117,906

108,803

1,611,781

1,330,258

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

12

14

In respect of the highest paid director:

2024
£

2023
£

Remuneration

216,975

129,750

Company contributions to money purchase pension schemes

4,000

15,750

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

58,667

51,500

Other fees to auditors

All other non-audit services

4,000

4,000


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

1,545,319

233,370

UK corporation tax adjustment to prior periods

(533,563)

-

1,011,756

233,370

Deferred taxation

Arising from origination and reversal of timing differences

1,284,386

601,896

Tax expense in the income statement

2,296,142

835,266

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22.01%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

8,735,467

5,028,681

Corporation tax at standard rate

2,183,867

1,106,813

Tax decrease from effect of capital allowances and depreciation

(447,236)

(143,559)

Effect of expense not deductible in determining taxable profit (tax loss)

875

66,292

Effect of tax losses

(192,187)

(1,068,762)

Tax increase from effect of unrelieved tax losses carried forward

-

39,216

Deferred tax expense from unrecognised tax loss or credit

1,284,386

601,896

Tax (decrease)/increase from effect of adjustment in research and development tax credit

(533,563)

233,370

Total tax charge

2,296,142

835,266

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

11

Taxation (continued)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

2,157,502

-

2,157,502

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

601,896

-

601,896

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

1,968,124

-

1,968,124

2023

Asset
£

Liability
£

Difference between accumulated depreciation and capital allowances

-

601,896

-

601,896

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

12

Intangible assets

Group

Goodwill
 £

Licenses
 £

Total
£

Cost or valuation

At 1 October 2023

-

45,000

45,000

Additions acquired separately

518,241

-

518,241

At 30 September 2024

518,241

45,000

563,241

Amortisation

At 1 October 2023

-

-

-

Amortisation charge

12,956

-

12,956

At 30 September 2024

12,956

-

12,956

Carrying amount

At 30 September 2024

505,285

45,000

550,285

At 30 September 2023

-

45,000

45,000

Company

Licenses
 £

Total
£

Cost or valuation

At 1 October 2023

45,000

45,000

At 30 September 2024

45,000

45,000

Carrying amount

At 30 September 2024

45,000

45,000

At 30 September 2023

45,000

45,000

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Tangible assets

Group

Freehold land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Quarries
£

Plant and machinery
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

15,306,114

1,767,930

937,973

9,528,808

35,508,582

2,988,667

4,791,007

70,829,081

Additions

262,744

205,011

-

161,683

3,104,428

270,809

1,442,967

5,447,642

Acquired through business combinations

4,490,000

-

-

-

1,629,239

28,643

527,341

6,675,223

Disposals

(100,000)

-

-

-

(30,000)

-

(62,654)

(192,654)

At 30 September 2024

19,958,858

1,972,941

937,973

9,690,491

40,212,249

3,288,119

6,698,661

82,759,292

Depreciation

At 1 October 2023

6,211,340

436,298

593,469

5,117,717

29,265,681

2,949,192

3,741,981

48,315,678

Charge for the year

485,567

89,268

11,783

555,755

1,568,471

171,314

520,117

3,402,275

Eliminated on disposal

-

-

-

-

(30,000)

-

(61,788)

(91,788)

At 30 September 2024

6,696,907

525,566

605,252

5,673,472

30,804,152

3,120,506

4,200,310

51,626,165

Carrying amount

At 30 September 2024

13,261,951

1,447,375

332,721

4,017,019

9,408,097

167,613

2,498,351

31,133,127

At 30 September 2023

9,094,774

1,331,632

344,504

4,411,091

6,242,901

39,475

1,049,026

22,513,403

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Tangible assets (continued)

Revaluation

The fair value of the group's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors.

Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:

2024
£

2023
£

Freehold land and buildings

11,960,344

7,851,167

Long leasehold land and buildings

852,170

736,427

Quarries

1,540,589

1,876,661

14,353,103

10,464,255

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

3,319,824

2,744,719

Motor vehicles

2,059,291

826,182

5,379,115

3,570,901

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Tangible assets (continued)

Company

Freehold land and buildings
£

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Quarries
£

Plant and machinery
£

Furniture, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

13,970,519

1,767,930

937,973

9,528,808

35,508,582

2,988,667

4,791,007

69,493,486

Additions

262,744

205,011

-

161,683

3,039,337

260,808

1,422,912

5,352,495

Disposals

-

-

-

-

(30,000)

-

(62,654)

(92,654)

At 30 September 2024

14,233,263

1,972,941

937,973

9,690,491

38,517,919

3,249,475

6,151,265

74,753,327

Depreciation

At 1 October 2023

5,837,277

436,298

593,469

5,117,717

29,265,681

2,949,192

3,741,981

47,941,615

Charge for the year

485,567

89,268

11,783

555,755

1,541,501

168,993

492,871

3,345,738

Eliminated on disposal

-

-

-

-

(30,000)

-

(61,788)

(91,788)

At 30 September 2024

6,322,844

525,566

605,252

5,673,472

30,777,182

3,118,185

4,173,064

51,195,565

Carrying amount

At 30 September 2024

7,910,419

1,447,375

332,721

4,017,019

7,740,737

131,290

1,978,201

23,557,762

At 30 September 2023

8,133,242

1,331,632

344,504

4,411,091

6,242,901

39,475

1,049,026

21,551,871

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Tangible assets (continued)

Revaluation

The fair value of the company's freehold land and buildings, long leasehold land and buildings and quarry land were revalued in the 2021 year by professional independent valuers, Colliers, Knight Frank and Innes England.

The Valuations were prepared on the basis of Market Value in accordance with the RICS Valuation – Global Standards (Incorporating the IVSC International Valuation Standards) (the “Red Book”) prepared by the Royal Institution of Chartered Surveyors.

Had these classes of assets been measured on a historical cost basis, the carrying amount would have been:

2024
£

2023
£

Freehold land and buildings

6,608,812

6,889,635

Long leasehold land and buildings

852,170

736,427

Quarries

1,540,589

1,876,661

9,001,571

9,502,723

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

3,041,100

2,744,719

Motor vehicles

1,679,962

826,182

4,721,062

3,570,901

14

Investment properties

Group

2024
£

At 1 October

90,000

Acquired through business combinations

170,000

At 30 September

260,000

There has been no valuation of investment property by an independent valuer.

Company

2024
£

At 1 October

90,000

At 30 September

90,000

There has been no valuation of investment property by an independent valuer.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

15

Investments

Group

2024
£

2023
£

Investments in joint ventures

50

-

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows (direct investment *):

Undertaking

Registered office

Principal activity

Holding

Proportion of voting rights and shares held

       

2024

2023

Subsidiary undertakings

Norman Emerson Group Limited*

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Extraction, processing and distribution of sand and related products

Ordinary shares

100%

0%

 

Northern Ireland

     

Creagh Limited*

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Commercial property investment

Ordinary shares

100%

100%

 

Northern Ireland

     

Spantherm Limited*

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Dormant company

Ordinary shares

100%

100%

 

Northern Ireland

     

Emerson Sand & Gravel Limited

38 Blackpark Road, Toomebridge, Co Antrim, BT41 3SL

Dormant company

Ordinary shares

100%

0%

 

Northern Ireland

     

Joint ventures

Lough Neagh Sand Traders Limited

Murray House, Murray Street, Belfast, Co Antrim, BT1 6DN

Management consultancy

50 C Ordinary shares

25%

0%

 

Northern Ireland

     

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

15

Investments (continued)

Company

2024
£

2023
£

Investments in subsidiaries

3,272,841

2

Subsidiaries

£

Cost or valuation

At 1 October 2023

2

Additions

3,272,839

At 30 September 2024

3,272,841

Carrying amount

At 30 September 2024

3,272,841

At 30 September 2023

2

16

Business combinations

On 7 June 2024, Creagh Concrete Products Limited acquired 100% of the issued share capital of Norman Emerson Group Limited, obtaining control.

Norman Emerson Group Limited contributed £3,536,036 revenue and a loss of £5,255 towards the group's overall profit for the period between the date of acquisition and the Balance Sheet date.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

16

Business combinations (continued)

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

Book value
2024
£

Fair value
2024
£

Assets and liabilities acquired

Tangible assets

6,675,223

6,675,223

Investment property

170,000

170,000

Investments

50

50

Stocks

447,260

447,260

Net cash at bank and bank overdrafts

(130,539)

(130,539)

Bank loans and borrowings

(2,816,128)

(2,816,128)

Trade debtors

2,187,208

2,187,208

Other debtors

190,963

190,963

Trade creditors

(2,458,260)

(2,458,260)

Other creditors

(1,239,959)

(1,239,959)

Provisions

(271,220)

(271,220)

Total identifiable assets

2,754,598

2,754,598

Goodwill

518,241

518,241

Total consideration

3,272,839

3,272,839

Satisfied by:

Cash consideration

3,200,000

3,200,000

Cost of business combination

72,839

72,839

Total consideration transferred

3,272,839

3,272,839

Cash flow analysis:

Cash consideration

3,200,000

3,200,000

Add: net cash at bank and bank overdrafts assumed

130,539

130,539

Cost of business combination

72,839

72,839

Net cash outflow arising on acquisition

3,403,378

3,403,378

The useful life of goodwill is 10 years.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

3,627,667

3,296,119

3,245,973

3,296,119

Finished goods and goods for resale

4,544,121

4,628,080

4,544,121

4,628,080

8,171,788

7,924,199

7,790,094

7,924,199

18

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

20,772,113

17,592,464

18,030,503

17,592,464

Amounts recoverable on long-term contracts

 

859,125

679,082

859,125

679,082

Amounts owed by related parties

26

-

-

1,806,928

-

Other debtors

 

1,820,535

1,769,739

1,729,523

1,769,739

Prepayments

 

1,887,193

2,068,216

1,755,703

2,068,216

Corporation tax asset

11

339,430

816,233

339,430

816,233

 

25,678,396

22,925,734

24,521,212

22,925,734

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

9,983,633

3,518,852

8,725,757

3,518,850

Bank overdrafts

(1,200,545)

-

-

-

Cash and cash equivalents in statement of cash flows

8,783,088

3,518,852

8,725,757

3,518,850

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

25

8,468,306

5,266,336

5,849,237

3,600,615

Trade creditors

 

23,676,450

20,851,627

21,117,907

20,851,627

Amounts due to related parties

 

-

-

-

543,975

Social security and other taxes

 

1,482,363

959,627

952,262

959,627

Outstanding defined contribution pension costs

 

142,865

260,923

134,313

260,923

Other payables

 

2,572,914

425,979

2,444,478

425,979

Accruals

 

3,179,660

2,848,295

2,888,453

2,848,295

Corporation tax liability

11

75,458

-

-

-

Deferred income

 

12,170

12,170

12,170

12,170

Loans from directors

 

16,500

156,500

16,500

156,500

 

39,626,686

30,781,457

33,415,320

29,659,711

Due after one year

 

Loans and borrowings

25

8,191,801

6,109,700

7,180,400

6,109,700

Deferred income

 

47,666

59,836

47,666

59,836

Other payables

 

697,691

847,691

697,691

847,691

 

8,937,158

7,017,227

7,925,757

7,017,227

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 October 2023

601,896

601,896

Increase (decrease) in existing provisions

1,284,386

1,284,386

Increase (decrease) through business combinations

271,220

271,220

At 30 September 2024

2,157,502

2,157,502

Company

Deferred tax
£

Total
£

At 1 October 2023

601,896

601,896

Increase (decrease) in existing provisions

1,366,228

1,366,228

At 30 September 2024

1,968,124

1,968,124

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £1,097,689 (2023 - £908,813).

Contributions totalling £142,865 (2023 - £260,923) were payable to the scheme at the end of the year and are included in creditors.

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary class A shares of £1 each

2,280

2,280

2,280

2,280

Ordinary class B shares of £1 each

608

608

608

608

2,888

2,888

2,888

2,888

24

Reserves

Group

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the group.

Profit and loss account

This reserve records the retained earnings held by the group. This reserve is distributable in full.

Revaluation reserve

This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.

Company

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

This reserve records the retained earnings held by the company. This reserve is distributable in full.

Revaluation reserve

This reserve records the cumulative effect of property, plant and equipment revaluations. This reserve is non-distributable.

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

25

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

4,913,164

4,541,666

4,208,333

4,541,666

Hire purchase contracts

3,278,637

1,568,034

2,972,067

1,568,034

8,191,801

6,109,700

7,180,400

6,109,700

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

426,176

471,133

374,989

471,133

Bank overdrafts

1,200,545

-

-

-

Invoice discounting

5,348,710

2,183,755

4,148,165

2,183,755

Hire purchase contracts

1,492,875

945,727

1,326,083

945,727

Other borrowings

-

1,665,721

-

-

8,468,306

5,266,336

5,849,237

3,600,615

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

25

Loans and borrowings (continued)

Group and Company

The company's term loan, with a balance of £4,583,322 at year end is denominated in sterling and is subject to a nominal interest rate of 5% above the Bank of England Base Rate and the final instalment is due in October 2033.

The company has provided a fixed charge over its freehold property and quarry lands and a floating charge over all assets and undertakings.

The company is due to make monthly capital repayments of £41,667 plus interest.


The group's invoice discounting facility is denominated in sterling and is subject to a nominal interest rate of 3.5% above the Bank of England Base Rate on its variable outstanding balance.

Amounts advanced under the invoice discounting arrangements are secured by an equitable assignment of book debts.


The group acquired the existing borrowings and overdraft of the Norman Emerson Group Limited subsidiary, with a balance of £1,956,563 at year end. These borrowings were refinanced post year end on terms similar to that of the parent company.

26

Related party transactions

Group

Loans to related parties

2024

Key management
£

Total
£

At start of period

49,491

49,491

Advanced

5,000

5,000

Repaid

(49,491)

(49,491)

At end of period

5,000

5,000

2023

Key management
£

Total
£

At start of period

49,300

49,300

Advanced

191

191

At end of period

49,491

49,491

Terms of loans to related parties

Loans to key management are interest-free and repayable on demand.
 

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

26

Related party transactions (continued)

Loans from related parties

2024

Key management
£

Total
£

At start of period

156,500

156,500

Advanced

142,200

142,200

Repaid

(282,200)

(282,200)

At end of period

16,500

16,500

2023

Key management
£

Total
£

At start of period

166,500

166,500

Repaid

(10,000)

(10,000)

At end of period

156,500

156,500

Terms of loans from related parties

Loans from key management are interest-free and repayable on demand.
 

Company

Loans to related parties

2024

Key management
£

Total
£

At start of period

49,491

49,491

Advanced

5,000

5,000

Repaid

(49,491)

(49,491)

At end of period

5,000

5,000

2023

Key management
£

Total
£

At start of period

49,300

49,300

Advanced

191

191

At end of period

49,491

49,491

Terms of loans to related parties

Loans to key management are interest-free and repayable on demand.
 

 

Creagh Concrete Products Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

26

Related party transactions (continued)

Loans from related parties

2024

Key management
£

Total
£

At start of period

156,500

156,500

Advanced

142,200

142,200

Repaid

(282,200)

(282,200)

At end of period

16,500

16,500

2023

Key management
£

Total
£

At start of period

166,500

166,500

Repaid

(10,000)

(10,000)

At end of period

156,500

156,500

Terms of loans from related parties

Loans from key management are interest-free and repayable on demand.
 

27

Parent and ultimate parent undertaking

The ultimate controlling parties are Messrs Gerard, Seamus and Patrick McKeague who beneficially own 100% of the ordinary A shares.